Elliot Wave Trading

We were talking about the GBP/USD

we should get a bounce now on the cable for reentry on short

What is a good entry point ?

we broke through we may go to 261 fib now

looking like retrace to 9095- 9103 area bouncing of 61.8 fib

this is where it gets tricky thats why 2717 is so important. right now we could be in a mini 4 wave that could continue up on the euro or if we make past 2717 and stay below this point we would be indicative of mini a wave on the euro. Right now we have stalled with now price action. Everyone else is thinking the same, is this gonna be an mini A or mini 4 with movement up?

2825 would be the 50 fib for mini for break below this could be positive but still need break below 2717 for validation of Mini A wave showing completion of Euro upward movement. Although if this is a mini A wave will retrace up at which time would be excellent reentry for short.

if you took the usdjpy trade at 151.30 good short term tp may be 150.50
80 pips this should happen today no later than tomorrow

Fixme,

can't really get you here....do you EUR/JPY....and must be short isn't?

yes sorry john bought that to my attention. but if you saw my previous post you would have saw it. Trust me I am not saying this is a nasty way, I posted earlier though. I recommend if you are following the thread atleast go back to the day we are currently on and catch up to where we are now

I think its right time to buy Eur/Usd with a target of 129.40, what you think fixme?

Happy to see the cable broke down... I'm short since 1.9137..

we are at a crossroads right now but from looking at the 4 hour this appears to just be mini wave 2 before we start 3 wave down giving confirmation of downward movement. Question lifetime how come you think we are still gonna go up. Try to think objectively when trading let the market do what its gonna do not what you think it will do unless you have some type of system that strongly suggest this is what the market will do, or should do based on your system not on what you think. So back to the original question Why do you think we are gonna go all the way to 129.40 if we were gonna do that we should have broken 129.78 last night with ease. Please dont take my statement and question as being sarcastic because im not trying to be but I trying to understand you reasoning and get you to think at the same time.

adsenseguy,

just thought of another idea. Not really sure if this is possible at all, but what about streaming video. So if charles or whomever else wants to show what they see in their charts (wave count, etc...) They can walk us through it with live video. Again, not sure if that would be possible, but that would help some of the people who are struggling with elliot waves (like me ). I read the ebook as well as seen the video (here it is, if anybody wants to see it) http://www.elliottwave.com/education...=789&lesson=16
They are both very good tools as far as understanding the concepts of ew. But just like anything else I dont think you can get a full grasp of it until you get your hands dirty and do it yourself.

The reason I believe it will go up one more time, is because of stop hunting, lot of people are short on this right now, and brokers dont like giving people easy money. They will pull up it one more time; and with tomorrow USD retails sales perhaps the real downtrend will begin.

I agree with Jac28403,
I am also at the start of learning E Wave theory and the ability to understand the process of laying down of the EW count by an expert and how they determine potential price targets/reversals would accelerate the speed of our learning exponentially.

video with voice in real time with a chat to ask questions would be a great way to do this if we had the tools, and if Fixme (and others) had the time and inclination.

Adam F

I am long gbp/usd from 190.45, SL 190.35; will move it to breakeven once in 20 pips profit.

Edit: SL is 190.33 not 190.35

Thanks for responding, is this something you have seen in the past. I cant really comment on it because all I know is EW theory. I thats my system I stick by and like to think I know well. So have you seen this in the past or are assuming. Lifetime I am not trying to appear as I am coming down on you but just as you are thinking Im sure its others thinking the same and will loose money I used to do it to. But my thing was trying to guess the direction of the market after Major news and I would loose everytime until one time I lost 2,000.00 and said thats it no more news trades for me until I found EW theory and sometime you can gauge the direction a little better when news come out or atleast have a better exit plan if the news goes against you. Just like last week I expected us to go down but I thought we would go up first then down. Well just so happens we went down 80+ pips did the yoyo thing all day then I said we would still comeback up after going as low as 8976. we would still hit my 9095 mark and we did it in the same day. So one said on the chat fixme you are crazy if you think the cable is gonna bounce from 8976 and go higer than 9095. Well guess what it did it and did it in the same day. The point in a nutshell is I know my system and the odds of what may happen with my system. Dont trade based on a hunch or what you think. Unless you have something to back it up. Maybe this can be another good topic for Northpro to speak on. By the way team once the chat room is up NORTHPRO will stop by frequently to teach on trading strategies and discipline and most importantly money management.

10 pip stop is too too too too close on the cable this pair moves 20 pips in either direction just for the hell of it dont play with the cable lifetime you should do that kind of trading with a pair that dont move like the cable or you will loose money you are basically gambling. Slow down pls dude or will be part of the 90% in forex who fails.

listen man you have to know your pair you trade. THE CABLE is a trendy pair once it goes one way and keeps going that way she aint gonna turn around unless there is some major news. Know your pairs before gambling.