Im not saying those stops are going to get hit. But They look vulnerable right now. Looks like an obvious stop hunt opportunity. I don think places literally stop hunt individual stops but I do think institutions take note of areas where plenty of stops may lie. I m sure they are plenty of stops above 119.65.
UJ on the m5 has covered half of the loss it took after the FOMC news. So right now it looks like it is shaping up to form acup and handle formation on m5. To form the cup of course we would need to touch the high of the fomc spike. Should UJ close under 119.10 on the 5m before touching FOMC high, then I would take a scalp short. Until then longing with caution.
- #54,369
- Jan 7, 2015 6:06pm Jan 7, 2015 6:06pm
- Joined Jun 2012 | Status: ケンジ | 21,416 Posts
{quote} there goez the beer {image}
- #54,372
- Jan 7, 2015 8:42pm Jan 7, 2015 8:42pm
- Joined Nov 2006 | Status: Sting | 1,049 Posts
{quote} So what have we seen so far, 1) wave 1 with a high of 120.82 (perfect with 5 small waves). 2) wave 2 down with an a-b-c ( closed just above 50% retrace). 3) going in for wave 3 with a hopeful 100% at 123.35 (minimum). May extend to 161.8 % at 126.55 2 charts . first one has already done ... 2nd one is the expansion values of future possible prices if all goes well.. Again my 2 cents, so please take care in your trade with proper SL and money management. Safe trading to all. Good luck!!{image} {image}
The previous chart seems to have played out so far.
Intraday minor waves.
We have seen wave 1 during FOMC and then a retracement for wave 2 and now looking for a thrust up for wave 3. Hopefully by london session this should pick up steam and go to a minimum 120.41 (Fe 100) or extend to a full wave 3 at 121.40 at Fe 161.8... May even extend further depending on intraday fundamentals to 261.8 ( to be seen later). The pair according to my 2 cents looks very bullish so far.
Trade safe !
(post edited ...)
STING
- #54,373
- Edited 10:00pm Jan 7, 2015 9:39pm | Edited 10:00pm
- Joined Nov 2006 | Status: Sting | 1,049 Posts
STING
- #54,375
- Jan 7, 2015 9:58pm Jan 7, 2015 9:58pm
- Joined Nov 2006 | Status: Sting | 1,049 Posts
{quote} Thanks Sting, I enjoy your analysis. Is it reasonable to say that it will hit 123.69 within this month, and 126.22 perhaps mid of this years? Forate
Yes that is the assumption from my technical point of view. If we have a strong number on NFP tomorrow .... 123.69 can be history
.Trade safe friend.
STING
- #54,377
- Jan 7, 2015 10:35pm Jan 7, 2015 10:35pm
- Joined Dec 2010 | Status: Foook Bollinger-dr.Kegel knows! | 9,794 Posts
- #54,378
- Jan 7, 2015 10:50pm Jan 7, 2015 10:50pm
- Joined Feb 2014 | Status: Trader | 1,796 Posts
Another possibility - a running correction wave [iv] in progress .............. if it is not complex enough.
Elliott Wave for optimum entry, exit and risk management of trades
- #54,379
- Jan 7, 2015 11:21pm Jan 7, 2015 11:21pm
- Joined Nov 2006 | Status: Sting | 1,049 Posts
Another possibility - a running correction wave [iv] in progress .............. if it is not complex enough. {image}
On the contrary, if the current high is not taken out and it goes down for a c wave, that is more of a possibility.
. This can happen if we get disappointing figures during Nfp.
STING
- #54,380
- Jan 7, 2015 11:24pm Jan 7, 2015 11:24pm
- Joined Nov 2006 | Status: Sting | 1,049 Posts
although the b wave i mentioned does not look corrective . just my 2 cents
STING