Thread: Closed: Discuss EUR/USD News with a DailyFX Analyst

Originally Posted by bill2759

That looks like a rectangle formed by two opposite angles filled with Candlesticks, signifying the end of the World maybe?
Then again, it could be what Mike said.

BILL, I'M SO GLAD YOU JOIN US FROM DAY TO DAY, YOU CONSTANTLY HAVE MY GUT HURTING WITH YOUR HUMOR, YOU ARE APPRECIATED! MIKE

Hello.
On Sunday, I posted a weekly and daily wave count for the members of this forum to view and provide some feedback on. I would like to thank Ayo for his replies to my post. Essentially, my daily wave count warned of more upside for the Euro before the weekly Bearish engulfing pattern took hold.
Yesterday, I decided to act on my analysis. I put in a long at 1.28287 and set up a 1-2 RR level. When the pair reached it's take profit level at 1.29095,I bagged 80 pips.

This is the first time I have used wave counts to assist in my analysis and look for decent entries. I originally was going to wait until these waves fully formed, but with less risk involved in my micro account and the 38.2% retracement acting as support, I decided to put my money where my analysis was.

This updated chart shows wave 4(a) complete. I'll watch to see how price action reacts to the Fib levels identified in red for a possible completion of wave 4(b).

I am just learning Elliot Wave and I'm trying to keep my analysis as simple as possible. I'm still looking for this pair to close above W3 to complete the 5th wave of the pattern.

Thank you in advance for any constructive input you could provide.

Boone.

Thanx again Mike always a pleasure to learn from you (and market wave)

I just like to look at other chart patterns because i only use the chart as an indicator

Originally Posted by FLFOREX

HERE YOU GO PG,THOUGHT I SAW ONE HE POSTED RECENTLY.... HERE IS A POST BY MARKETWAVES IN THE EW FORUM, BUT THE INVERSED.... A "DIAMOND BOTTON"

After all is said and done. What we are doing is pretty serious business. This makin pips stuff can be mentally draining. Ya gotta step back from the Monitor and take a little break. A little humor helps a lot.
Thanks again, it's nice to be appreciated.

Originally Posted by FLFOREX

BILL, I'M SO GLAD YOU JOIN US FROM DAY TO DAY, YOU CONSTANTLY HAVE MY GUT HURTING WITH YOUR HUMOR, YOU ARE APPRECIATED! MIKE

LOL bill it could be the end of the world maybe hehehe

You know what have you ever taken a trade and the price just seems to be bouncing away everytime it touches your entry point??? lol

I mean you are still only a few pips in the red like btw 10 and 20pips it can press your buttons lol

Originally Posted by bill2759

That looks like a rectangle formed by two opposite angles filled with Candlesticks, signifying the end of the World maybe?
Then again, it could be what Mike said.

Hi Mike

Any ideas how you set target in such a pattern (diamond top/bottom)

Thanx

Originally Posted by FLFOREX

HERE YOU GO PG,THOUGHT I SAW ONE HE POSTED RECENTLY.... HERE IS A POST BY MARKETWAVES IN THE EW FORUM, BUT THE INVERSED.... A "DIAMOND BOTTON"

Originally Posted by dhan1163

In EW analysis, In short-term, It experience a Volatile (by randomness, by news,..) then you could misunderstand. It's better than if you could use EW at larger TF as hourly TF. You could use shorter TF and compare to longer TF in EW analysis. That's good.
Maybe, Colly understand this. by in his EW analysis, he combine his EW with Fib. and RSI's Twin.

Thanks

Thanx dhan, I shall take your advice. Matter of fact, thats what I do, its just that the higher TF counts are posted on my previous post. I guess I need to update the bigger picture counts still, so others will understand EW a little better. Thanx again.

A-Yooooooo

Originally Posted by KUTERO

Scenario..

have a good weekend..
thank you for your sharing..

Originally Posted by KUTERO

Good Luck..

23.6 fibo and red dotted line..

have a good night..See you..

Originally Posted by PoundGuy

Hi Mike

Any ideas how you set target in such a pattern (diamond top/bottom)

Thanx

SORRY BUD,THAT I DONT KNOW, MAYBE POP INTO THE EW FORUM AND SHOOT MARKETWAVES A MESSAGE AND SEE WHAT HE HAS TO SAY

Thanx mate will do that

Originally Posted by FLFOREX

SORRY BUD,THAT I DONT KNOW, MAYBE POP INTO THE EW FORUM AND SHOOT MARKETWAVES A MESSAGE AND SEE WHAT HE HAS TO SAY

4 hrs may have a diamond formation... Someone plz confirm........
last two days been whipsaw and today just when i thought we were good to go to 2944 was stopped out for BE..... longed in on the news from 2872 saw the high printed and then saw everything gone.. This is Forex..
Hardly traded.. been out the better part of the day and the rest was catching up on zzzzzzzzzzzz'sss........... only decency for the day once again was provided by the euppy. caught the break fake break lower to 109.15-20 and longed in from 109.29 for 22 pips... only to see it go 100+ pips... but who am I to complain, and no one listens anyways...

The congestion is playing in... I think if for Wednesday initially 2860-66 holds we could hit initial tgts around 2948 followed by 2999-3010.. 3010 by halfway thru the IMM sessions...

Next few days again would be relying heavily on the mkt orders as would not be very active trading...
things would become increasingly difficult for euro if dips lower to 2830-35...

GL....

Originally Posted by stryker

4 hrs may have a diamond formation... Someone plz confirm........
last two days been whipsaw and today just when i thought we were good to go to 2944 was stopped out for BE..... longed in on the news from 2872 saw the high printed and then saw everything gone.. This is Forex..
Hardly traded.. been out the better part of the day and the rest was catching up on zzzzzzzzzzzz'sss........... only decency for the day once again was provided by the euppy. caught the break fake break lower to 109.15-20 and longed in from 109.29 for 22 pips... only to see it go 100+ pips... but who am I to complain, and no one listens anyways...

The congestion is playing in... I think if for Wednesday initially 2860-66 holds we could hit initial tgts around 2948 followed by 2999-3010.. 3010 by halfway thru the IMM sessions...

Next few days again would be relying heavily on the mkt orders as would not be very active trading...
things would become increasingly difficult for euro if dips lower to 2830-35...

GL....

HEY STRYKER, THE DIAMOND PATTRN IS MUCH MORE UNNIFORM ON THE 30 MIN CHART THAT MARKETWAVES POSTED YESTURDAY, THE CHART I POSTED A FEW POSTS BACK FOR PG. CONGRATS ON YOUR GAIN EARLIER! TAKE CARE... MIKE

Thnx FLFOREX... Indeed, this is how inactive i was the last 2 days... Indeed the pattern i believe have been pierced but not enough follow through... Henceforth, the one on the 4 hrs could or should go some distance.......

what do you think euro would head... Wait don't answer if you already have earlier today.. I need to browse the last 2 days ... If not been mentioned, then you may... I'm thinking of entries in next 2-3 hrs as i will be awake and watching to see how it reacts to 2860 region... I want to go long... however current 4 hrs on the diamond pattern suggests supp to stay intact around 2855, however the next 4 hrs is at 2864.. this is what i want to watch how it goes and if it stays put and holds it would long with tight as hell stops... and reverse below the breakout.. If watching i think i could get away with 5-8 pips of S/L as this is what i intend to lose if i have to before reversing the course... If however the mkt stays in congestion of 15-20 pips which i think is more likely then would place long / short entries in anticipation of the breakdown either way...
I would love to go short from 3010-15 (wherever the TL points to .. posted earlier)with stops above 3045 for a re test of the lows... this is the strategy... however who knows what happen or what i would do when the time comes....
GL...

Hey Man, looks as though we have the same thoughts in a close way??? From your last post, ie;

(The congestion is playing in... I think if for Wednesday initially 2860-66 holds we could hit initial tgts around 2948 followed by 2999-3010.. 3010 by halfway thru the IMM sessions...)

Now if my 5-3-3 holds true on the daily, at which is just crossing the 20, I see this going for a round about way of a 60-100 pip gain soon???

And maybe a run past there, BUTT, will eval that one later!!!

2916, which I came within 1 pip call, still needs to be broken with a follow of 36 as in one of my pre's!!! And my 40 will be good and above with the norm bounces???

So I'm in your ball park again with my strat!!! 2880+60=2940 2880+100=2980??? BUTT, also if breaks below 2835 for a double bott, Uhh Oh!!!

I like the 35 holding better than 60-66, jmho!!!

The 4hr is still hoving above 50 rsi, and 5-3-3 is hoving 60

I'll try a chart with paint later so as to circle what I have shown on my 5-3-3 etc???

caps out!!!

PS-As said before, don't retire 33ish??? and above on this now looks like up before the Tank???

with the dribble down in the last few min, i closed the remainder of my shorts, and im done till Tokyo open..... THE POOL IS CALLING ME!!!!!! mike