USDCAD 4-Hour
![](https://resources.faireconomy.media/images/emojis/64/270c-fe0f.png?v=15.1)
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Elliott Wave Trading by Ayax 2,102 replies
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Elliotters..Elliott Wave Trading 9 replies
well, it might be a good trade after all, who knows ;-)
DislikedGood morning all.
I'm long the GBP/USD at 1.6428...When you see my wave count, you'll understand why.
Just to explain the various lines on the chart:
The heavy red lines are Resistence values for the 4H, Daily, Weekly, and Monthly timeframes.
The heavy blue lines (with C = A in between them) is a possible ending point for blue wave ii (if I'm correct).
The thin red lines are the Daily and 4H Tom DeMark profit target values.
The rest are fib. lines and trend channels.
Cheers,Ignored
DislikedA few comments / questions:
- how do you know that c is not already there on the chart; i can clearly see an a-b-c correction?
- why would c = a? the ew cheat sheet for a zigzag correction only says that wC > 0.7*wB and i do not even trust that, almost anything can happen during corrections
- i find it very risky to trade against the main pattern, on your chart a down IM. suppose you count is not correct, meaning that correction is already complete, what would save your longs in that case?
well, it might be a good trade after all,...
Ignored
DislikedHi,
now we can have something like this, but similar structure looks better on EU.Ignored
DislikedGood Morning all, (Hi BlueBottle)
Here is my current EW count on GBP/USD, and I'm watching the 1.6417 level as well as the 1.6542 level. A break of either of these levels will confirm a count in one direction or the other.Ignored