Elliott Wave Trading Discussion - Page 59 - DailyFX Forex Forum

Big Mike · #**871** (**permalink**) 09-22-2008, 02:52 PM

USDCAD must come back to 104.65 (+ or - 20 pips) to meet its `triangle obligation`so to speak.

ravno · #**872** (**permalink**) 09-22-2008, 02:59 PM

I think, it's a good time to buy some Dollars, against Euro and Cable

Could be, that this is just a short trade, a correction or alike.
But i feel some kind of Dollar related panic...

ravno · #**873** (**permalink**) 09-22-2008, 03:06 PM

Quote:

Originally Posted by ravno

I think, it's a good time to buy some Dollars, against Euro and Cable

Could be, that this is just a short trade, a correction or alike.
But i feel some kind of Dollar related panic...

Unfortunately, this stays only as a feeling for the moment. No clear count, which would nicely support this view, is available.
So, i have to keep my fingers aside...

soso-xx · #**874** (**permalink**) 09-22-2008, 03:12 PM

Well I think it is pretty late (and dangerous) to short usdcad now. In my count we're in 5 of c of (c) but leaving EW aside we are pretty close to the technical target of a Head & Shoulders (if I remember correctly head & shoulder's target calculation

)

marketwavez2 · #**875** (**permalink**) 09-22-2008, 06:23 PM

Usd/Cad

Short-Term Wave-count Update :

0310 level to hold as support ............

---------------------------------------------------------
Only a Probability ! .................. Not Cast in Stone !

brad_1199 · #**876** (**permalink**) 09-22-2008, 08:23 PM

Check this chart out ! I would just like to say thanks to Jaime for posting this chart on DailyFX, I wish I had seen this chart a long time ago !

I'll bet we're in a long term wave 5 of 5 and I think price has topped out right now or soon and will head back to test the lower diagonal triangle line before we see one more monstrous run in the final wave 5 of 5 to complete some super cycle degree...

Let me know what you think guys

brad_1199 · #**877** (**permalink**) 09-22-2008, 08:39 PM

Quote:

Originally Posted by Edward16

Hey Brad<
Any up date on euroaud? How high is allowed to go knowing that it's in wave 3 and all?
I will appreciate if youpost a chart in a shorter time frame!
I am short from 1.7450& 1.7394.
Thanks,
Edward,

Hi there Edward... Now that I have a little more price action to work with in EURAUD we can clearly see price finished a 5 wave move downward and is now completing an ABC correction upward... If you are holding short still I would recommend a long to cover yourself until your short positions once again fall back into profits, and you can make money on the long side while the upward correction finishes and also protect yourself from any further losses. Or if you are not comfortable hedging (It's not for everybody) then I suggest just cut out early and lick your wounds.. It completely depends on your trading style... You have the option to protect your principle investment by hedging in the short term as we can clearly see the trend is down (validated by a 5 wave move downward), so eventually your short positions should clear profits.. But it depends if you are willing to hedge to protect yourself now... These things do happen even to the best of us... Personally I am hedging for the up move as I write this..

Your call ...

Good Luck

EURAUD Hourly Chart Below

brad_1199 · #**878** (**permalink**) 09-22-2008, 08:57 PM

Can't seem to catch a break trying to call the top in this pair lately... I'll keep watching though as long as she keeps rising I'll be looking for the top and shorting every 5 wave wave decline followed by a 3 wave correction.. I picked up some nice pips from this pair from last week as I had shorted the initial 5 wave decline visible on the hourly chart last week, but I have now been stopped out of my shorts at a profit...

I'm still looking for a major decline in this pair,, but patience is a must when waiting for the top...

Edward16 · #**879** (**permalink**) 09-23-2008, 03:44 AM

Quote:

Originally Posted by brad_1199

Hi there Edward... Now that I have a little more price action to work with in EURAUD we can clearly see price finished a 5 wave move downward and is now completing an ABC correction upward... If you are holding short still I would recommend a long to cover yourself until your short positions once again fall back into profits, and you can make money on the long side while the upward correction finishes and also protect yourself from any further losses. Or if you are not comfortable hedging (It's not for everybody) then I suggest just cut out early and lick your wounds.. It completely depends on your trading style... You have the option to protect your principle investment by hedging in the short term as we can clearly see the trend is down (validated by a 5 wave move downward), so eventually your short positions should clear profits.. But it depends if you are willing to hedge to protect yourself now... These things do happen even to the best of us... Personally I am hedging for the up move as I write this..

Your call ...

Good Luck

EURAUD Hourly Chart Below

Hi Brad,
I thank you for the chart!!
I saw your chart too late since I am in diff, time zone(Europe).
Unfortunately I was stoped out since I had my stop set @ 1.7670 just over the pivot line. I believe the correction is over and we should see 5 wave down to our target of 1.7050?
Thanks again,
Edward,

ravno · #**880** (**permalink**) 09-23-2008, 04:10 AM

Short term possible count.

Waiting for a little more data to decide if the decline will take form of 5 of or will it rather be corrective pattern.

SKS · #**881** (**permalink**) 09-23-2008, 04:29 AM

Hi Brad,

Very honest and geniune advise you had given to Edwards. I really appreciate your depth knowledge in EW & Candlesticks. I am sure many of us in this forum are benefitting a lot from your detailed analysis.

Just wondering for how long you are involved in Forex Trading as your experience is very valuable to us. Your threads are absolutely unbiased. Your 24/7 response is just fabulous. We are fortunate to have you and other like minded experts in this forum. If you join hands with Ilya you guys can make a killing in this Crazy market. Cheers

sbohme · #**882** (**permalink**) 09-23-2008, 04:31 AM

Quote:

Originally Posted by Edward16

Hi Brad,
I thank you for the chart!!
I saw your chart too late since I am in diff, time zone(Europe).
Unfortunately I was stoped out since I had my stop set @ 1.7670 just over the pivot line. I believe the correction is over and we should see 5 wave down to our target of 1.7050?
Thanks again,
Edward,

Hi! I think we see the 1,6850 soon !!
Stephan

Big Mike · #**883** (**permalink**) 09-23-2008, 08:36 AM

Quote:

Originally Posted by ravno

Short term possible count.

Waiting for a little more data to decide if the decline will take form of 5 of or will it rather be corrective pattern.

Ravno
I have the same count for EURUSD.
I also believe that the correction is finished now and we should see one more wave up.
I ma long with the stop at 1.4675
Mike

Big Mike · #**884** (**permalink**) 09-23-2008, 08:46 AM

USDCAD acting weird this morning.
Instead going up to 1.0465 to confirm the trinagle situation, before continuing its further decline, the CAD has become so arrogant and stubborn as a result of the spike in oil prices.
It keeps oscillating around 1.03 mark.
We might need to give him some more time yet to come to its senses.

Grin · #**885** (**permalink**) 09-23-2008, 08:51 AM

Quote:

Originally Posted by Big Mike

USDCAD acting weird this morning.
Instead going up to 1.0465 to confirm the trinagle situation, before continuing its further decline, the CAD has become so arrogant and stubborn as a result of the spike in oil prices.
It keeps oscillating around 1.03 mark.
We might need to give him some more time yet to come to its senses.

I'm watching for a break of 1.03,

I'm watching USDCHF for a good entry point on a short, any ideas?