Eur/chf
Here's a chart for EUR/CHF. It looks like price is headed higher again. The sharp drop that we saw last week completed an expanded flat correction.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13113&stc=1&d=1207529268
EUR/GBP Counts
Here are two possible counts for the EUR/GBP in the short term. The first one shows price ready to drop in a third of third wave. The second chart shows a possible expanded flat forming and that one more high is required to complete wave 'C' of that flat.
The decline that is either wave (i) of (3) OR wave 'B' of a flat counts better as a double three, therefore making the second count my preferred count.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13114&stc=1&d=1207530803 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13115&stc=1&d=1207530808
Anyone have an up to date GOLD count? aka the Dollar....
This is where I see it...euro/chf/jpy still have a ways to go??
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13116&stc=1&thumb=1&d=1207534192
Jamie,
Thanks for your comments. You probably don't remember but we parted on our view of the last 4th wave as you labeled it a triangle, even though wave D exceeded wave B. I know there are varying forms of study on EW and we shared the same bullish outlook so it was irrelevant at the time.
According to Frost and Prechter's Elliott Wave Principle, under rules for contracting triangles it states, "...wave D never moves beyond the end of wave B..." (p.90). So because of this, I personally don't label that prior large 4th wave a triangle, I label wave 2 a flat (I made a mislabeling on my last daily chart, below is the correct count). So because I have the prior wave 2 labeled a flat, this wave 4 should not be a flat as well due to alternation. But that's just me.
Regards,
American-TAttached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13119&stc=1&thumb=1&d=1207541815
http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13120&stc=1&thumb=1&d=1207541827
Yen crosses vs indices
Yen crosses are very close to possible turnaround levels that Jamie indicated earlier. Turnaround should go hand-in-hand with the indices as a strengthening yen is obviously a sign of risk aversion.
My opinion about the turnaround is strengthened by the fact that there is a beautiful head & shoulders pattern visible in the Dow chart. Although this is not an EW count, I'd still like to share it for those who haven't yet spotted it:
http://img.iex.nl/content/2008/columns/fvddow07_04.gif
Yen index
Good Morning Guys
Let's take a look at the Yen index (inverted USDJPY).
It is showing clearly 3 waves down that will be complete soon.
The last leg C can be subdivided into 5 waves with the last wave down not fully bottomed down yet. It still needs few more pips to hit the bottom.
Afterwards, yen index should shoot up in the direction indicated by my yellow line and yen crosses will plummet.
Be careful, guys, if you have any long yen crosses positions you should close them soon.
Mike
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13140&stc=1&thumb=1&d=1207580263
Mike, curious what you have now on the daily for GBP/JPY. I am wondering if we could be in "c" and have completed "b" with todays high of 204.43. Any thoughts?Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13141&stc=1&d=1207584896
GBPAUD Daily Chart Short Opportunity
There's a good opportunity to get short GBPAUD right now on the Daily's... Have a look...
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13142&stc=1&thumb=1&d=1207588711
Usdcad
Booked a few pips on the breach of 1.0200... Price is staying whipsaw though... I've got another idea for this pair in the meantime...
Chart attached...
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13147&stc=1&thumb=1&d=1207610796
OR the people who are forced to unwind their shorts may be the fuel that pushes gold up even higher. The count below shows a bullish scenario that requires one more high to complete a five wave rally.Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13145&stc=1&thumb=1&d=1207600016
Hi Ray,
Here's two possible counts for the EUR/GBP long term. Both of them are bearish right now. Extended fifth waves are often fully retraced, so we could see a move all the way down to the previous fourth wave of one lessor degree near 0.7400.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13148&stc=1&d=1207618410
Here is my take on the EW count for the EUR based on the daily charts as of 11:30 PM EDST 040708.
I have 3 counts working.
1. We are still working on wave C.
2. Wave C completed and we are working on wave D.
3.We are in a wave iii on our way to new highs right now.
I would welcome opinions, comments, and critique.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13149&stc=1&d=1207625511
Here's an updated chart of the triangle playing out as expected. I don't see anything impulsive about any of the dollar declines against the JPY, CHF, EUR or GBP. They're all three waves so far. Plus, we can see that the EUR/USD practically kissed triangle resistence in a possible wave d. I closed my long position at 1.5780 and will wait for the pullback in wave e. If 1.5898 is broken, then the rally has obviously already begun. But I'm waiting for the triangle and wave e to play out. We'll see.
American-T
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13150&stc=1&thumb=1&d=1207627602
This goes back to 1978 (30 years).Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13151&stc=1&d=1207632788
Big Mike , you say you got out 1 day before the peak , and I believe youhttp://www.learncurrencytrading.com/fxforum/images/smilies/smile.gif
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but it sure would have been nice to see your chart with
your entry in here 1 day before you got in ,so now we could
go back and see your original chart ....... don't you think ?
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Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13152&stc=1&d=1207638219
this is my chartAttached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13153&stc=1&thumb=1&d=1207640397
Usdjpy
Correct me if I'm wrong, but it seems to me that we are just starting wave B of 4 (see attachment) which could take us just below 100 before wave C of 4 takes us to at least the 38.2% fibonacci level. Not until that time should wave 5 take off. Any ideas are welcome.
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13154&stc=1&thumb=1&d=1207642092
heres the chart , anyone got the same?
thanks
RayAttached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13162&stc=1&d=1207655191
cable
Hi Anyone seen my cable chart earlier?
here is a update!!
Anyone got any views? Jamies whats your feeling on my count...sorry guys just looking to get views from more experienced people here.
Thanks
Ray
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13169&stc=1&d=1207666607
Ray,
If you remember my count on EUR/GBP last week or the week before, it's playing out so far as expexted and I still favour the idea we might see 0.8000+ before a larger correction.
Now the recent up move could be wave (v) of 5 or it could be wave b of (iv) in expanded flat. Either way the top is near but not just yet.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13167&stc=1&d=1207661930
Brad
I tried to narrow down the hourly chart on the GBP/AUD and it seems to me that this is about the same as the daily. Although my inexperience may have the labelling wrong especially with the correct "1" or "i" sequence. Please correct me if it is.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13168&stc=1&d=1207663640
RAY... Here is my count for Cable...Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13171&stc=1&d=1207668046 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13172&stc=1&d=1207668053 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13173&stc=1&d=1207668062
USDJPY setting up for shorts
USDJPY is setting up for another short opportunity...
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13185&stc=1&d=1207685278
I think I should be ok margin wise and by looking at the chart it seems to me we are in a wave 3, however you can correct me if I am wrong.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=13188&stc=1&d=1207686806