Now 220 seems to be in cards ..may be in another 1-2 months
Here is my chart..
http://www.lolpal.com/files/pz2dwo9r...0rqx_thumb.gif
Here is my chart..
http://www.lolpal.com/files/pz2dwo9r...0rqx_thumb.gif
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DislikedScalping only.. one of the crazy trades.. SL is just 20-30pips above..
61,8 FIBO from 215.60, + 5sma High (daily) + 200ema(daily) ...finished
pins on 1h on UY + GY..
.. possible, retrace.. Targeting 50ema[1h], gann[1h]
if played GOOD, if not -> not a big deal: R:R is very good... from this point..Ignored
Dislikedmornin pips or should i say afternoon...hmmm looks like GJ decided to bounce earlier than i predicted...oh well gives me an opportunity to add to my shorts...213.88 looking spicey...babyIgnored
Dislikedan arguement i had with a trading buddy of mine yesterday ... he was going short I said why ignore the trend .
Now it is not only the trend but the markets / gold / oil support gj going higher from ehere.
In bad times when all news was bad .. loosses every where gj went form 192 to 215.
why when the fundies align with the technicals would everyone go short ??? not sure that makes sense to me. but hey there has to be a bull and a bear to every sales otherwise the market just does not work
A break of 213.5 and we are above the bear flag on the 4 hour and will almost be above the centre of the 4 hour channel
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Dislikedan arguement i had with a trading buddy of mine yesterday ... he was going short I said why ignore the trend .
Now it is not only the trend but the markets / gold / oil support gj going higher from ehere.
In bad times when all news was bad .. loosses every where gj went form 192 to 215.
why when the fundies align with the technicals would everyone go short ??? not sure that makes sense to me. but hey there has to be a bull and a bear to every sales otherwise the market just does not work
A break of 213.5 and we are above the bear flag on the 4 hour and will almost be above the centre of the 4 hour channel
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Disliked
i could be wrong...but my view is the fundies do not support a bullish GBP..i'm bullish YEN.Ignored
DislikedLike most people here..i'm still learning..however note..i see things on a very long term basis so i'm not into the intraday moves..this is probably why i spend so much time on here..baby
What i see this month is a fall to 204...i've been short since 215..so i do not intend closing my short until i see a close above 214.50...baby
i could be wrong...but my view is the fundies do not support a bullish GBP..i'm bullish YEN.Ignored
Dislikedbut in longer term and using waves .. .one of three primary rules of EW theory wave 3 has to be longer than wave 1 ... we are still wave 3 this has not finished yet and could end up there at 217 zone.
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DislikedThe set up looks like a classic flag to me. Break out of trend line on the 4 hour and the top of the flag is broken ... price could form that 217 / 220 area at top of MAIN channel .. that I think is wave 3. I think this flag could be the a-b-c correction in the main wave up. But then I am new to ew theory.
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DislikedOne correction Malcolm
Wave 3 is not the Shortest wave,
mean that can be shorter than wave 1, but then wave5 has to be shorter than wave 3.. or vice versa.Ignored
Dislikedwrong one of three rules that most elliot wave guys get wrong all the time is that wave 3 has to be longer than wave 1 ... it cannot be shorter.
Wave 3: Wave three is usually the largest and most powerful wave in a trend (although some research suggests that in commodity markets, wave five is the largest). The news is now positive and fundamental analysts start to raise earnings estimates. Prices rise quickly, corrections are short-lived and shallow. Anyone looking to "get in on a pullback" will likely miss the boat. As wave three starts, the news is probably still bearish, and most market players remain negative; but by wave three's midpoint, "the crowd" will often join the new bullish trend. Wave three often extends wave one by a ratio of 1.618:1.
also been studying Robert Prechters cds .... he says only three rules ...rule 2 is that wave 3 has to be longer than wave 1 and 90% of ew guys break that rule all the time..Ignored
Dislikedeurjpy may test 169.6 ... broke the downward trend line / channel , been long this one since 167.90Ignored
DislikedThe set up looks like a classic flag to me. Break out of trend line on the 4 hour and the top of the flag is broken ... price could form that 217 / 220 area at top of MAIN channel .. that I think is wave 3. I think this flag could be the a-b-c correction in the main wave up. But then I am new to ew theory.
Just plotting the old 1-2-3 buy formation on the 4 hour with the low at 204, high at 216 and low at 210.5 ish I get fes to
214.77 ,
217.50
221.60
now do not get me wrong i will trade this sucker up and down ....
but in longer term and using waves .. .one of three primary rules of EW theory wave 3 has to be longer than wave 1 ... we are still wave 3 this has not finished yet and could end up there at 217 zone.
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