Thread: Elliott Wave Trading Discussion

Originally Posted by Gizmo

Just thought I would post this gap I found on a 4 hour chart. The upper line crosses the candle low at 1.6476 while the lower line crosses the candle high at 1.6461 for a gap of 15 pips.

Gizmo... remember what I told you about gaps You see price action couldn't get back on the other side of the gap .. That's a valid "break away" GAP right there...

I've been looking for an up move in EURAUD.. It looks like the "B" Wave has taken a bit of time to unfold though (If it is a B Wave).. We should be sitting right on the entry for "C" wave up on the daily chart now.. Best to try longs as it is right now with that pair from elliott stand point until a new low is made.. But that break away gap shows downside momentum.. So I would be very cautious with that pair... There is probably a good chance it will decline further... Be careful..

Look at this jem in EURJPY.. Now that is beautiful... Unfolding perfectly.. Watch for the short opportunity..

Here's the hourly chart...

I still say we are coming off a major bottom in GBPCHF... I think we're in a wave 2 correction at the moment on the Daily which will no doubt test the long term support line at 1.9655 before a break higher in a wave 3... The monthly chart shows we have a bullish engulfing candle after a substantial downtrend that appeared right on a fibo support level ending the down trend... Watch for a long opportunity when price gets back to the support line..

Originally Posted by brad_1199

Look at this jem in EURJPY.. Now that is beautiful... Unfolding perfectly.. Watch for the short opportunity..

Here's the hourly chart...

or perhaps one new high
http://www.learncurrencytrading.com/...postcount=9471

Originally Posted by italm31

or perhaps one new high
http://www.learncurrencytrading.com/...postcount=9471

Perhaps you're right.. Tricky Tricky here... It's the money management that saves us when we're wrong, All we can do is speculate..

I've been watching CADJPY.. I was looking for a down move, but it doesn't seem to be materializing.. There's a hammer now on the Daily suggesting upside...

Given CAD is propped so nicely by the price of crude and Japan imports almost every barrel they use, an up move here seems to make sense to me since the price of crude is so high.. Just keep your eyes peeled for a correction lower.. It is still possible... But doesn't look likely to me at the moment..

A heads up if I'm reading the chart correct, the eur/chf is in wave 4 and has retraced to the wave 1 level. Idon't have time for a chart right now.

good trading, all Gordon

Weekly and Daily charts of the USD/CAD. The triangle that everyone and their brother knows about and (apparently may be positioned for) according to SSI is developing nicely. It is either going to be the trade of the year and everyone makes money or it somehow falls apart and comes crashing through support and the dollar goes back in the basement versus the CAD.

So far it's bouncing right now off the lows even though the dollar is weak against the EURO and gold and oil are up. Good sign? Divergence?

Originally Posted by brad_1199

Gizmo... remember what I told you about gaps You see price action couldn't get back on the other side of the gap .. That's a valid "break away" GAP right there...

I've been looking for an up move in EURAUD.. It looks like the "B" Wave has taken a bit of time to unfold though (If it is a B Wave).. We should be sitting right on the entry for "C" wave up on the daily chart now.. Best to try longs as it is right now with that pair from elliott stand point until a new low is made.. But that break away gap shows downside momentum.. So I would be very cautious with that pair... There is probably a good chance it will decline further... Be careful..

Yes I remember. I waited and entered a long yesterday which is currently in profit but not locked in yet. I am keeping an eye on it though just in case.

Hey guys,
Aussie is looking interesting. i took profits late last night as I wasn't liking price action. Now, Im thinking I may have abandoned my position a little too early. Anyhow, Im looking to get short again at the next new daily low. Stochastics have been showing divergence since the end of February when the ending D looking pattern began. Also, we are back below the upper trend line of the ending D.

Similarly, the upper trendline the the ending D on the Pound has been providing great resistence. we should be breaking down fairly soon. A new daily low should be a good signal to go short if not already.

Crude oil chart. Crude has survived the first test of the 132 level after a failed rally attempt so far today. This level is being touted as crucial right now as support. If it gives way the talk is low '20's. A break of this magnitude could have a major impact on other markets such as Forex, gold, and stocks. It may not change major trends around but it could certainly create short term waves.

Here is my updated EURUSD count. Impulse from 15611 and probably an A-B-C playing out with wave C underway now. Wave C will end below 1.5800 and the common relationship levels are 1.5750 and 1.5650. However, I would watch 1.57 because that is very close to the 7/10 low, psychological round number, weekly pivot S1, and the 78.6% retrace.

Originally Posted by Jamie Saettele

Here is my updated EURUSD count. Impulse from 15611 and probably an A-B-C playing out with wave C underway now. Wave C will end below 1.5800 and the common relationship levels are 1.5750 and 1.5650. However, I would watch 1.57 because that is very close to the 7/10 low, psychological round number, weekly pivot S1, and the 78.6% retrace.

Thanks Jamie for the heads up.

I don't know what to make of the shorter term picture of this pair.. But I can tell you from a candlestick perspective on the weekly chart, EURJPY topped out for now and I expect a move lower.. There is a huge Hanging Man confirming a double doji at the top of the run up on the weekly chart.. That's got reversal written all over it.. I'm going with the triangle scenario I posted in here a while ago, which was my original assumption for the pair...

I'm short now with a stop at 169.75, and a conservative target at 160.75 ( The 50% Fib retracement of the Wave "D" Rally ) Although I suspect price will retrace deeper..