There will be a good opportunity to get bullish the EURUSD either later today or tomorrow. The decline from 1.3852 is clearly in 3 waves, and waves a and c are equal. The rally from the low is in 5 waves (you can see this on a 5 or 15 min chart), indicating that at least one more similar rally will occur. Look to get bullish close to 1.3658.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7392&stc=1&d=1185817125
looks nice for long on Usd/Chf
Looks like double triangle formen & next probable is wave e,the last wave of triangle correction & target is 1.2100 or 1.2130
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7394&stc=1&d=1185817678
Cable needs to turn over from close to current price if the rally from 2.0181 is a 4th wave. I have my doubts now about the bearish structure in the GBPUSD as small time frames continue to show rallies unfolidng in an impulsive manner. If Cable declines and bounces at 2.0300, then I would be willing to switch to a bullish bias.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7402&stc=1&d=1185884702
I see a an opportunity to play NZDUSD higher in wave C towards .7874. Risk should be kept to just below .7659.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7403&stc=1&d=1185884849
One of the clearer patterns right now is the EURUSD. The rally from 1.3608 is clearly impulsive. I am looking for a correction to continue and bottom in the Fibonacci zone 1.3554-1.3682.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7404&stc=1&d=1185885256
This well-defined, albeit short term support line in the GBPJPY just gave way and signals that the ending diaognal in wave B is complete. Get BEARISH!!
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7408&stc=1&d=1185907663
Trade setup in the USDCAD. Have a good day everyone.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7430&stc=1&d=1185986948
Textbook triangle unfolding in Cable. Look for a terminal thrust to 2.0400/75 before a top and reversal. Short term longs keep risk to 2.0269.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7441&stc=1&d=1186055301
Cable is completing what I believe to be wave c in the correction from 2.0181. Measured objectives for the end of the rally are between 2.0400 and 2.0473. I am looking for a top and reversal today.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7456&stc=1&d=1186147424
Cable may be in wave c of an a-b-c that began at 2.0654. I see the pair continuing lower to test close to where wave c would equal wave a, just below 2.0000 (sometime this week).
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7469&stc=1&d=1186406432
Here is a close-up view of GBPUSD. One possibility has a flat correction unfolding now from 2.0287. Wave c of the correction is likely to end near 2.0354 (38.2% of 2.0462-2.0287), which is also near ther former 4th wave (in yellow). Bearish opportunities exist near there.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7470&stc=1&d=1186407581
Usdcad -1
Hi guys, great discussion going on here. Hope to learn lots.
What do you guys think of this setup on the loonie? Seeing an expanding triangle forming which should create an impulsive downward move to complete wave C of B or 2.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7485&stc=1&d=1186479190
It seems unlikely to me that GBPJPY has topped. Taking a look at the hourly, it seems likely that wave c of a correction will unfold towards 244.36/245.95 (this is the 50% to 61.8% of 251.10-237.62). I would look for a top and reversal there.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7486&stc=1&d=1186486764
chart 30' nzd/usd :
http://img238.imageshack.us/img238/8361/bbbid7.gif
This is an update to my post yesterday. GBPJPY is in wave C and headed to 244.00. Wave C would equal wave A at 244.08 and the 50% of 251.10-237.62 is at 244.36. A former 4th wave is at 244.35. Look for a top and reversal near there.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7504&stc=1&d=1186580348
Watch out for a reversal close to 120.00. There are multiple Fibonacci measurements in this area (119.65, 119.88, and a former support level at 119.79). There is also parallel channel resistance (Elliott channeling) near this level.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7506&stc=1&d=1186584825
Thank you for the compliment. Elliott is the only method that I know of that allows for forecasting that is this accurate. It does a lot of practice, but it is extremely rewarding once you 'get it'. As for GBPJPY, here is a chart with the subwaves as I see them.
Wave A - a zigzag which consists of A-B-C (a and c are 5 wave impulses)
Wave B - a flat which consists of A-B-C
Wave C - in progress and looks like a 5 wave impulse, wave iii is finishing up now and we should see some consolidation into the Asian session in wave iv before a thrust higher in wave iv (likely late in the Asian session) before the bigger reversal.
Also, we are very close to the menioned reversal points near 244.35. However, this is the GBPJPY and we could very well see a rally to the 61.8% of the intial decline, at 245.95.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7510&stc=1&d=1186595083
Looking at 1 minute charts is usually very silly and completely worthless (in my opinion). But, I do look at them when I think that the market is at a major turn. If the market is about to make a turn, then even a 1 minute chart will show a clear 5 wave pattern. GBPJPY has done just that. Word of caution though, this could be just part of wave 4 (see the previous post for an explanation of that).
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7512&stc=1&d=1186599842
On to our exciting GBPJPY. I see this setting up over the next few hours. Look for abit of weakness from here towards the 61.8% of 239.00-241.41 at 239.92 before wave c of the correction from 239.00 advances towards the 61.8% of 244.07-239.00 at 242.13. (the 78.6% at 243.00 is also potential resistance). Look to establish short positions close to there with a stop above 244.10. The bearish target is below 237.60 (probably close to 230.00). I have been watching this thing like a hawk for weeks and this is the first time I am confident enough to take action.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7525&stc=1&d=1186676246
Here is a potential working count for the GBPJPY. This count has GBPJPY in a 3rd of a 3rd wave down (3rd wave begins at 239.09). Any bounces should be capped near 238.02 (61.8% of 239.09-236.30) and price must remain below 239.09 for this count to remain valid. If this is a third wave, then we should see 234.00 today or early next week.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7539&stc=1&d=1186752019
With the EURUSD, an A-B-C correction may be close to coming to an end. Objectives are at 1.3595 and 1.3445. The C wave is in its 5th wave now. If this is the beginning of an impulse decline, then we should see 1.3445 early this week.
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=7561&stc=1&d=1187016883