Elliott Wave Trading

Hi, this is my current view on the pound. In H4, Its has almost, if not already, completed the correction wave a-b,c. If this correction wave is to fall further it will probably end at the Fib level 61.8% as illustrated in my chart.

My strong bias is still UP with a strong resistance at 1.7040

Great trading and go get those pips!

Hi all,

these 3 charts from my friend Muthu, posted it here as per his request.

GBPUSD @ BUY

Hi Mega,

I see you are buying at the top of wave 1. That's a good plan because if it were not a wave 1 then the supposed wave 2 would not exceed the price of wave 1 and there would be no entry, right?

Now, you have your stop at the origin of wave 1, which is also a good idea for the same reason, wave 2 does not retrace beyond the origin of wave 1.

However, the disadvantage is that all of wave 1 is your risk.
What I do, is I buy at the 61.8% retrace of wave 1, risking only 38.2% of wave 1. Then put a limit order at the top of wave 1, where you have it. This way I am only risking 38.2% of wave 1 while, if I am right, gaining a whole lotta pips.
Great R/R trade. You should, as a target go for 1.618 times wave 1.

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EURJPY 4H

Hey yallah wave ... just out of curiosity ... are you going to trade this EURJPY setup that you posted above?

trade setup for cable

Hi all,

Chf/Jpy chart.

Any comments about this triangle chart?

A is smaller than B, so it is a running triangle. Second A has a 5 wave structure, it has the same situation as in the EURJPY

Hi

I think wave c structure is ed so wait to complete .

AUDUSD DAILY

Looks like target that I set few days ago have been achieved for wave 5 of the dollar index. Counts for wave 5 are little different in daily and 300M chart. Counts for wave 5 in daily are adopted from Bob Prechter's EWT Sep issue.

Last issue by Prechter (The Elliott Wave Theorist - sept 15, 2009) in its USD section speaks about the achieving of a major bottom. In that point "momentum is slowing despite worldwide warnings for USD hiperinflaction".
The sentiment is at a significant lower level (4% bulls).
Time is ripe to go long with USD. It should begin a long period of rise (at least a year) in according with the impending big downturn of stock markets.

Probabilities for eurusd...

Target reached, now let's watch what will they do on neck line - I think this is simple abc pattern and wave 4, not H&S pattern.

USDJPY surged this morning. Sold @92.50 (cha-ching) and bot back @91.95. The uptrend seems continue

4H CHFJPY
wave c look like ED, EURJPY also has same situation.

there will be 3 possibilties for Euro perforamce.