Thread: Elliott Wave Trading Discussion

Stocks are falling today and tomorrow, so i suggest to go long. there's a big potential to hit 1,30 again if it breaks 1,2440.

PS: I went short too on this pair yesterday and i booked 200 pips but today will be different i think lol

Hi everyone,

I agree with Justy on the ending diagonal (posted some time ago). Its possible that we're in a wave 2 of this diagonal as illustrated in this chart. If this is the case, price could go up to 113 (61.8%FIB) - 118 (78.6%FIB) area again before falling lower.

I've added some lines of possible future price action on this pair. This is just a guess and it's not based on any FIB levels or anything, it's just to visually show what could happen.

As always, any comments are very welcome.

Friendly Greetings,
Jeremy

Originally Posted by Jeremy Demunter

Hi everyone,

I agree with Justy on the ending diagonal (posted some time ago). Its possible that we're in a wave 2 of this diagonal as illustrated in this chart. If this is the case, price could go up to 113 (61.8%FIB) - 118 (78.6%FIB) area again before falling lower.

I've added some lines of possible future price action on this pair. This is just a guess and it's not based on any FIB levels or anything, it's just to visually show what could happen.

As always, any comments are very welcome.

Friendly Greetings,
Jeremy

I must disagree with your charts of USDJPY Jeremy ... See my charts below.... Wave 1 of 5 will most likely be extended and could well take price very far down.

Guys,
I already saw someone on this forum mention something about a possible ending diagonal forming in the Euro so my hats off to him. This has now become my primary count. The triangle scenario is no longer cause we never did get the terminal thrust that is expected after a triangle. I see no other possibility right now. I too think the Euro will double bottom this week. Look for a bottom (temporary of course) in Oil, silver, and Gold. This is an abc of A only but we should get a substantial reversal this week.

The main line is that i'm looking now for a bottom as we are more and more likely approaching the end of wave V, either breaking from triangle (shown per alt. in NASDAQ chart) or forming more or less clear ending diagonal as per the main count.

There is, however, still a possibility that we are forming pretty big wave IV, in form of the extended Flat. This is the main alternate count.
Will be eliminated if and when we breake the last lows in indexes.

Here comes the most intresting point.
If we do breake the lows in all indexes and we also see some panic in newspapers, my advice would be to buy. To buy and hold for at least few weeks.
At least this is what i'm going to do.
Some possible buy areas are shown on the charts.
Conservative trader could wait untill the upper red lines get broken.
However, this call is valide only _then_, if we do make first new lows in all indexes, otherwise there is a chance that the Flat (as i said above) will be formed.

What also gives me a confidence, the EWI follows about the same counts.
So, we are at least in the good company

Originally Posted by Ilovepippin

Just took a short, stops above 78.6% retrace from yesterday. See if it holds:

Darnet, I had moved my stops to even and got taken out by a pip or so.

I have no count at this moment. My preferred theory is that we are ending a diagonal with a double bottom on 2350.
The RSI and MACD in the higher timeframes show divergence.
Just looking at the trendlines, we are trading in a continuing smaller range.
Eventually it will break out in the direction of preceding trend.

Heads up guys,
I was looking for an ending D in the Euro but price should have come down by now. This forced me to look for a possible bull count. I have one for all the Euro bulls. Im about to jump abord your ship. There is always a bull and bear count. Its about keeping an open mind. If this count is right, we should get our reversal today. Big Mike called it so if this is right, congrats dude. The ending D scenario and this one are my top two counts. Either one calls for a reversal very soon.

before anyone of you jumps on any boat on the eurusd i think he should consider it twice and ask himself the question, if there really is a good trade? and before we go anywhere i think we need to break some trendlines.

my opinion is that if there is a 5th wave diagonal that we are tracing out right now, then we have just finnished wave 1, and are in wave 2 since last week. but time will tell.

Originally Posted by qsx

before anyone of you jumps on any boat on the eurusd i think he should consider it twice and ask himself the question, if there really is a good trade? and before we go anywhere i think we need to break some trendlines.

my opinion is that if there is a 5th wave diagonal that we are tracing out right now, then we have just finnished wave 1, and are in wave 2 since last week. but time will tell.

Q, look at neely's book abouth the double 3's. What do you think?

Pretty short-term setup.

One can enters from the current market price, place stop above 0,6597 bid.
The goal is either 61,8 % or 100 % of the first 5 waves down.
If the trade will start develope in our direction, will have to decide more precisely about the goal based on the wave structure.

Here's another indication the dollar may reverse here. Im looking for a reversal candle to end the day here.

... addition to the post above.

One can also try from the short side the Cable.
Risk/reward is pretty good right now.

Guys,
Oil may have a bottom here as well. 4 hr has bullish reversal on Stochastics plus pattern looks complete on several degrees.

Originally Posted by italm31

Here's another indication the dollar may reverse here. Im looking for a reversal candle to end the day here.

looks like a hanging man candle on the daily chart from yesterday. Potential inverted hammer candle forming on the daily chart today. That would be a great setup.