Here is one of the things I'm looking at at the moment, notice the big empty space outlined by the bue lines in the middle, if it gets below the line as indicated watch out, the moves are going to be wild and swift, down we will go
Gene
Gene
USD/JPY Trading Room 34 replies
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DislikedHi SL, here is what I think might be happening from an Elliot ponit of view, btw notice the monthly rsi close last month telling sign)Ignored
QuoteDislikedI think that the Euro had just entered a correction( minor count supports this view as of now) to ve exact a 4th wave correction within the 5 wave advance from 1.1638
QuoteDisliked, since wave 2 of the same degre (II) was a shallow correction, \i would expect a wave IV to be sharp, most likely a zigzag.
QuoteDislikedYou are right, first support is not untill 1.4967 that is my first target, well actually 1.5000 even, simply because the market tends to like round numbers. I will start to look for reversals around 1.4500-4750 areas, although it should be visible at that time if we are done or not, 1.4000 or slightly above is not out of the question in my mind but perhaps a little too farfetched at the moment, hope this helped
Gene
DislikedIf anyone who actually has a clue in EW would like to chime in, please do so, I'd like to get an idea of what big count they have.
Might be it's V of III and I missed one subcount.Ignored
DislikedEW traders don't know the correct count until after the move has finished. The best you can do now is to keep changing the letters and numbers every time the market does something that it's not supposed to do.Ignored
DislikedEW traders don't know the correct count until after the move has finished. The best you can do now is to keep changing the letters and numbers every time the market does something that it's not supposed to do.Ignored
DislikedThis is an interesting trend that is developing on EUR/USD and it's something I'm sure many traders are looking at since it's one of the oldest ones in the book-MACD Divergence.
As you can see on the daily chart, price has been making new closing highs, while the MACD has not. Simple to see, yet effective.Ignored
DislikedEW traders don't know the correct count until after the move has finished. The best you can do now is to keep changing the letters and numbers every time the market does something that it's not supposed to do.Ignored
DislikedTo debunk the myth of it not being workable and retro only, indeed.
What trading approach doesn't have variable possible outcomes?
Things will either work or not and you're always wiser after the fact, whether that's your s/r or setup breaking down or holding or a count.
Why people need to perma-bash somethin they can't get to work for them while others have provided live trading proof is beyond me.
(I am aware of the irony of me posting this in several regards)
Btw Pluto, after reading that one thread of yours I've tried wrapping the half a dozen "boundary" channels around price, via template and alone, and tried getting some sort of logical, tradeable approach out of it...didn't work for me at all, no matter how high my tea consumption was
As long as it works for you, that's all that really matters I guess.Ignored
DislikedBecause the patterning described is trying to reflect a certain human behavior. Zig-Zags and trending moves / impulses, the alternation of impulses and corrections very much reflect market sentiment.
As such, it is a varied, but intriguing attempt at framing the market and imho closer with it's incorporation of various formations that also find their reflection in normal techs(triangles, channels, wedges) than most anything else.Ignored
DislikedBecause the patterning described is trying to reflect a certain human behavior. Zig-Zags and trending moves / impulses, the alternation of impulses and corrections very much reflect market sentiment.
As such, it is a varied, but intriguing attempt at framing the market and imho closer with it's incorporation of various formations that also find their reflection in normal techs(triangles, channels, wedges) than most anything else.Ignored