Elliot Wave Trading

good time for reentry on usdcad pair is now at 1.1322 to take profit at 1.1085.

Get your money ready for GBPUSD .we are on the way down to 1.8645 after this We will to the moon up to 1.9400 we havent been this high since the early 90's. Will we go there again we shall see.

this is why I made this statement yesterday. We should not go above 1.1363. Candle stick made from yesterday is pushing this.

getting closer to 7755 on audusd. We may hit it candle stick from yesterday making traders on this pair more skeptical.

"your money ready for GBPUSD .we are on the way down to 1.8645 after this We will to the moon up to 1.9400 we havent been this high since the early 90's. Will we go there again we shall see."

fixme1too....is it true GU now in wave 3 and will retrace at least 38.2% fibo <> 1.8901 in daily?

or GU in wave 1 and will retrace for 78.6% fibo?

thank u

complex wave has formed. From times in past when I saw this formation it normally will bounce off of 144 fib. I see the complex better on hourly chart right now. If we dont get the bounce off formation is changing and forming wave 3. Watch to see how it plays out. If this is the case will find good exit for min to no loss. this is on usdcad

the second part is true wave 1 over is what I believe. Consolidation is from the news due tomorrow. To much news this week I should have stayed out of the market this week. lol

I need some help on something team. does anyone have site or knowledge on how pairs correlate. Like with eurusd and gbpusd. most times the move together is same direction.


I need correlation on usdcad and audusd

its looking like this may work out CAD is about to be stronger than aud and usd lets see if this pans out. Will explain later.

this site is in another language but it has charts on corralation. you can use a web page translater too.


http://www.mataf.net/analyse-correlation_id.htm

Dave

Dave,

I was about to post the same web site but you got it quicker then me . Actually they have a english verson as well :

http://www.mataf.net/en/analysis-correlation_id.htm


Best Regards

DailyFX publishes a monthly correlation page on their web site. Go to their web site at :

www.dailyfx.com

On the lower right of the home page is a section called Charting Center. They have a monthly report you can bring up from there.

Jeffrey

According to my wave count, USD/CAD is involved in a large A-B-C upwards correction since May 31, 2006. We are in the fifth wave of the upwards C wave now, with a target of about 1.1425 to 1.1450. If the price reaches this level, then we will have a good opportunity to short this pair down to 1.1075 and further.

Here is my current theory on what EUR/USD is up to. What do you other wave analysts think of this?

So far everything is playing out as planned. usdcad bounced off 144 fib on hourly chart 78 % on the daily.


AUDUSD is making its way up the ladder to 7755 once it hits this should bounce off for big profit down.
CAD will be stronger than USD and AUD for a while.

Complex wave on hourly easily seen for CADUSD bouncing of 144 fib as predicted. Hate when this happens but will give better C wave. This is how I see it to play out short term.


Chart 2 on 4 hour is an example from 10-10-06 to 10-20-06 of what happened today. Bounced hard of the 144 fib.


When we bounced of the 144 fib today that is what completed the 2 wave on the Daily chart thats how I usually confirm my waves. Thats also what made me think we should not go much over 1.1365 because that is where the 78% mark is at on the daily. Rule for 2 wave is 50% greater than wave 1 but less that 78%. Same set up happend today on the hourly. Once momentum started building I said damn here comes complex wave form. As you watch the waves you will soon be able to tell whats to come. Also thats what made me put stop at 1.1380. My stop is higher for personal reasons with my platform. But above 1.1380 would have be going the wrong way. The 3rd chart is daily bouncing of 78% confirming possible end of 2 wave. Waves can change in development as time goes on depending on news. If we go over well over 78% good chance 2 can become 3 wave.
This why I asked about correlation today.

from looking at things its looking like we may have the same setup to happen on audusd
also same setup on audcad pair. AUD is about to weaken on all cross pairs.

forgot to post daily CADUSD bounce off of 78%

The last few days have been quite boring from a trading standpoint. None of the seven US currency pairs I watch have been doing anything with the exception of the Usd/Cad and even that one has been trading a little slow. All of the currencies seem to be trading at their lowest Average True Range (ATR) for the year.

I made a few trades on Monday and only one since then. With the current chart setup I probably won't put any trades in this evening. I usually only place in the evenings, Monday through Thursday. I don't trade on Fridays.

The hardest part is wanting to make some trades and not having any good opportunities. Since I am getting ready to start trading a live account in January, I am still practicing how I would make trades using single lots in a mini-account. Until I build up some equity in my account all of my trades will be short term, usually less that 24 hours to avoid interest and swap charges. Later, after I have built up my account I can change it's configuration so I can trade more lots for longer time frames and take advantage of interest and swap fees.

Oh well. Let's hope next week gives us a little more action. Everyone have a nice weekend.

Jeffrey

usdcad making good head way

closed usdcad for 50 pips before nfp not going to take the gamble