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  • #9,521
  • Nov 22, 2009 7:18pm Nov 22, 2009 7:18pm
ok im out here , lunch time !
  • #9,522
  • Nov 22, 2009 7:19pm Nov 22, 2009 7:19pm
Quoting kidd
hhi shahab8b, i had the same wave count on aud/usd as u at the beginning, but when i exam the chart carefully, i find out the 4th wave in C and the 2nd wave in C doesnot look like in the same degree(price and time different,4th wave time and price bigger than the 2nd wave in wave C), but the 4th wave in C looks well alternal with the wave B(price and time in the same degree) so if in that case, the wave count will be a 1-2-3-4-5 impuse wave down!???? i just saw your elliott wave count on aud/usd in another thread.wanna hear what ur thought.
Hi Kidd, what you said is another count, its possible if we go for a Double Zig Zag correction wave, which will have 5-3-5/ X /5-3-5 , X wave might be developing now, but to my experience Aussie has a tendency to make an ending diagonal for the final wave as its bidding aggressivelly in lower price due to the interest rate diff. if we go for a double zig zag Resistance at .9200 should hold , but I doubt it.
  • #9,523
  • Nov 22, 2009 7:21pm Nov 22, 2009 7:21pm
Quoting Daytrader74
Just went long AUD/USD at 0.9175 what are others doing out there ?
I'm long from .9110 , now SL moved to B/E
  • #9,524
  • Nov 22, 2009 7:23pm Nov 22, 2009 7:23pm
Quoting Daytrader74
Just went long AUD/USD at 0.9175 what are others doing out there ?
Wishing I went long at 9120. 9175 looks ok at the moment with a wide sl if you can afford it.

Whats your take on things today Ben10?
Price is what you pay. Value is what you get
  • #9,525
  • Nov 22, 2009 7:24pm Nov 22, 2009 7:24pm
Hello all I have been reading this forum for some time. A friend of mind sent me this would love to hear your opinions about it. I would have loved to have caught the recent downward move almost 350 pips in about 2 days!!

"AUDUSD-Loss of momentum at the 0.9401 level drove the pair lower testing its LT rising trendlineand touching a low of 0.9059 before closing at 0.9142. That sell off left a bearish engulfing candle pattern(top reversal signal) suggesting the pair remains vulnerable to the downside nearer term. With that said, a follow-through lower on its current downside pressure will turn to the mentioned LT trendlinewith a loss of there opening scope for further lower prices towards the 0.8904 level where its Nov 01’09 is located. We envisage the former level(rising trendline) should provide support and turn the pair higher again or even the 0.9000/0.8904 levels. However, if these levels are cleared, we will expect a deeper corrective decline to follow towards its Oct 01’09 high at 0.8857. To the upside, AUDUSD must break back above the 0.9401 level to reverse its present declines and bring the resumption of its medium term uptrend towardsits July 27’08 high at 0.9592 and possibly higher.On the whole, AUDUSD is now being challenged by nearer term weakness following its recent medium term uptrend loss of momentum at 0.9401."
  • #9,526
  • Nov 22, 2009 7:25pm Nov 22, 2009 7:25pm
Quoting Scalpin
Wishing I went long at 9120. 9175 looks ok at the moment with a wide sl if you can afford it.

Whats your take on things today Ben10?
.9200-.9215 looks formidable resistance, I dont add to my long from here, just holding to the old one.
  • #9,527
  • Nov 22, 2009 7:30pm Nov 22, 2009 7:30pm
Quoting shahab8b
.9200-.9215 looks formidable resistance, I dont add to my long from here, just holding to the old one.
I agree, I have resistance at 9210 so not really looking to get in just yet, although longterm I am bullish AUD with 1.03 on the cards until the Fed looks like raising rates, which seems a long way off
Price is what you pay. Value is what you get
  • #9,528
  • Nov 22, 2009 7:31pm Nov 22, 2009 7:31pm
Quoting ben10
snowballing theory at work, fisrt attemp at size of 1 limit every 20 pips space, average now x7 at 9020, should i locked in the gain by shorting the kiwi x7 at once?



or i just keep snowballing the trades



you also could do this at the same pairs as you are in profit by 7 trades long and locked in the gain by shorting x7 at once, and start all over again. As Shahab8b said you are going to be confused if you are not familiar with it not to imagine panic and does not know where the long and where the short are
Ben10, I really think newbies will find themselves in trouble with that method, however it works ver well
  • #9,529
  • Nov 22, 2009 7:31pm Nov 22, 2009 7:31pm
Quoting Scalpin
Wishing I went long at 9120. 9175 looks ok at the moment with a wide sl if you can afford it.

Whats your take on things today Ben10?
Just relax and hold long
Attached Image (click to enlarge)
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"Buy on fear, sell on greed !!!
  • #9,530
  • Nov 22, 2009 7:35pm Nov 22, 2009 7:35pm
Quoting Petar_Serbia
Just relax and hold long
Tend to agree, not much Aussie data this week to push things along although we have RBA meeting next week, should provide some volatility.
Price is what you pay. Value is what you get
  • #9,531
  • Nov 22, 2009 7:48pm Nov 22, 2009 7:48pm
Just placed my TP at 0.9202 SL at 0.9155
  • #9,532
  • Nov 22, 2009 8:02pm Nov 22, 2009 8:02pm
10 $ gap up on gold this morning??
  • #9,533
  • Nov 22, 2009 8:03pm Nov 22, 2009 8:03pm
Ben, thank you so much. I am finally beginning to get my head wrapped around it.


Kim
  • #9,534
  • Nov 22, 2009 8:16pm Nov 22, 2009 8:16pm
Quoting fammira
10 $ gap up on gold this morning??
Hi Fammira, do you still have your short Gold? I closed mine (from 1,143) with tiny profit on Fri, the funny thing is the COT report, look at this, Large institute reduced their GOld but Speculator added to their Long positions, I'm looking to see it falling in coming days
Attached Image (click to enlarge)
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  • #9,535
  • Nov 22, 2009 8:36pm Nov 22, 2009 8:36pm
Quoting shahab8b
.9200-.9215 looks formidable resistance, I dont add to my long from here, just holding to the old one.
if market pushes past 9210 then 9240 will be tough to get past. should be decent amount of stops if it does though
"Timing Is Everything. Really I Swear It Is"
  • #9,536
  • Nov 22, 2009 8:47pm Nov 22, 2009 8:47pm
Ben,

We need to catch up for a beer or six soon. I'll buy you beers and perhaps you could show me your theory in my demo account?

cheers


Quoting ben10
snowballing theory at work, fisrt attemp at size of 1 limit every 20 pips space, average now x7 at 9020, should i locked in the gain by shorting the kiwi x7 at once?

http://img39.imagefra.me/img/img39/1...bm_0aa3884.png

or i just keep snowballing the trades

http://img37.imagefra.me/img/img37/1...qm_631dee4.png

you also could do this at the same pairs as you are in profit by 7 trades long and locked in the gain by shorting x7 at once, and start all over again. As Shahab8b said you are going to be...
  • #9,537
  • Nov 22, 2009 9:01pm Nov 22, 2009 9:01pm
Quoting ben10
ask me more and im glad to share what i know, share what you know before its taken out from you!
Sounds like you have been reading the Tao of War!
  • #9,538
  • Edited 9:42pm Nov 22, 2009 9:23pm | Edited 9:42pm
Quoting shahab8b
Hi Fammira, do you still have your short Gold? I closed mine (from 1,143) with tiny profit on Fri, the funny thing is the COT report, look at this, Large institute reduced their GOld but Speculator added to their Long positions, I'm looking to see it falling in coming days
hi!

unfortunately I still have it and with this gap up I have to hold on it for the moment


gaps are always dangerous to play, I expect some more strenght before closing this gap and probably fall further

well this is clearly speculated, and even though one has to be patient, fight speculation is quite often a risky thing
  • #9,539
  • Nov 22, 2009 9:30pm Nov 22, 2009 9:30pm
what do u think about this guys ?
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  • #9,540
  • Nov 22, 2009 9:34pm Nov 22, 2009 9:34pm
Quoting shahab8b
Ben10, I really think newbies will find themselves in trouble with that method, however it works ver well
what do u think about this count shahab, i feel i m pretty sure of it and it fits the Elliot waves profile perfectly
we r currently in the B wave of the Major correction which happens to be a 3 wave ABC correction from the down 5 wave move also
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