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Trades based on Market Geometry and Price Action

  • #2,941
  • Jul 31, 2011 10:05am Jul 31, 2011 10:05am
conservative traders are waiting for a good break out on eur/gbp before going long...but there is a possible long entry for aggressive traders. this is in case you can handle more stress...
Attached Image (click to enlarge)
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  • #2,942
  • Jul 31, 2011 2:08pm Jul 31, 2011 2:08pm
Hi all,
hope you had nice weekend....
  • #2,943
  • Jul 31, 2011 2:30pm Jul 31, 2011 2:30pm
This is what I found on Dailyfx and I certainly do agree :

From an Elliott wave perspective, the EURUSD pattern is about as clean as it gets. The rally from the July low is impulsive (5 waves) and a 3 wave correction is underway now. A C wave decline is expected to unfold into 14100/30 – a level defined by the 61.8% retracement and 100% extension of the decline from 14535. A drop into this area may offer a buying opportunity for a run into the 15000s.
Attached Image (click to enlarge)
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  • #2,944
  • Jul 31, 2011 2:38pm Jul 31, 2011 2:38pm
by the time, this level is reached, as scalpers we will have made tons of dollars...the monthly chart is bullish by the way
  • #2,945
  • Jul 31, 2011 3:16pm Jul 31, 2011 3:16pm
That's what this picture also tells us. You talked about an initial drop and then up. I am just saying the drop could pass the low of friday. This can happen in a day. Thereafter it's up into the 1,50's as this view also explains.
  • #2,946
  • Jul 31, 2011 3:31pm Jul 31, 2011 3:31pm
i think it will be hard to break the low of friday
  • #2,947
  • Jul 31, 2011 3:38pm Jul 31, 2011 3:38pm
That is what troubles me as well, especially with the Dollar worries, but the Elliott wave count seems extraordinary correct. Also the fib level only reached 38.2 on last correction.
  • #2,948
  • Jul 31, 2011 3:44pm Jul 31, 2011 3:44pm
the trend is up for me, strongly up...no matter what elliot waves will say
  • #2,949
  • Jul 31, 2011 4:20pm Jul 31, 2011 4:20pm
i will be out for a couple hours and then back ...ttyl
  • #2,950
  • Jul 31, 2011 6:14pm Jul 31, 2011 6:14pm
Quoting Kas1
wrapping up another solid week of trading...had about 3% drawdown today but made it back plus more...looks like i will finish up with about 4%...holding 2 positions atm, au us long and gb nz short...hope everybody did well, good weekend to all
expecting a volatile week...closed profit on gb nz and shorted ca jp
Attached Image (click to enlarge)
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  • #2,951
  • Jul 31, 2011 7:20pm Jul 31, 2011 7:20pm
Quoting Kas1
expecting a volatile week...closed profit on gb nz and shorted ca jp

stopped out pretty quick on ca jp...oh well lots more trading to go this week
  • #2,952
  • Jul 31, 2011 9:09pm Jul 31, 2011 9:09pm
Hey dk. I'm jus curious on how u drew the possible movement. Is that drawn based on the opening of market as well as direction for the pairs?
  • #2,953
  • Jul 31, 2011 10:55pm Jul 31, 2011 10:55pm
nope...market trend direction depends on various factors
  • #2,954
  • Aug 1, 2011 12:31am Aug 1, 2011 12:31am
buy eur/usd at 1.4420 sl=1.4306 tp1=1.4500 tp2=1.4600
Attached Image (click to enlarge)
Click to Enlarge Name: eur.usd.gif Size: 17 KB
  • #2,955
  • Aug 1, 2011 2:26am Aug 1, 2011 2:26am
i just bought eur/cad at 1.3613 sl=1.3650 tp=1.3810
  • #2,956
  • Aug 1, 2011 2:29am Aug 1, 2011 2:29am
short gbp/chf at 1.2990 sl=1.3100 tp1=1.2950 tp2=1.2860
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Click to Enlarge Name: gbp.chf.gif Size: 15 KB
  • #2,957
  • Edited 2:51am Aug 1, 2011 2:40am | Edited 2:51am
Quoting dailyking
i just bought eur/cad at 1.3613 sl=1.3650 tp=1.3810
3616? You must have a time machine, LOL! I don't see it that low since Friday morning.

Maybe you meant to type 3SEVEN16?
  • #2,958
  • Aug 1, 2011 3:05am Aug 1, 2011 3:05am
just bought the gbp/usd at 1.6456 sl=1.6380 tp=1.6600
  • #2,959
  • Aug 1, 2011 3:10am Aug 1, 2011 3:10am
i will reinforce my eur/cad trade and buy it again at 1.3729 sl=1.3647 tp=1.3800
  • #2,960
  • Aug 1, 2011 3:12am Aug 1, 2011 3:12am
same thing with eur/usd, i will buy it again at 1.4432 sl=1.4335 tp=1.4500
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