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Harmonic Wave Journal

  • #561
  • Jun 21, 2007 8:13am Jun 21, 2007 8:13am
o.k guys not much action today and this is normal after the few bull days we just had.

now all the traders thinking what will be the next move , I'm personally going short because I'm still think that we are on the end of wave 2 on the daily charts and I never trade against the daily chart (until a break of 1.9965)

if this resistance 1.9965 will break I will load my guns to go long.

this is a very important moment right now and we should be careful until the market will show us who in charge the bulls or bears?
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  • #562
  • Jun 21, 2007 12:18pm Jun 21, 2007 12:18pm
Opportunity #EG1/07
EUR/GBP Long
3 parts
Entry: 0.6714
Stop (initial): 0.6689

End of subwave C of wave 2 down (?).

Update 1: Set TP1 at 0.6738 for +24. S/L will move to 0.6711 once TP1 is hit.

A boring day again.
Tra-X
  • #563
  • Jun 22, 2007 1:12am Jun 22, 2007 1:12am
Opportunity #G29/07
GBP/USD Short
3 parts
Entry: 1.9933
Stop (initial): 1.9983

End of subwave 3 or C (?). Can't help it, signal appeared again.

Update 1: Set TP1 at 1.9901 for +32. Well it might become another blower again.
Update 2: Canceled TP1 and took 1st profit at 1.9896 instead (+37). S/L tightened to 1.9941 (guarantees -8).
Update 3: Blown for (-8 x2). Definitely a bad week for me.

Total gain: +21
Tra-X
  • #564
  • Edited 7:33am Jun 22, 2007 1:16am | Edited 7:33am
Opportunity #GJ2/07
GBP/JPY Short
2 parts
1st entry: 247.22
2nd entry: 247.82 (limit)
Stop (initial): 248.62

Relatively small lot size.

Update 1: 2nd entry limit was hit. 2 parts are open.
Tra-X
  • #565
  • Jun 22, 2007 2:34am Jun 22, 2007 2:34am
i'm not sure the market will move today.
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  • #566
  • Jun 22, 2007 4:03am Jun 22, 2007 4:03am
Just wanted to hear what you think about this count being feasible. As you know I only can do the supersimple versions

Would these proportions work out roughly?

Curious to see where we do get back down to...
Attached Image
Trust price. Know yourself.
  • #567
  • Jun 22, 2007 4:22am Jun 22, 2007 4:22am
Quoting SeekingLight
Just wanted to hear what you think about this count being feasible. As you know I only can do the supersimple versions

Would these proportions work out roughly?

Curious to see where we do get back down to...

Hi SeekingLight, I hope you don't mind if I respond, but you have wave 4 overlapping wave 1 which makes it an incorrect wave count...I will look at the chart if I have more time later and try determine the wave count
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #568
  • Jun 22, 2007 6:53am Jun 22, 2007 6:53am
Quoting africanpip
Hi SeekingLight, I hope you don't mind if I respond, but you have wave 4 overlapping wave 1 which makes it an incorrect wave count...I will look at the chart if I have more time later and try determine the wave count
Heya. No problem, happy for any input. Well since you mention it, yea, they do. I just don't see any other way to fit a count into this, it's either 3.5 or 3.3 where I put the 3, can't really see any alternative

BTW I have noticed this a lot: these mini moves tend to end at exactly the 200% projection of the first wave (for 5 wave counts). Not that I am saying we can't make a new high still, god forbid, but we did start this move down exactly at the FE 200.
Just curious whether anyone else has made this observation and whether this is a coincidence or a pattern
Attached Image
Trust price. Know yourself.
  • #569
  • Jun 22, 2007 7:30am Jun 22, 2007 7:30am
Quoting SeekingLight
Heya. No problem, happy for any input. Well since you mention it, yea, they do. I just don't see any other way to fit a count into this, it's either 3.5 or 3.3 where I put the 3, can't really see any alternative
Hi SeekingLight and Africanpip, that USD/CHF count is valid if it's a wave 1 or 5 diagonal or a correction in an ascending triangle. Its longer term waves are messy now tho.
Tra-X
  • #570
  • Jun 22, 2007 7:32am Jun 22, 2007 7:32am
Quoting SeekingLight
If my eyes don't deceive me and we're mirroring the same wave I've seen on 4h now on daily, we will first make a new high(around 1.9990 again maybe?), then drop to a new low. Would be VERY interesting if that really did pan out like that

Currently I'd go with the flow.
Here we are

Now I don't know if we'll have a drop, since technically it all hints towards a break higher, BUT, this is the last day of the week, and maybe next week will look quite differently ;P

Just am happy to see I wasn't talking total gibberish then
Trust price. Know yourself.
  • #571
  • Jun 22, 2007 7:40am Jun 22, 2007 7:40am
possible count

Quoting SeekingLight
Heya. No problem, happy for any input. Well since you mention it, yea, they do. I just don't see any other way to fit a count into this, it's either 3.5 or 3.3 where I put the 3, can't really see any alternative

BTW I have noticed this a lot: these mini moves tend to end at exactly the 200% projection of the first wave (for 5 wave counts). Not that I am saying we can't make a new high still, god forbid, but we did start this move down exactly at the FE 200.
Just curious whether anyone else has made this observation and whether this is a coincidence or a pattern
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  • #572
  • Jun 22, 2007 7:43am Jun 22, 2007 7:43am
Quoting fixme1too
possible count
Thanks fixme1too

Well to be honest, I don't mind WHERE we put the 1, as long as we're potentially in a 3 or 5 wave back down so I can look to ride that ;P

No idea where we are in the bigger waves.
Trust price. Know yourself.
  • #573
  • Edited 10:07am Jun 22, 2007 7:46am | Edited 10:07am
Good chance high for today has been reached on cable if you trade ATR today being Friday 12pm est you may get some more push up butwe are at 261.8 now earlier next week should see retrace to 38-61%% on daily and your chf trade look for long to 61.8 -71.8% wait for confirmation though.

Quoting SeekingLight
Here we are

Now I don't know if we'll have a drop, since technically it all hints towards a break higher, BUT, this is the last day of the week, and maybe next week will look quite differently ;P

Just am happy to see I wasn't talking total gibberish then
  • #574
  • Jun 22, 2007 11:37am Jun 22, 2007 11:37am
o.k guys , the cable train go on , the daily chart tell us the more cable strength in near term.

I close all my sell order in loss of course.

important to remember , we don't know when the 3 wave is ending so if you didn't go long already you can get in now and the price will retrace to wave 4 , be careful, in the other end we all know how strong is the cable train and it could strength another 100-200 pips before retrace to wave 4.

I will wait and get in only after I nice retrace.
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  • #575
  • Jun 22, 2007 11:48am Jun 22, 2007 11:48am
Quoting 400396
o.k guys , the cable train go on , the daily chart tell us the more cable strength in near term.

I close all my sell order in loss of course.

important to remember , we don't know when the 3 wave is ending so if you didn't go long already you can get in now and the price will retrace to wave 4 , be careful, in the other end we all know how strong is the cable train and it could strength another 100-200 pips before retrace to wave 4.

I will wait and get in only after I nice retrace.

Hello 400396, I have been toying around with something similiar to what you have got.....one question on the chart above......From C down there is a big wave you have not got labeled. You then you go up to 1, what would you lable that big wave down?

Regards
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #576
  • Jun 22, 2007 11:58am Jun 22, 2007 11:58am
he fixme, i think you got the wave-2 wrong. wave-2 goes below the starting point of wave-1 or am i wrong?
  • #577
  • Jun 22, 2007 12:05pm Jun 22, 2007 12:05pm
hi africanpip.

this is wave C , as you know the c wave is the last corection and from there we should start another market cycle in the direct of the last direction ( it was bearish)

but the market didn't go down, so we got a new count now.
  • #578
  • Jun 22, 2007 12:10pm Jun 22, 2007 12:10pm
Quoting Wallboroff
he fixme, i think you got the wave-2 wrong. wave-2 goes below the starting point of wave-1 or am i wrong?
you are right , but i don't think this is importent beacuse remember in the forex market we have a lot of wipshaw and manipulation on price from our brokers and banks so sometimes is better not to be pedantic.
  • #579
  • Jun 22, 2007 12:18pm Jun 22, 2007 12:18pm
Quoting 400396
you are right , but i don't think this is importent beacuse remember in the forex market we have a lot of wipshaw and manipulation on price from our brokers and banks so sometimes is better not to be pedantic.
hmmm ... i just follow the EW rules.
  • #580
  • Jun 22, 2007 12:20pm Jun 22, 2007 12:20pm
Opportunity #GJ2/07
GBP/JPY Short
2 parts
1st entry: 247.22
2nd entry: 247.82 (limit)
Stop (initial): 248.62

Relatively small lot size.

Update 1: 2nd entry limit was hit. 2 parts are open.
Update 2: Set TP1 at 246.72 for +50 to 1st entry. S/L will move to 248.00 once TP1 is hit.
Tra-X
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