Clivewaverider can you please post EW from the begin of the uptrend (15/03/2012) until now in a 30 min chart?
Attached the EW count and the MyWave count. I am a bit lost on the current EW count; I am happy enough to the abc middle and the 1,2 and I think we are still in wave 3 here somewhere in the C wave of a bigger abc from the 0 bottom, irrespective of the floating 4 and 5 at the moment. Alternatively, we have already finished C up and we are going down now. Don't know.
I have also posted the Mywave count - looks the same if we split into an abc move - 7 up, an abc and now we are finishing off 4 or in 5. I have drawn in orange dotted lines too - if we were trying to imagine a larger degree count or waves, we would again be finishing off 4 or into 5.
All in all, the price action of late seems to suggest correction and the counts suggest more upside. But as we are in the 2nd half of a C wave in my opinion in this move up from the 15th and given where we are on the daily charts pushing the channel perimeter, I am sticking with shorting. I am fading all strength and thus far ending up on the winning side by not being greedy.
Hope this is what you want but not conclusive I am afraid....but who is?
Yesterday’s reversal at 1.3280 which is approximately a 50% retracement of the rally from 1.3195 to 1.3385 – Monday’s low to Tuesday high - proves stable and encourages longs to important term high of 1.3450-1.3500.
Short term trades trying to capitalize on the same move will be looking at the area 1.3300 as stop loss orders of this morning’s breakout are most likely placed at this area. I am therefore bullish looking for a move to 1.3365 which is yesterday's high as long as we trade above 1.3300. A breakout above 1.3375 will lead to further Euro strength to 1.3420 which is R2 of the pivot point indicator.
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EUR/USD 60 min chart
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Attached the EW count and the MyWave count. I am a bit lost on the current EW count; I am happy enough to the abc middle and the 1,2 and I think we are still in wave 3 here somewhere in the C wave of a bigger abc from the 0 bottom, irrespective of the floating 4 and 5 at the moment. Alternatively, we have already finished C up and we are going down now. Don't know.
I have also posted the Mywave count - looks the same if we split into an abc move - 7 up, an abc and now we are finishing off 4 or in 5. I have drawn in orange dotted lines too - if we were trying to imagine a larger degree count or waves, we would again be finishing off 4 or into 5.
All in all, the price action of late seems to suggest correction and the counts suggest more upside. But as we are in the 2nd half of a C wave in my opinion in this move up from the 15th and given where we are on the daily charts pushing the channel perimeter, I am sticking with shorting. I am fading all strength and thus far ending up on the winning side by not being greedy.
Hope this is what you want but not conclusive I am afraid....but who is?
Clivewaverider thanks a lot for the EW chart you posted. I really appreciated it. I also posted my EW chart and i can figure out whats the deal with the yellow area..
hello fellow forex traders! i'm new here, found by looking for a forex community and i think i found a good one. just wanted to say my hello. look forward to future money making. GLTA
I've been in this forum for a few years. The discussion and insights shared here have helped me out a great deal. Great minds traverse these threads. I hope they benefit you as well.
Clivewaverider thanks a lot for the EW chart you posted. I really appreciated it. I also posted my EW chart and i can figure out whats the deal with the yellow area..
One of the basic thoughts I work with is the frustration I have, is likely the same frustration most others have. So when I can't see the answer, nor can most of the competition. I am glad I use a variety of approaches to this work and as Stryker pointed out early in the week, pattern plays seem to be worth their salt at the moment. US dollar looks to have made a retrace back to its breakout line from yesterday.
Last edited by Clivewaverider; 03-29-2012 at 03:43 AM.
hello fellow forex traders! i'm new here, found by looking for a forex community and i think i found a good one. just wanted to say my hello. look forward to future money making. GLTA
Once again, it is the end of the month and not just that but also end of the quarter. Sometimes that means high demand for the EUR and stocks.
Good luck.
Where is your last impulse AV1 - corrective within a down impulse or corrective within correction?
It may be corrective within a down impulse as I was rewriting that B wave to 1.3372 as a tempted 5th. As you say sometimes, market maybe wants to give us that "SEASICKNESS".
It may be corrective within a down impulse as I was rewriting that B wave to 1.3372 as a tempted 5th. As you say sometimes, market maybe wants to give us that "SEASICKNESS".
The "choppy" price action is characteristic in topping/bottoming markets and I mean mainly the US equity market here. Once again, beware of month/quarter end flows when fund managers often buy stock for "window dressing".
I won't post more charts here, but there is good potential downhill - I have the price under the 2 day Hull having tested it and the 12hr is under the 1 day and they are both under the 2 day aswell. The only thing holding matters up is the 2hr/4hr which is the wrong way up. If they right themselves, we have a very good stack right at a point where price could exit the weekly channel and the US dollar could break out. This would likely be the first stab out, so I would bank at weekly pivot if not monthly first and wait for the reaction, but either way, I am hoping for something worth playing.
Obviously US unemployment claims is going to cause volatilty, so would like to bank something and step aside before then..
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Originally Posted by Spyros
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