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  • #688,941
  • Sep 6, 2012 1:45pm Sep 6, 2012 1:45pm
This is my outlook following the events today. I'll be glad to see the back of this correction! Looking like it might be a double zig-zag.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD Daily.png Size: 47 KB


Looks like the first sub-wave of the 3rd wave up we are now on has been completed looking at the M15 chart. The correction of this wave hasn't gone much below 23.6% yet and is now heading back up. So either that was it, it's just the A and B waves with the main C wave down still to follow or we are currently on an ending diagonal of the first sub-wave and the correction is still to follow...

That's the beauty of Elliot Wave theory you can pretty much come up with any scenario you choose!
  • #688,942
  • Sep 6, 2012 1:46pm Sep 6, 2012 1:46pm
Quoting sidhujag
.... I have dow's major target 30k and ES 3600.. until then not shorting.
Lucky to live that long.

Don't misunderstand the fact I have all the confidence in this country getting its act together. And a lot faster than the EuroZone but Dow 30000 is a good book title and nothing more at this time.
  • #688,943
  • Sep 6, 2012 1:48pm Sep 6, 2012 1:48pm
Quoting rsmith911
This is my outlook .......
What is that approx 500 pip gap on your chart?
  • #688,944
  • Sep 6, 2012 1:49pm Sep 6, 2012 1:49pm
Quoting harigp
1.27 is the goal but not able to say the time frame can be months
Just 50% to the destination to 1.27
  • #688,945
  • Sep 6, 2012 1:50pm Sep 6, 2012 1:50pm
Starts to smell a bit, watch 47 if finds heavy offers.
They think they are smarter than I am.
  • #688,946
  • Sep 6, 2012 1:52pm Sep 6, 2012 1:52pm
Quoting Phil_GMT
http://www.efxnews.com/story/14453/e...A9dit-agricole
Hi Phil...thx for the link.
  • #688,947
  • Sep 6, 2012 1:53pm Sep 6, 2012 1:53pm
Quoting SunTrader
What is that approx 500 pip gap on your chart?
Some screw up with my broker, wierd thing is it only appears on daily with the data present on all the other charts.
  • #688,948
  • Sep 6, 2012 1:54pm Sep 6, 2012 1:54pm
can't remember the last time i was in a profitable trade. or a trade that moved in my trade direction and not in the negative right from the get go and never looking back.

it's crazy to be on the wrong side so often.
  • #688,949
  • Sep 6, 2012 1:57pm Sep 6, 2012 1:57pm
3 wins 13 losses. tight stop big stop with trend against trend. good lord.
  • #688,950
  • Sep 6, 2012 2:01pm Sep 6, 2012 2:01pm
Quoting sdcasper
can't remember the last time i was in a profitable trade. or a trade that moved in my trade direction and not in the negative right from the get go and never looking back.

it's crazy to be on the wrong side so often.
Checking daily chart before entering a position on whatever shorter time frame helps in minimizing losses from such trades. Entry levels on Daily Chart may look very far, but price usually gets to these points. Any trade for sake of trading is bound to go wrong.
The Thief of Wall Street
  • #688,951
  • Sep 6, 2012 2:03pm Sep 6, 2012 2:03pm
Quoting sdcasper
3 wins 13 losses. tight stop big stop with trend against trend. good lord.

i suggest you to trade with big time frame look for an overall of view in H4
bring down to H1 for the next view and take up trade in M 15 and forget about the news for 2 hours and even i suggest not to read them
  • #688,952
  • Sep 6, 2012 2:03pm Sep 6, 2012 2:03pm
they are based on my analysis and planning. i think i just trade at the wrong times of the day. and any significant move i think i see doesn't have the liquidity to carry forward. gonna have to bite the pacific standard time and wake up at midnight to trade london. trading during the day has proved futile.
  • #688,953
  • Sep 6, 2012 2:05pm Sep 6, 2012 2:05pm
Quoting sdcasper
they are based on my analysis and planning. i think i just trade at the wrong times of the day. and any significant move i think i see doesn't have the liquidity to carry forward. gonna have to bite the pacific standard time and wake up at midnight to trade london. trading during the day has proved futile.
honestly the market recently has been quite weird. Im doing okay but there are days im fed up. It makes no sense at all the way it goes up. It just technical but it wont last long.

Also, there was absolutely no liquidity in August, now it seems to be staying the same, pretty sluggish
  • #688,954
  • Sep 6, 2012 2:06pm Sep 6, 2012 2:06pm
Quoting Chicky
Checking daily chart before entering a position on whatever shorter time frame helps in minimizing losses from such trades. Entry levels on Daily Chart may look very far, but price usually gets to these points. Any trade for sake of trading is bound to go wrong.
If there was easy money lying around,no one would be forcing it into your
  • #688,955
  • Sep 6, 2012 2:07pm Sep 6, 2012 2:07pm
Quoting sdcasper
they are based on my analysis and planning. i think i just trade at the wrong times of the day. and any significant move i think i see doesn't have the liquidity to carry forward. gonna have to bite the pacific standard time and wake up at midnight to trade london. trading during the day has proved futile.
Remember market is out to get you... its your money someone else feeds on. PA is set up so that it looks like its a buy when its a sell vice versa.. During high liquidity you can sometimes spot cases where SL's have been hit and now price will focus on another area of liquidity.. either higher up or lower... if you SL is above that spot chances are you can catch a move down for a stop hunt below and then get out. Bigb oys see the orders we dont.
  • #688,956
  • Sep 6, 2012 2:08pm Sep 6, 2012 2:08pm
Quoting SunTrader
Lucky to live that long.

Don't misunderstand the fact I have all the confidence in this country getting its act together. And a lot faster than the EuroZone but Dow 30000 is a good book title and nothing more at this time.
ahah true that.. but I do see it in the coming time.. it might look like a gold chart when its done. 30k within 3 years!
  • #688,957
  • Sep 6, 2012 2:10pm Sep 6, 2012 2:10pm
Quoting sdcasper
they are based on my analysis and planning. i think i just trade at the wrong times of the day. and any significant move i think i see doesn't have the liquidity to carry forward. gonna have to bite the pacific standard time and wake up at midnight to trade london. trading during the day has proved futile.
I yesterday came across an advertisement inviting applications for trader positions. In curiosity, read the whole ad. It said their traders wrap-up the day at 11:30 in the morning.
The Thief of Wall Street
  • #688,958
  • Sep 6, 2012 2:14pm Sep 6, 2012 2:14pm
Quoting sdcasper
they are based on my analysis and planning. i think i just trade at the wrong times of the day. and any significant move i think i see doesn't have the liquidity to carry forward. gonna have to bite the pacific standard time and wake up at midnight to trade london. trading during the day has proved futile.
You could just trade another pair when EUR/USD is in a complex correction like it is now. It's very difficult to work out what form the correction is going to take on a day by day basis. I read a number of blogs and they change their mind on what they think the wave count and form is every day. Most of them have been wrong every day recently and these are supposed to be pro traders!

Another strategy is just to trade the correction as a simple upwards move over a very long timescale as opposed to day trading and trying to figure out what every little upwards or downwards component is.

Remember if you place a small trade but over a large range the less impact brokerage fees and the spread have on your profitability since they are a much smaller % of your potential profit. Scalping is very difficult for this reason.
  • #688,959
  • Sep 6, 2012 2:15pm Sep 6, 2012 2:15pm
I try to look at the longest term to the shortest term You want to catch the longest term in a convincing turn around. Then take positions in that direction when it makes sense. If you are a shorter term trader then maybe use the daily for direction, hourly for position, and 15min for entry.
  • #688,960
  • Sep 6, 2012 2:15pm Sep 6, 2012 2:15pm
Quoting Z3iz3i
Starts to smell a bit, watch 47 if finds heavy offers.
Quite exact.

US boys shorting crude as none noticed in later hours.
They think they are smarter than I am.
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