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Elliot Wave Trading

  • #1,041
  • Nov 16, 2006 1:57pm Nov 16, 2006 1:57pm
Noice I'll keep watching and improving!
  • #1,042
  • Nov 17, 2006 2:29am Nov 17, 2006 2:29am
Will be gone majority of the day. I am short usdcad from1.1450. Excellent short oppurtunity for 100+ pips short term
  • #1,043
  • Nov 17, 2006 2:31am Nov 17, 2006 2:31am
still long on aud and nzd. tp at 6710 and 7710. will be shorting from this area
  • #1,044
  • Nov 17, 2006 5:46am Nov 17, 2006 5:46am
Quoting kenari05
i think euro is going up now to complete wave B on H4 chart
Kenari,

Yup. I agree with you. Doesn't look like she can break the 1.2770 level, what more the 1.2751 level.

The close for the day is likely to form a reversal candlestick, whereby next week it could very very likely test the top.
  • #1,045
  • Nov 17, 2006 6:14am Nov 17, 2006 6:14am
news is over for cable..so i think we could at least see the b wave going up...
  • #1,046
  • Nov 17, 2006 8:26am Nov 17, 2006 8:26am
Quoting phai
news is over for cable..so i think we could at least see the b wave going up...
I agree the reversal is underway and we are now in B wave.
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To be one with the market, you must first be one with yourself.
  • #1,047
  • Nov 17, 2006 9:02am Nov 17, 2006 9:02am
Quoting Unforeseen
I agree the reversal is underway and we are now in B wave.
what's your target for cable? 1.9045? can't wait to trade wave C...huhu
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  • #1,048
  • Nov 17, 2006 9:12am Nov 17, 2006 9:12am
Quoting kenari05
what's your target for cable? 1.9045? can't wait to trade wave C...huhu
Yeps C will be nice

I'm playing it safe just under the 618 fib @ 1.9035. This is resistance area from the 8th and the 14th.

But i'm pretty sure fixme is looking at the 9100's for T/P and the end of wave B.
To be one with the market, you must first be one with yourself.
  • #1,049
  • Nov 17, 2006 9:31am Nov 17, 2006 9:31am
Here is a thread where we can post resource material that helps us to understand the basics of Elliott Wave Theory:

http://www.forexfactory.com/forexfor...ad.php?t=10323
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  • #1,050
  • Nov 17, 2006 9:47am Nov 17, 2006 9:47am
[quote=Unforeseen]Yeps C will be nice

I'm playing it safe just under the 618 fib @ 1.9035. This is resistance area from the 8th and the 14th.


I think you're right, look at 50% fib earlier, it was hit about seven times and then the reversal so I agree but I got the 23.6 fib level just below 9030. maybe put a stop there and if it goes up further great take profit higher otherwise if it comes down again profits are locked in.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #1,051
  • Nov 17, 2006 10:12am Nov 17, 2006 10:12am
[quote=africanpip]
Quoting Unforeseen
Yeps C will be nice

I'm playing it safe just under the 618 fib @ 1.9035. This is resistance area from the 8th and the 14th.


I think you're right, look at 50% fib earlier, it was hit about seven times and then the reversal so I agree but I got the 23.6 fib level just below 9030. maybe put a stop there and if it goes up further great take profit higher otherwise if it comes down again profits are locked in.
Good idea on the stop. I set up an alert to go off at 9025 and i'll re-evaluate my S/L and T/P when it hits, if it hits when i'm awake


Thanks Itme for the reference thread, that's great concise info. Most of the books i've started reading I find bombard you with so much at once.
To be one with the market, you must first be one with yourself.
  • #1,052
  • Nov 17, 2006 2:59pm Nov 17, 2006 2:59pm
this could be top of 3 of a of B. i draw channel on H4, looks like to top at 1.9030-50 level....

buy 1.8945 target 1.9030...then shorting from here target 1.8700 ( 330pips )

for euro, can go higher from here...target 1.2850-60... will build sizeable shorting postion there...target 1.2680 ( potential 170pips )
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  • #1,053
  • Nov 17, 2006 5:58pm Nov 17, 2006 5:58pm
If you are gonna trade the CABLE know your pair. Before today I had some still asking are you gonna short the cable? What do you think. I just said on yesterday. WAIT let the trade come to you. You will make money, you are not guessing or atleast should not be guessing . If you trade you need to have a system and figure out which system works best for you. It is amazing to me how many PM's I got about still shorting the CABLE guys read the thread atleast 2 days before the prior post to get an idea of what is going on. Why trade short on the CABLE if for the las two days the trend had stopped and yesterday you got an evening doji star and the cable only traded 76 PIPs does this pair trade like this NO. It moves atleast 100's and that is being modest. Whenever you see this pair PUT ON THE BREAKS like that, reversal will happen more times than not. If you dont know this pair stay out. I am telling you from past expierience. Lifetime you dont need to trade this pair yet you need to wait. Trade something slower. This is not for you yet. All week I have been saying watch for the reversal it is coming. We have just finished an A wave. Now on the way up to B wave which is not going to finish at 9030. It will complete at 9100 more I just said this LIFETIME last yesterday. Then I get PM "where do you think the cable is gonna go, Charles? Are you gonna short it. Pls read the thread If I just said Im long on the cable in the thread, then why ask me in PM am I going to short it. I am really trying to help but at least take the first step like PHAI is doing and make a conscience attempt to learn and ask "what can I do to make my trading skills better."
  • #1,054
  • Nov 17, 2006 6:02pm Nov 17, 2006 6:02pm
Know your pair and EW rules if that is what you are using to place your trades. Its ok to tp at 61.8 but the CABLE always hit the furthest fib and more. Plus your trend traders will give you a hand too.



[quote=africanpip]
Quoting Unforeseen
Yeps C will be nice

I'm playing it safe just under the 618 fib @ 1.9035. This is resistance area from the 8th and the 14th.


I think you're right, look at 50% fib earlier, it was hit about seven times and then the reversal so I agree but I got the 23.6 fib level just below 9030. maybe put a stop there and if it goes up further great take profit higher otherwise if it comes down again profits are locked in.
  • #1,055
  • Nov 18, 2006 1:00am Nov 18, 2006 1:00am
Quoting kenari05
this could be top of 3 of a of B. i draw channel on H4, looks like to top at 1.9030-50 level....

buy 1.8945 target 1.9030...then shorting from here target 1.8700 ( 330pips )

for euro, can go higher from here...target 1.2850-60... will build sizeable shorting postion there...target 1.2680 ( potential 170pips )


Due to Euro breaking the resistance level at 1.2830 (1.2844) and closing at 1.2824, she will attempt to break it once more.

The ability to do so will leave the next resistance level vulnerable. Timing is important here thus as fixme always puts it let it show its hand before reacting.
  • #1,056
  • Nov 18, 2006 2:01am Nov 18, 2006 2:01am
Quoting fixme1too
If you are gonna trade the CABLE know your pair. Before today I had some still asking are you gonna short the cable? What do you think. I just said on yesterday. WAIT let the trade come to you. You will make money, you are not guessing or atleast should not be guessing . If you trade you need to have a system and figure out which system works best for you. It is amazing to me how many PM's I got about still shorting the CABLE guys read the thread atleast 2 days before the prior post to get an idea of what is going on. Why trade short on the CABLE if for the las two days the trend had stopped and yesterday you got an evening doji star and the cable only traded 76 PIPs does this pair trade like this NO. It moves atleast 100's and that is being modest. Whenever you see this pair PUT ON THE BREAKS like that, reversal will happen more times than not. If you dont know this pair stay out. I am telling you from past expierience. Lifetime you dont need to trade this pair yet you need to wait. Trade something slower. This is not for you yet. All week I have been saying watch for the reversal it is coming. We have just finished an A wave. Now on the way up to B wave which is not going to finish at 9030. It will complete at 9100 more I just said this LIFETIME last yesterday. Then I get PM "where do you think the cable is gonna go, Charles? Are you gonna short it. Pls read the thread If I just said Im long on the cable in the thread, then why ask me in PM am I going to short it. I am really trying to help but at least take the first step like PHAI is doing and make a conscience attempt to learn and ask "what can I do to make my trading skills better."


If it were to hit the 1.9100 or more than we are looking at most probably a flat correction of the B wave which will go to as high as 10 November 2006 or an Irregular correction which could go higher than the previous high made at 1.9178. I believe that fixme is right on the money.

As I have mentioned before timing is impeccable, thus please don't react to a decision until price movements become clearer. As at today, the pound seems to have enough momentum to break the 1.9100 level.
  • #1,057
  • Nov 18, 2006 4:01am Nov 18, 2006 4:01am
here is the chart. B wave rules 61.8 to 78% of A wave now look where 78% of the A wave is. The cable will bypass this probably go to the 100% mark hit it but dont close there. It will still close at the 78% mark. Look at the chart
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  • #1,058
  • Nov 18, 2006 7:54am Nov 18, 2006 7:54am
4h chart...this is just my point of view.....so i think we gonna ride up to the top in wave 3 sooner. thanx fixme1too for ur help...and i hope u could give some comment about my chart...
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  • #1,059
  • Nov 18, 2006 8:22am Nov 18, 2006 8:22am
Phai you are on the right page but your retracer is up side down you 61.8 should be the other way closer to the bottom of wave one. should get down to 8860 to 8835 then we will start the mini wave 3 up. That is why I dont trade wave 1's. I use them as confirmation wait until we get the confirmation on the wave 2 retracement then get in and ride up to end of wave 5. and the only thing you have missed out of the wave one is about 23%. But look at is as having better confirmation so you dont risk more than you have too.



Quoting phai
4h chart...this is just my point of view.....so i think we gonna ride up to the top in wave 3 sooner. thanx fixme1too for ur help...and i hope u could give some comment about my chart...
  • #1,060
  • Nov 18, 2006 11:00am Nov 18, 2006 11:00am
move on aud for next bounce of 7690-94 move down to 7655 before going up to the 7733 area. with tp at 7710 before watching price action to enter for short down to the 7500's
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