GbpJpy in small tf.
Elliott Wave Trading by Ayax 2,102 replies
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elliott wave trading channel 22 replies
Group Trading based on Elliott wave and Harmonics 0 replies
Elliotters..Elliott Wave Trading 9 replies
DislikedThe market is being controlled by panic and fear. Markets are spooky. Things are so scary, that the world's government leaders are meeting to solve this crisis, if possible.
Smart money has a Risk Aversion Sentiment strategy.
We need to see this sentiment subside before any meaningful trend changes are to occur.
Stand aside with cash ready to exploit some no-brainer trade opportunities this week.Ignored
DislikedMy 5th wave count is a bit different... according to it wave5 is complete. Comments?Ignored
DislikedPerhaps not?
Consider this alternate count, based on relations with other major currencies and USD Index. DX and CHF low was probably wave 3, and then had a failed wave 5 = 'truncated'.
So in you Swissy chart, ALT = change your w.a to w.4, and w.b to w.5
Then the big move up was a wave 1 rocket, and we are now in w.3 or an extension in w.3
Try that out, see what you think. Makes you careful about going short if we are in a w.3 rocket. Same applies for EUR/USDIgnored
DislikedIgnored
So as truncations themselves are pretty rare (I do not have any sort of experience of their probability, maybe one out of ten impulsive patterns contains a truncation - creating sometimes (often?) double tops and bottoms?), those issues above make it imo even less probable.
If this pattern really was a truncation, my trade seems to be pretty safe as wave1 is now complete and a correction should take place next.
Well, this is all pure speculation. Fun sometimes and even useful here as we all are applying the same "solid" theory.
R
DislikedPerhaps not?
Consider this alternate count, based on relations with other major currencies and USD Index. DX and CHF low was probably wave 3, and then had a failed wave 5 = 'truncated'.
So in you Swissy chart, ALT = change your w.a to w.4, and w.b to w.5
Then the big move up was a wave 1 rocket, and we are now in w.3 or an extension in w.3
Try that out, see what you think. Makes you careful about going short if we are in a w.3 rocket. Same applies for EUR/USDIgnored