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Elliot Wave Analysis

  • #261
  • Apr 5, 2018 11:02am Apr 5, 2018 11:02am
on a shorter time frame this is my chart...
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STING
  • #262
  • Apr 5, 2018 12:41pm Apr 5, 2018 12:41pm
Wow I did exactly the same and added another sell on 61.8, Stringfx which target is the safest one you think? 100?

Attached Image


And I have another question, what is the usage of Fib fan? somebody told me for finding possible pull back lines on fast moved trend, is that correct?

If so is it the correct way of drawing?
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We can't control the sea, but we can learn how to surf the waves.
  • #263
  • Apr 5, 2018 12:53pm Apr 5, 2018 12:53pm
Quoting aariapoor
Wow I did exactly the same and added another sell on 61.8, Stringfx which target is the safest one you think? 100? {image} And I have another question, what is the usage of Fib fan? somebody told me for finding possible pull back lines on fast moved trend, is that correct? If so is it the correct way of drawing? {image}
yes safe target is Fe 100.

I am sorry about the fib fan. i don't use it and am not sure how to use it as well. Actually never felt the need as i use fib retracement tool to calculate pull backs.

R u a full time trader? i always find you in FF.
STING
  • #264
  • Apr 5, 2018 12:57pm Apr 5, 2018 12:57pm
there will be a pull back in GU . One reason is that average daily range for the day is over. expecting it might go to 1.4024
STING
  • #265
  • Apr 5, 2018 12:59pm Apr 5, 2018 12:59pm
Quoting stringfx
there will be a pull back in GU . One reason is that average daily range for the day is over. expecting it might go to 1.4024
@stringfx

what do you think about this count?

NZDUSD H4

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  • #266
  • Apr 5, 2018 1:38pm Apr 5, 2018 1:38pm
Quoting grandaevus
{quote} @stringfx what do you think about this count? NZDUSD H4 {image}

Hi grandaevus,

According to me, because of the strength of nzd in the recent past, i am not trading this pair, but since you asked, this is my opinion:

Many experts say that usd needs one more down to complete a major wave down. I am not too sure as well but so far in the structure of usd index, and the corresponding pairs of usd, it seems to have completed the wave down (maybe i am wrong as well.) so in my opinion, this upmove of usd is the 2nd wave. when usd is strengthening, then the pairs that usd is involved with should make a down move. In the case of gbp and nzd, they are still very strong and on higher timeframes, they are not breaking down so easily like the others. so i don't think your chart might be correct (just my 2 cents). here is my 4hr chart.

nu 4 hr
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STING
  • #267
  • Apr 5, 2018 1:51pm Apr 5, 2018 1:51pm
Quoting grandaevus
{quote} @stringfx what do you think about this count? NZDUSD H4 {image}
I am also surprised that you asked about this pair coz in your ccfp indicator, you don't see this pair on monthly,weekly or daily. I use ferrufx's indicator to find the pairs that i need to put the count on based on it's strength and weakness. I also use finviz site : https://finviz.com/forex_performance.ashx
to check the performance of currencies . i use the data from week, month and month to date to assess the strength. Only then i use EW to plot the counts on the best pairs.
STING
  • #268
  • Apr 5, 2018 2:02pm Apr 5, 2018 2:02pm
Quoting stringfx
{quote} I am also surprised that you asked about this pair coz in your ccfp indicator, you don't see this pair on monthly,weekly or daily. I use ferrufx's indicator to find the pairs that i need to put the count on based on it's strength and weakness. I also use finviz site : https://finviz.com/forex_performance.ashx to check the performance of currencies . i use the data from week, month and month to date to assess the strength. Only then i use EW to plot the counts on the best pairs.
I've been working on an Elliott Wave Indicator. CMSM is my favorite and it'll always be. By the way, combining Elliott with a currency strength indicator is a nice approach.
  • #269
  • Apr 6, 2018 12:51am Apr 6, 2018 12:51am
Hello stringfx,
After a long time, though the amount is small, I have gained 35 pips each from EURUSD & USDJPY and also 60 pips from GBPUSD.
Thanks for the guidelines.
  • #270
  • Apr 6, 2018 2:53am Apr 6, 2018 2:53am
Quoting mavilakandy
Hello stringfx, After a long time, though the amount is small, I have gained 35 pips each from EURUSD & USDJPY and also 60 pips from GBPUSD. Thanks for the guidelines.
Congrats Mav. good on ya. financial freedom is just around the corner !
STING
  • #271
  • Apr 6, 2018 2:57am Apr 6, 2018 2:57am
Quoting grandaevus
{quote} Wave 3.iv crossed wave 3.i though it''s still above wave 1. Can extended waves break "Wave 4 can NEVER cross in the same price area as Wave 1" rule since Wave 3.iv has already crossed wave 3.i .

yes wave iv cannot enter wave 1 territory. besides if you check my second chart on nzd/usd, the price has stopped currently at 38.2 expansion down. i am expecting more down. to 61.8 before nfp.
STING
  • #272
  • Apr 6, 2018 3:02am Apr 6, 2018 3:02am
Quoting stringfx
{quote} Congrats Mav. good on ya. financial freedom is just around the corner !
  • #273
  • Apr 6, 2018 3:02am Apr 6, 2018 3:02am
Quoting stringfx
{quote} yes wave iv cannot enter wave 1 territory. besides if you check my second chart on nzd/usd, the price has stopped currently at 38.2 expansion down. i am expecting more down. to 61.8 before nfp.
Thank you stringfx. What is your minimum target for USDCAD?
  • #274
  • Apr 6, 2018 3:50am Apr 6, 2018 3:50am
Can you do a quick update on Cable and Fiber too?
We can't control the sea, but we can learn how to surf the waves.
  • #275
  • Apr 6, 2018 4:10am Apr 6, 2018 4:10am
Quoting grandaevus
{quote} Thank you stringfx. What is your minimum target for USDCAD?
usdcad daily count and initial targets ( my honest view)
Attached Image (click to enlarge)
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STING
  • #276
  • Apr 6, 2018 5:00am Apr 6, 2018 5:00am
Quoting stringfx
{quote} usdcad daily count and initial targets ( my honest view) {image}
Hello Sting,
Thanks for the USDCAD chart.
In this situation, normally do you wait to buy until the price crosses above major wave-iii ? (hope I am not asking you too much !)
  • #277
  • Edited 5:33am Apr 6, 2018 5:10am | Edited 5:33am
It's nfp day, the most important economic news, so anything can happen.
i am bearish on eur/usd, gbp/usd,aud/usd, nzd/usd and oil. bullish on usd/cad, usd/jpy and usd/chf. Important juncture at all these pairs technically.
usd index technically has reached some resistance and there is a possibility of a pull back before a rally which also means that the pairs associated might also pull back to the upside....
so those with weak hearts and low equity levels, please wait for 20 minutes at least after this news to find the proper direction. pull backs might go down/up sharply to fib levels of 50% and 61.8% so draw your fibs and wait for the right opportunity to enter.

expected payroll is 188K which is quite low. it's quite possible to have a higher count than mentioned as ADP came out strong as well.
expected hourly earnings are higher than previous which looks good for a dollar surge.
expected unemployment rate is low which is also a good sign for dollar surge.

depending on all these data the FED chairman will be speaking at Chicago club with audience questions. This can cause a lot of volatility as well at 17:30 GMT.

Now we will wait for the outcome with fingers crossed ..
STING
  • #278
  • Apr 6, 2018 5:16am Apr 6, 2018 5:16am
Quoting mavilakandy
{quote} Hello Sting, Thanks for the USDCAD chart. In this situation, normally do you wait to buy until the price crosses above major wave-iii ? (hope I am not asking you too much !)
Mav,

I am already in a lot of buys on usdcad. i will check in the next 2 hours as to where this pair is heading (just before nfp) and will take actions accordingly. might close some which are in profit and take some losses as well. but will keep a couple with tight stop losses to go with NFP. anything can happen with this news and it's better to protect your equity which you have build up so far. usually there will a burst of pips up or down then in another 20 minutes after the news you will get a direction as to who wins buyers or sellers. that is the best time to enter. i am expecting a short burst down and then a good move to the upside. smart money (devils) will try to take out the retail stop losses . Good luck with your trades today.
STING
  • #279
  • Apr 6, 2018 5:29am Apr 6, 2018 5:29am
Quoting stringfx
{quote} Mav, I am already in a lot of buys on usdcad. i will check in the next 2 hours as to where this pair is heading (just before nfp) and will take actions accordingly. might close some which are in profit and take some losses as well. but will keep a couple with tight stop losses to go with NFP. anything can happen with this news and it's better to protect your equity which you have build up so far. usually there will a burst of pips up or down then in another 20 minutes after the news you will get a direction as to who wins buyers or sellers....
I've reloaded longs @ 1.27650. Waiting for NFP.
  • #280
  • Edited 6:49am Apr 6, 2018 5:35am | Edited 6:49am
@stringfx, I've been trying to learn Elliott waves.

Is my EURUSD weekly count correct?
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