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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #12,781
  • Aug 21, 2007 3:44pm Aug 21, 2007 3:44pm
Be careful when using Elliott Wave to predict forex. In my experience of trading it normally is not a good indicator in the forex market. Just my opinion
  • #12,782
  • Aug 21, 2007 3:47pm Aug 21, 2007 3:47pm
Quoting mktjong
It would be way way down until my tp target reaches http://www.forexfactory.com/images/icons/icon10.gif
If am correct the wave 5 could be equal length of wave 3 or greater.
Sorry just got back to desk but that is correct mktjong. Even if this theory is correct it could still go up to 231 area (38.2% fibo from 244 drop) and still be in tact. so we will see
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #12,783
  • Aug 21, 2007 3:48pm Aug 21, 2007 3:48pm
the min of wave 5 is the low of wave 3 althought should go to around 1.5 times wave 4

I may be wrong if so some one correct me havent looked at e-waves in about a year
  • #12,784
  • Aug 21, 2007 3:49pm Aug 21, 2007 3:49pm
Quoting quickpips
Be careful when using Elliott Wave to predict forex. In my experience of trading it normally is not a good indicator in the forex market. Just my opinion
i don't necessarily use EW but from my experience moves, no matter the currency, happen in 3 or 5 wave incriments
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #12,785
  • Aug 21, 2007 3:51pm Aug 21, 2007 3:51pm
Quoting tigereye
the min of wave 5 is the low of wave 3 althought should go to around 1.5 times wave 4

I may be wrong if so some one correct me havent looked at e-waves in about a year
i believe the min. is correct but i think wave 5 can be as large as it wants as long as 3 isn't the smallest but like you i haven't done much EW study. I was just looking at some things due to boredom.
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #12,786
  • Aug 21, 2007 3:53pm Aug 21, 2007 3:53pm
Quoting moneymagnet
i don't necessarily use EW but from my experience moves, no matter the currency, happen in 3 or 5 wave incriments
I think the problem is defining a "wave" because currencies don't go straight up or down like you said. I've just seen a lot of traders burnt on EW but if you can use it and make money with it that is great.
  • #12,787
  • Aug 21, 2007 3:56pm Aug 21, 2007 3:56pm
Quoting quickpips
I think the problem is defining a "wave" because currencies don't go straight up or down like you said. I've just seen a lot of traders burnt on EW but if you can use it and make money with it that is great.
i totally agree and ellioticians make too many adjustments to justify there opinion, that is why i just look for 3 or 5 "part" moves.
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #12,788
  • Aug 21, 2007 3:59pm Aug 21, 2007 3:59pm
the range has narrowed considerably....break out soon?!
  • #12,789
  • Aug 21, 2007 4:01pm Aug 21, 2007 4:01pm
[quote=moneymagnet;1551169]i totally agree and ellioticians make too many adjustments to justify there opinion, that is why i just look for 3 or 5 "part" moves.[/quo
if you pull up a 4 hr chart it "looks" like a clear 3 moves down and it "looks" like we are in a classic 4th "move" either triangle or sideways channel which is a common EW 4th wave. but again i am just looking. i need a whole lot of confirmation first. i would actually like to see it go to that 38.2% area around 231-232 to buil steam for a poss. long move down.
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #12,790
  • Aug 21, 2007 4:06pm Aug 21, 2007 4:06pm
[quote=moneymagnet;1551172]
Quoting moneymagnet
i totally agree and ellioticians make too many adjustments to justify there opinion, that is why i just look for 3 or 5 "part" moves.[/quo
if you pull up a 4 hr chart it "looks" like a clear 3 moves down and it "looks" like we are in a classic 4th "move" either triangle or sideways channel which is a common EW 4th wave. but again i am just looking. i need a whole lot of confirmation first. i would actually like to see it go to that 38.2% area around 231-232 to buil steam for a poss. long move down.

We are in a sideways channel and we need some movement because this is where you can get in trouble trading in such a tight range. I think the markets are eagerly awaiting Friday's news with a lot of focus on the home sales numbers and besides the BOJ interest rate decision, we have a very slow news week.
  • #12,791
  • Aug 21, 2007 4:42pm Aug 21, 2007 4:42pm
Man I can't take this lack of volatility anymore. I need some action. Last weeks daily average seemed like 500 pips a day, now it seems like 50 pips. I check the charts this morning and then come check back eight hours later and it's like they are frozen in time.
  • #12,792
  • Aug 21, 2007 4:44pm Aug 21, 2007 4:44pm
Good lord..... What did you guys do to the market while I was sleeping?

This is worse than before I went to bed..lol But I bet it will be a nice break out when it happens..
  • #12,793
  • Aug 21, 2007 4:47pm Aug 21, 2007 4:47pm
Going downnnnnnnn.........................baby
  • #12,794
  • Aug 21, 2007 4:53pm Aug 21, 2007 4:53pm
Quoting Big Bruv
Going downnnnnnnn.........................baby
210
  • #12,795
  • Aug 21, 2007 4:56pm Aug 21, 2007 4:56pm
Quoting Big Bruv
Going downnnnnnnn.........................baby
Ummm...when? Could you tell them to move a bit quicker for us Please?
  • #12,796
  • Aug 21, 2007 5:01pm Aug 21, 2007 5:01pm
Quoting markam
210
hay markam i an thinking a revist to 219 area then back up before going down to 210 or do you think it will just barrel right pass and drop stright to 210
  • #12,797
  • Aug 21, 2007 5:07pm Aug 21, 2007 5:07pm
Now........Going up.....baby
  • #12,798
  • Aug 21, 2007 5:15pm Aug 21, 2007 5:15pm
Quoting holland_j
the range has narrowed considerably....break out soon?!

Been gone for a couple hours.

Looks like you've gotten a mini breakout of about 40 pips but it hasn't
convincingly passed the low of the previous 4HR candle. 226.25 / 226.26

I see two spinning tops on the previous 4HR and its final 1HR candles...


http://stockcharts.com/school/data/m...inningtops.gif

Spinning Top: Candlestick lines that have small bodies with upper and lower
shadows that exceed the length of the body. Spinning tops signal indecision.
  • #12,799
  • Aug 21, 2007 5:16pm Aug 21, 2007 5:16pm
Quoting tigereye
hay markam i an thinking a revist to 219 area then back up before going down to 210 or do you think it will just barrel right pass and drop stright to 210
Depends on when we get a true panic in the stock market. Could be this week, could be October. Until then, I expect it is just going to range up and down. Big range though.
  • #12,800
  • Aug 21, 2007 5:17pm Aug 21, 2007 5:17pm
What's others think about long term?
I think Tigereye is right. However interesting what other thinks.
Quoting tigereye
hay markam i an thinking a revist to 219 area then back up before going down to 210 or do you think it will just barrel right pass and drop stright to 210
"Every battle is won before it is ever fought." - Sun-tzu, The Art of War.
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