Euro/Dollar

Hey Tom,nice to see you again.
I'm long a little lower than you,
market talk "real money" buying Spain,
time will tell I guess.

Hello mate Many stuff ahead of us, Good luck with your trade, it's a tricky day

A lot of nasty consolidation after drop, I like HH's & HL's on H1 and divergence forming on H4, not so happy about daily as drop to 2845 2595 would be much better for longs - that sweet third tap , still holding with stops in place

I will murder my IP provider today.....so annoying , love the move

if this is a larger move 2970 is a good place to add or start again if you miss lower entry, will add 4th and final position if we get back down there

added now, first target @ 3005 second on 3058

Out,it was only a day trade.
Reason i bought that low,
daily S1,simple as that,i was looking for
a reason to buy and there it was.

as I said before a very tricky day, managed to make some good entries but failed to deliver solid results, seems like mid term trades works better for me, still love day trading thrill. Pro trading Jezek

Hi guys,
I hope you are all well.
Just trying something out right now, tiny sizes.

(my mistake) Just Modifying both targets to 1.2880

Out for 26 pips, just too impatient and have banked 83 pips today shorting EU, EY, UY, with some others runnung and in profit.

A good Friday

New short sell, good RR tiny SL and good 40/50 pips down to next solid support at 2845 ish area, could be choppy before US data but good level to enter imo
http://s7.postimage.org/v1m0tuqxn/euro.gif
upload

Levels for bulls are below, daily is guarded by 200 SMA, H4 still has room left for further drop, I will consider longs around 2844/5, 2830 and 2800 with bigger than usual position

http://s12.postimage.org/40guh1sy5/euro.gif
free picture hosting

S/O

Good data should lift equities up - good for euro, bought three positions at
2911
2912
2914
target is 1,3145 WR1 as this train started at WS1 1,2895
I'll see you when (if) I get there, have a nice weekend to all readers
regards
Tom

I wanted to post this report to show my wave count going all the way back to the September 1.3173 high that shows that we are inside a wave three in four consecutive (nested) degrees.

Elliott Wave builds in multi-timeframes by its degrees. Each degree fits inside the other in a nested fashion.

At times the wave count is obscure and multiple valid counts exist, confusing the picture. At other times, like this... the count is crystal clear, because all the fractal puzzle pieces fit perfectly together. If nothing else, when the count is crystal clear, lots of people see and interpret the chart in exactly the same way.

The picture the EURUSD chart paints is a market that has put in a major top, and is turning over into a huge downtrend that will carry it lower over a multi-month move.

I have not labeled all the interior wave counts to save time and work, but all four degrees work perfectly together in a very strict adherence to classic Elliot Wave rules to yield this result.

These nested wave threes will continue to unfold in ever larger scale, retrace to put in their respective wave IV's, and then continue lower to put in their wave V. Each smaller degree's wave V will end the next larger degrees wave III.

Today we have likely put in the end of a wave III in the smallest degree charted.... we need to retrace to the smallest degrees wave IV, and then the smallest degrees wave V will be put in lower. I have drawn in the likely move in the smallest (Green's) degree. The green (smallest) degree's wave V is the next larger (Silver's) wave iii end..... it keeps unfolding like that up through all four degrees.

Follow up of yesterday's post.

Now that the event risk of he day is past us, we can look for a good place to add to shorts, or get short if you are not already.

The attached chart has a box drawn around the price territory of wave iv which is the sub degree of the wave III in green that we are currently in.
A good place to go short or add to shorts will be with in the confines of this box, usually near the top. Common Fib targets would be 2799 and 2839.

Since I prefer to look at levels as zones, I like to layer a bunch of orders into a zone like this, and end up with a average entry price among the ten or so orders I might layer into a zone this wide.... I find that better than drawing a line in the sand... say the 23.6% Fib and then entering an order there, hoping it A. gets filled at all, or B. Isn't so close to the bottom of the zone that I leave some profit o the table with a bad entry.

Wave v of red degree and III of green degree are likely in, but could extend lower.... even they the extend lower however, the entry target box will almost assuredly stay the same... I'll post any changes should they occur.

The chart is line on close from hourly data... the entry zone box's boarders are 2771 lower edge to 2867 upper edge.

A close on an hourly basis above 2885ish breaks this analysis, so that is where your stop will go.... Look at the post and chart from yesterday, and you'll see that this trade has hundreds and hundreds of potential pips.... I'll be taking some off, booking profits at the end of wave III's and then adding again at the end of Wave IV's along the way. Don't expect follow up posts unless the analysis breaks.... I have better things to do.

Looking in detail at the interior waves of red degree v and green degree III, I think we need one more swing below 2718 low so far..... before we bounce back to the area in the box of the post above. This red wave v needs to be formed in five interior waves, and its a bit tortured to try to make five out of it at this point.... possible, but not very pretty..... leads me to that conclusion. Its a tough place to count being such a small scale and given the speed of yesterday's decline.

There are a pile of stops below 2715.... I could see a stop run on those in thin conditions to come tonight or early AM Fri, which would give us the needed swing to complete the pattern, and lead to the bounce back to the box where we can add to shorts. This just extends red wave v and green wave III. As noted in the above post, extending a little lower should not change the location of wave Red IV, or the target zone in the box.

The count is slightly altered to account for the little more down and sideways action over the past few hours....

This is the bounce to get short into or add if you are already short... trades 2782 in Asia as I type.... The count changes take the sell zone box on chart posted earlier a little lower... ideal sell spot is 2812, but I am layering in lower, and trailing up to 2820 near the 200 DMA.

Stop is still 2885ish on a close basis on an hourly chart...... intrabar it is OK to go somewhat higher....

Thursday Report:

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