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  • #341
  • Nov 1, 2006 3:03am Nov 1, 2006 3:03am
watching this is where you get that strong urge to just jump in but im really also testing to see if EW will play out as it should by theory. 1340's is really a stretch because that would be 120 pip move for this usdcad pair. Its possible because it has happened recently in the past but on avg the usdcad like 100pip moves on big days but thats it so if you guys want to get in now for your short that would be good but stretch your stop fine we will be ultimately going down but im just trying something here
  • #342
  • Nov 1, 2006 3:30am Nov 1, 2006 3:30am
should bounce of 1373
  • #343
  • Nov 1, 2006 4:21am Nov 1, 2006 4:21am
B wave forming on hourly chart AUDUSD hopefully we will form good C wave for me to get off.
  • #344
  • Nov 1, 2006 4:27am Nov 1, 2006 4:27am
Quoting fixme1too
B wave forming on hourly chart AUDUSD hopefully we will form good C wave for me to get off.
you mean wave C will be down and how big its gonna be...

Thanks
  • #345
  • Nov 1, 2006 4:32am Nov 1, 2006 4:32am
to be honest really dunno because A has not technically complete at atleast 38% this pair is gravely oversold. lol causing very shallow waves but when all said and done if I gonna use hourly for exit I hope to get out at 7715



Quoting babarmughal
you mean wave C will be down and how big its gonna be...

Thanks
  • #346
  • Nov 1, 2006 5:17am Nov 1, 2006 5:17am
Quoting fixme1too
to be honest really dunno because A has not technically complete at atleast 38% this pair is gravely oversold. lol causing very shallow waves but when all said and done if I gonna use hourly for exit I hope to get out at 7715
Hi fixme1too.

Thank you for starting this thread. I find notes in this thread to be quite useful in my study of forex.

If it is not too much to ask, kindly help me out with my inquiry below. Thank you in advance.

Please help me to clarify my understanding of what you wrote above.

a. "AUDUSD is about to complete A Wave." - A wave is a line going down to point A. If pair is at .7747 now at 1100 GMT, so wave has to finish lower than the .7747 value.

b. for pair to be considered as OVERSOLD, then price value must already be at or near the bottom. and should be ready to go up with the BUY signal to form B wave.

Does this mean we are expecting the pair to still go lower to .7715 which is the exit you intend to use?

yano
  • #347
  • Nov 1, 2006 5:40am Nov 1, 2006 5:40am
Yano wave B endpoint on hourly is supposed to be 7750 I expect us to reach this point which we have completing wave b. wave C would be going down to 7715 by rule but may not reach this point all the way because of audusd sentiment. When trading forex alot of people will jump on a trend so if alot of people start taking profit at 7750 we will start to retrace as others begin to also tp in fear of reversal. This is what causes the waves according to mr. elliot but just because this is the rule does not mean it will always meet its point. It may come very close to meeting its point though. I hope this helps if not just let me know. I think this weekend I'll look for some elliot wave theory to post. I use rsi to determine overbought and oversold.



Quoting yano125
Hi fixme1too.

Thank you for starting this thread. I find notes in this thread to be quite useful in my study of forex.

If it is not too much to ask, kindly help me out with my inquiry below. Thank you in advance.

Please help me to clarify my understanding of what you wrote above.

a. "AUDUSD is about to complete A Wave." - A wave is a line going down to point A. If pair is at .7747 now at 1100 GMT, so wave has to finish lower than the .7747 value.

b. for pair to be considered as OVERSOLD, then price value must already be at or near the bottom. and should be ready to go up with the BUY signal to form B wave.

Does this mean we are expecting the pair to still go lower to .7715 which is the exit you intend to use?

yano
  • #348
  • Nov 1, 2006 6:05am Nov 1, 2006 6:05am
got it. Thank you fixme1too.

Yano
  • #349
  • Nov 1, 2006 6:16am Nov 1, 2006 6:16am
10 pips away from optimum entry on usdcad
  • #350
  • Nov 1, 2006 6:17am Nov 1, 2006 6:17am
Quoting fixme1too
Yano wave B endpoint on hourly is supposed to be 7750 I expect us to reach this point which we have completing wave b. wave C would be going down to 7715 by rule but may not reach this point all the way because of audusd sentiment. When trading forex alot of people will jump on a trend so if alot of people start taking profit at 7750 we will start to retrace as others begin to also tp in fear of reversal. This is what causes the waves according to mr. elliot but just because this is the rule does not mean it will always meet its point. It may come very close to meeting its point though. I hope this helps if not just let me know. I think this weekend I'll look for some elliot wave theory to post. I use rsi to determine overbought and oversold.
that will be great, if you can post some elliot wave theory...cool stuff

Thanks
  • #351
  • Nov 1, 2006 6:26am Nov 1, 2006 6:26am
im in at 1345
  • #352
  • Nov 1, 2006 6:27am Nov 1, 2006 6:27am
in at 1345
  • #353
  • Nov 1, 2006 6:31am Nov 1, 2006 6:31am
Quoting fixme1too
in at 1345
wats your TP and SL...........
  • #354
  • Nov 1, 2006 6:34am Nov 1, 2006 6:34am
fixmetoo

do you see divergence MACD on H4 eurusd? is this bullish divergence or bearish?

price make higher high but macd is lower low...
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  • #355
  • Nov 1, 2006 6:42am Nov 1, 2006 6:42am
We have gone up 130 pips on usdcad really cant see us going up much higher. If so it is the trend traders doing it but as I said before normal atr on this pair is 100 pips per day. This is an excellent example of price action and movement. Amazing how yesterday we were down 88 pips now today we recover getting 130 pips. So if you were initially trading the end of A wave start of B wave alot of people not trading elliot wave theory got shook yesterday and jump of for fear of very big loss potential. But if you were trading elliot wave theory and believe in your system you stayed in your trade with hopes of recovery as we had today. This is the same pedictiment Im in on the AUDUSD pair right now Im down 60 pips but I have hope of small retracement to not take very big loss. But we are in VERY big 5 wave on daily Im stuck on mini 4 wave retracement that may happen but be very shallow. Will have to watch this one closely. Also if you look at the weekly charts we appear to be in 3 wave up so this pair could be going to the moon. We shall see. Im set to loose 100 pips on audusd But we should retrace soon we are really overbought with rsi at 80. We shall seehttp://www.forexfactory.com/forexfor...ons/icon12.gif
  • #356
  • Nov 1, 2006 6:49am Nov 1, 2006 6:49am
ps. wave 5 by rule can go to 261.2 but that would put us at 1.4250 should not happen. will put my stop at 1.1400 and tp at 1.1085
  • #357
  • Nov 1, 2006 6:57am Nov 1, 2006 6:57am
this usdcad set up I believe is a good setup with 4.72 to 1 R/R ratio. not to late to get in. for ride down
incase we have some here that does not know what 4.3 to 1 ratio is. it means chance to gain 260 dollars or however much you put on a pip or loosing 55 dollars

gain potential 260 pips
lost potential 55 pips

usdjpy has a set up like this to come soon maybe next week.

Look at the daily on the both charts do they look similar?

look at 10 13 06 to 10 31 06 on usdcad
and 10 17 06 to 10 27 06

do you see that zig zag look that is a BIG A wave with in those big A waves you have what I call mini waves but the mini waves are abc waves at the end of that abc you will form a Big B wave on the usdjpy its starting to form BIG B wave on the usdcad we have completed it today.

http://www.forexfactory.com/forexfor...ons/icon12.gif
  • #358
  • Nov 1, 2006 7:09am Nov 1, 2006 7:09am
I dont use a MACD so I really cant say. I dont even no how to read it enough to tell. oh ok I see you wrote at the bottom how to tell let me take a look.



Quoting kenari05
fixmetoo

do you see divergence MACD on H4 eurusd? is this bullish divergence or bearish?

price make higher high but macd is lower low...
  • #359
  • Nov 1, 2006 7:12am Nov 1, 2006 7:12am
I dont know cant tell sorry. Northpro is good at this ask him he may can help.



Quoting fixme1too
I dont use a MACD so I really cant say. I dont even no how to read it enough to tell. oh ok I see you wrote at the bottom how to tell let me take a look.
  • #360
  • Nov 1, 2006 7:34am Nov 1, 2006 7:34am
Quoting kenari05
fixmetoo

do you see divergence MACD on H4 eurusd? is this bullish divergence or bearish?

price make higher high but macd is lower low...
kenari05,

on the 4H EUR, after yesterdays noon spike we since have a bear signal. Try the macd setting on 5/21/9 the 5 and 21 gives a better visual on short term. When the short crosses the long that is the converge...from above to below..thats the bearish. You also have the backup on the 8H. The dailies are closing, however longer term the weekly are conflicting with a converging long signal. The other thing to look for for in MACD signal is the subtraction..especially longer term, as the lines hover around the zero line, a crossover of zero is a signal in the direction of cross.

Having said all that...short term, there is lots of news coming out that could swing the markets, so use caution. Hope this helps.

Northpro
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