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Harmonic Wave Journal

  • #421
  • Jun 7, 2007 12:30am Jun 7, 2007 12:30am
Hi Traex,

For the EURUSD chart you posted, the wave 2 correction is going on and on. Is there anything you are expecting to signal the end of wave 2? I notice that your entry sometimes get very close to the reversal point.

aha



Quoting Traex
Hi AZ-Hat, wave counts in very small timeframe are very uncertain, so good luck in trying to figure them out.
This is my m5 EUR/USD count, only for comparison, I don't do wave labeling to that small tf actually. And from 1.3391 low to 1.3553 high, there's a complete 5-wave sequence imo.

PS This chart is not updated, I scrolled it to the left to the same display as yours above.
Target: Trading naked.
  • #422
  • Jun 7, 2007 4:08am Jun 7, 2007 4:08am
Hi aha,
As far as this move, or lack of a move, I should say leeds me to say that this will probably be a complexed consolidation and/or correction if this is wave 2. Even if its not wave 2 this is going to eat up time. This could last all day without direction. Areas to watch are 1.3473 and 1.3552. This move could go above yesterdays high and still be wave 2 ( wave b of 2).
My Wave 4 veiw is losing steam, but a complexed Wave B is still possible.
If it does get to 1.3450 and below, should be a good buy opportunity.
But double check with Traex, as he has proven his talent to call the waves

AZ
I found the guy who keeps losing me money. Its "ME" SHOOT HIM!
  • #423
  • Edited 6:21am Jun 7, 2007 5:32am | Edited 6:21am
Opportunity #G21/07
GBP/USD Short
3 parts
Entry: 1.9946
Stop (initial): 1.9996

End of wave C up (?).

Update 1: S/L tightened to 1.9968 (guarantees -22). Took 1st profit at 1.9921 (+25) during news spike.
Update 2: S/L tightened to 1.9959 (guarantees -13). Looking for a break below 9910 area now.
Update 3: Took 2nd profit at 1.9874 (+72). S/L tightened to 1.9924 (guarantees +22).
Tra-X
  • #424
  • Jun 7, 2007 5:34am Jun 7, 2007 5:34am
Quoting Traex
Update 2: S/L tightened to 1.9959 (guarantees -13). Looking for a break below 9910 area now.

Theeeeere ya go

I wussed out on a short I had sadly....don't know what bit me...out of the three movers GBPUSD, USDCHF and EURUSD I chose the smallest one...EURUSD
And that one isn't even doing any proper pips, argh!

Btw, what do you think about that rising wedge on GJ?
Trust price. Know yourself.
  • #425
  • Jun 7, 2007 5:40am Jun 7, 2007 5:40am
Quoting aha
Hi Traex,

For the EURUSD chart you posted, the wave 2 correction is going on and on. Is there anything you are expecting to signal the end of wave 2? I notice that your entry sometimes get very close to the reversal point.

aha
This correction seems to be a descending triangle instead now. I'll prolly look for below 3460 area around 61.8 retracement of previous rally.
Tra-X
  • #426
  • Jun 7, 2007 5:46am Jun 7, 2007 5:46am
Quoting SeekingLight
Theeeeere ya go

I wussed out on a short I had sadly....don't know what bit me...out of the three movers GBPUSD, USDCHF and EURUSD I chose the smallest one...EURUSD
And that one isn't even doing any proper pips, argh!

Btw, what do you think about that rising wedge on GJ?
EUR/USD isn't that bad after all.

Rising wedge on GBP/JPY = wave 5 ending diagonal, or wave 1 leading diagonal in wave 5 extension. You choose lol, I'm abit afraid to short this pair, especially with the crazy swap.

Ah, there it is.

DJ MARKET TALK: Talk Of EUR/USD Option Bid At 1.3450 - Trader

Thu Jun 07 06:46:41 2007
EDT

1046 GMT [Dow Jones] There is talk circulating of a good-sized 1.3450 bid in
EUR/USD, says a UK bank trader, which is said to be option related. EUR/USD now
trades at 1.3472.
Tra-X
  • #427
  • Jun 7, 2007 7:22am Jun 7, 2007 7:22am
Quoting Traex
GBP/USD Short
Entry: 1.9946

Update 3: Took 2nd profit at 1.9874 (+72). S/L tightened to 1.9924 (guarantees +22).

You is rich!

Trust price. Know yourself.
  • #428
  • Jun 7, 2007 7:26am Jun 7, 2007 7:26am
Just wanted to show how "good" my EW is ;P

This is as good as it gets..

Sadly didn't have a pending short order there, but I'm trying to compensate via GBPJPY and GBPCHF

Those had setups for me =)
Attached Image
Trust price. Know yourself.
  • #429
  • Jun 7, 2007 8:27am Jun 7, 2007 8:27am
Quoting SeekingLight
Just wanted to show how "good" my EW is ;P

This is as good as it gets..

Sadly didn't have a pending short order there, but I'm trying to compensate via GBPJPY and GBPCHF

Those had setups for me =)
You're rich too.

Well the EW barriers for cable are at 1.9817 (top of subwave 1 or A last thurs), 1.9732 (wave B bottom last week), and 1.9675 (start of wave A up) for this downwave.
Tra-X
  • #430
  • Jun 7, 2007 8:43am Jun 7, 2007 8:43am
Opportunity #G21/07
GBP/USD Short
4 parts
Entry: 1.9946
Stop (initial): 1.9996

End of wave C up (?).

Update 1: S/L tightened to 1.9968 (guarantees -22). Took 1st profit at 1.9921 (+25) during news spike.
Update 2: S/L tightened to 1.9959 (guarantees -13). Looking for a break below 9910 area now.
Update 3: Took 2nd profit at 1.9874 (+72). S/L tightened to 1.9924 (guarantees +22).
Update 4: Took 3rd profit at 1.9816 (+130). S/L tightened to 1.9910 (guarantees +36).
Tra-X
  • #431
  • Jun 7, 2007 9:45am Jun 7, 2007 9:45am
Opportunity #E16/07
EUR/USD Long
3 parts
Entry: 1.3456
Stop (initial): 1.3416

End of mini wave 2 (?).
Tra-X
  • #432
  • Jun 7, 2007 10:54am Jun 7, 2007 10:54am
Interesting your last two posts considering the general correlation that gbpusd and eurusd have. You've gone long eur and still short gbp. Your stop for gbp trade is still some 100 pips away.

Obviously your charts are telling different stories for their short term direction.

That last gbp trade was a stunner once again!!
  • #433
  • Jun 7, 2007 11:08am Jun 7, 2007 11:08am
Quoting Vantage
You've gone long eur and still short gbp.

EURGBP rose 30 pips, the two are quite offset at the moment. This happens a LOT on ECB/BOE announcements couple days

When BOE hiked a few months back and the EURUSD didn't get one the euro dropped and cable went into the sky iirc =)

I'm still waiting to see 1.3433 again on EURUSD to be honest and possibly a new low.

If 1.9733 stays healthy on cable then we'll head on up after another week or two, if not then we get new lows. Looking for a pinball machine between 1.9890 and 1.9730 at the moment...

I'm expecting a bit more of a GJ/EJ correction(wedge!) and something has to drop along with them
Trust price. Know yourself.
  • #434
  • Jun 7, 2007 12:04pm Jun 7, 2007 12:04pm
Opportunity #G21/07
GBP/USD Short
4 parts
Entry: 1.9946
Stop (initial): 1.9996

End of wave C up (?).

Update 1: S/L tightened to 1.9968 (guarantees -22). Took 1st profit at 1.9921 (+25) during news spike.
Update 2: S/L tightened to 1.9959 (guarantees -13). Looking for a break below 9910 area now.
Update 3: Took 2nd profit at 1.9874 (+72). S/L tightened to 1.9924 (guarantees +22).
Update 4: Took 3rd profit at 1.9816 (+130). S/L tightened to 1.9910 (guarantees +36).
Update 5: Took last profit at 1.9748 (+198). Trade is closed.

Total gain: +425
Tra-X
  • #435
  • Jun 7, 2007 12:16pm Jun 7, 2007 12:16pm
Quoting SeekingLight
I'm still waiting to see 1.3433 again on EURUSD to be honest and possibly a new low.

I'm expecting a bit more of a GJ/EJ correction(wedge!) and something has to drop along with them
Well today has stunned me. That london fix hour didn't give a damn about taking profit or retracement for cable and euro. Apparently US treasury yields are skyrocketing together with plunging stocks. US is getting nearer to a recession.
Tra-X
  • #436
  • Jun 7, 2007 12:31pm Jun 7, 2007 12:31pm
Quoting Traex
Well today has stunned me. That london fix hour didn't give a damn about taking profit or retracement for cable and euro. Apparently US treasury yields are skyrocketing together with plunging stocks. US is getting nearer to a recession.
Yepp. I've spent all day banging on about this in my journal, which is however in the PF

Things happened a lot faster than I thought. 90 Minutes ago I said to a friend "239.00 GJ will come eventually". That was at 240.20. 50 Minutes after that it hit 239.00. Things moved rather swiftly there

I missed half the move however since I chickened out at the 240 gate :/
Took some on EJ and still in EURUSD however =)

Things are getting really interesting.

Do you think we'll get a decent retracement for GBPUSD for a 2 and then a 3 / another impulsive wave down? =)
Trust price. Know yourself.
  • #437
  • Jun 7, 2007 12:39pm Jun 7, 2007 12:39pm
Opportunity #E16/07
EUR/USD Long
3 parts
Entry: 1.3456
Stop (initial): 1.3416

End of mini wave 2 (?).

Update 1: Cut loss at 1.3432 (-24 x3). What a scary day.

Total gain: -72
Tra-X
  • #438
  • Jun 7, 2007 12:54pm Jun 7, 2007 12:54pm
Quoting SeekingLight
Do you think we'll get a decent retracement for GBPUSD for a 2 and then a 3 / another impulsive wave down? =)
Congratz on today's goldmine!

Too bad I can't access the PF to see your great journal.
Well I guess this is already the 3rd wave, maybe the 4th will come soon and after that a 'pretty' long 5th too! We'll see tho.

PS I juz realized I've hit my 1000th post in FF!
Tra-X
  • #439
  • Jun 7, 2007 1:20pm Jun 7, 2007 1:20pm
What a very long mini wave 3!
Attached Image
Tra-X
  • #440
  • Jun 7, 2007 1:44pm Jun 7, 2007 1:44pm
Quoting Traex
Congratz on today's goldmine!

Too bad I can't access the PF to see your great journal.
Well I guess this is already the 3rd wave, maybe the 4th will come soon and after that a 'pretty' long 5th too! We'll see tho.

PS I juz realized I've hit my 1000th post in FF!

Congratulations on your 1000th post! =)

You've done exceedingly well, I don't even come close, no worries

But thanks for the praise nonetheless =)

Keep up the good stuff!
Trust price. Know yourself.
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