Sorry, I wasn't in yesterday but here is something for EURGBP.
Expect a triangle to play out for possibly the next few months. The EURGBP has moved far in a short amount of time and a very tight (and annoying) correction is required.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11732&stc=1&d=1204030795
Usually I dont do smaller timer frames, I think there is another possibility in play here aswell .... Here it is... I wont trade this one.... I'm still not exactly sure where things fit in with the DAILY's .. But just thought I would throw something out there ... Food For ThoughtAttached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11710&stc=1&d=1203979817
EURUSD update
I had a closer look at the EURO ..... there is no triangel .... and the count still hold for a sell off tomorrow .... so good chance to sell with a tight
stop.
To ways to do this ..... sell 1.4845 if we see it or sell break below 1.4792
Any comments ?
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11714&stc=1&thumb=1&d=1203984389
Cable
Hello Room,
Here is an update of my cable chart from this morning (hasn't been posted yet) so I'm trying tinypic to see if it will work today.
It looks like a flat bottomed triangle is forming? Doesn't the market have to retrace a bit stronger before we go up? I'm not trading the correction but am looking for an entry for another long up.
As always please give me feedback on my charts as I'm trying to get better. Cheers.
John
http://i26.tinypic.com/2lus4d5.jpg]http://i26.tinypic.com/2lus4d5.jpg
Cable
Hey Justy and Brad; looks like your counts played out!
I've adjusted mine a bit but I'm not comfortable with the ABC and the new impulse up? It sort of looks like an A B C up really weird.
I'm glad I didn't trade it. Any ideas of whats next? Correction or next leg up? Cheers.
John
http://i31.tinypic.com/28tyjwo.gif]http://i31.tinypic.com/28tyjwo.gif
Hi John,
Below is a chart of GBP that shows Price/RSI Divergence that I was looking at last night. It's obviously not an Elliott play, but it does support the bullish counts. Price has shot up through the trendline and is now backing off slightly. I'm looking for the trendline to be tested as support before things really kick off to the upside.
As far as wave counts, Jamie posted his idea this morning. He's got price rallying now in wave three, so the rally should accelerate soon. And my longer term view shows us in the beginning of a new bullish impulse move.
My next play for the GBP is to add to my position as price retests that trendline in anticipation of the wave three acceleration. The next level of resistance isn't really until new highs up at 1.9957, so there is plenty of room to move.
Good LuckAttached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11741&stc=1&d=1204043365
Heya Justy,
Thanks for the help. I should have checked the 15 min chart before I posted. I can see the A wave very clear and even make out the 5 waves in the C.
I'm looking for a break at the top as you are with half my regular position as I'll need a stop of 150 at this point. Here's what I see on the 15 mins now:
The 50% retracement level is at the bottom of Wave 4 (Red) of the Bigger Wave 1 move (yellow). The 61.8% retracement is also at the wave 4 level for the smaller wave 5 move Red. If we see those levels I may be able to get better risk/reward.
At the time of writing this the GBP just entered the trade guess I'm all in grin.
P.S. I am sorry if some of my posts seem redundant, I seem to have a big lag on my end when viewing responses. Quite often my questions are answered before my post gets posted and I see the site updated. Cheers.
John
http://i30.tinypic.com/fbeqzs.gif
Usd/Gbp
CHART UPDATE -
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Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11742&stc=1&thumb=1&d=1204044644
Why isnt its good time to start reading it now .............
Why wait for the weekend ?
.................................................. ...............................-
the Euro/Usd may start to consolidate over the next 2-3 trading days
Here is your precious Euro .......Chart Update :///////////
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Only a Probability ! ............ Not Cast in Stone ...........
---------------------------------------------------------Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11743&stc=1&thumb=1&d=1204053140
It looks like we might break the all time record high for EURUSD today.
Previous maximum in November 2007 was 1.4966
On the attached chart wave 1 (in red) was from 1.165 to 1.2991 for a total of 1300+ pips.
If wave 5 is approximately equal in length, it will take us well into mid-50's range.Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11745&stc=1&thumb=1&d=1204055716
CHFJPY breaking upward in wave 3
CHFJPY is about to break out of a 8 month consolodation... and is heading much higher...
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11752&stc=1&d=1204064717
Here is a look at the weekly chart for chfjpyAttached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11754&stc=1&d=1204065657
Usdchf
I'm still looking for a large B wave bottom on the weekly's for USDCHF .. I thought the Hammer that formed on the 123.6 fib level may have been it, but it wasn't, the pair has registered a new low since.. The trend remains downward for now.. However I would be very careful shorting in this pair.. although the possibility does remain for it to reach the 138.2 fib level or even much deeper to the 161.8 fib, I think this pair is best left alone till we hit the bottom .. but it's good to know the trend direction at all times ... so .. Just food for thought here..
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11755&stc=1&d=1204067765
Eur/usd
wave 1 = vawe 3, wave 5 is 270% of wave 1 or 3....
wave 5 extended with wave v internal extended....
Please comment my count....
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11776&stc=1&thumb=1&d=1204122564
Cable
Heya Ray,
I'm not really sure if its done yet. There has been a 3 wave down on the 15 min which could be the start of an A wave in 5 or be the A wave or by the looks of the first correction, could be the entire correction. However, that may be a bit fast. Its stalled in the wave 4 area of the previous wave so I guess we could be looking for a retracement B wave up, or wave 1 of the 5 up (if that was a big 3 (blue) and not a 5) or 4 of the 5 wave A down.
I was wondering if anyone is clear on corrections: Can you have a 3 wave C if the A and B waves are 5? Can you have a 5 or 3 wave C if the A and B waves are 3? I've always found that confusing. Thanks. Cheers.
John
http://i30.tinypic.com/8ygt1g.gif]http://i30.tinypic.com/8ygt1g.gif
I was watching this one as well. Nice setup small trade small risk. Trying to trail the stop like they do on the big trades. Its a sunny day in Ottawa as well. Enjoy it!
John
http://i32.tinypic.com/2lngx7n.gif]http://i32.tinypic.com/2lngx7n.gif
Eur/Usd
Probable Wave-Count....... ( Daily Bars )
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A New Day is Dawning ..........http://www.learncurrencytrading.com/fxforum/images/smilies/eek.gif !
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11779&stc=1&thumb=1&d=1204130001
Usd/Cad
Probable Wave-Count....... ( 4hr Bars )
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Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11780&stc=1&thumb=1&d=1204131131
Gbp Jpy
I don't know, how many of you guys follow GBP JPY.
I just entered it now from a long side.
It looks like Wave ii is complete with a deep retracement, practically 100% of wave i.
Now we should be ready to move higher.
My chart showing the wave count below.
Mike
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11784&stc=1&thumb=1&d=1204142194
Sorry, I think, I was wrong. It is likely not the triangle. It would violate too many rules (5 waves in some of the legs, for example).
you are probably right, I show CHFJPY as forming wave 3 now. We are now at resistance level at 100.00, which is also a psychologically important level.
Attached Thumbnailshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11787&stc=1&thumb=1&d=1204144415
Hi Mike,
Here's a 10 minute chart of recent price action. Notice that wave four was a three wave move. Remember that impulse moves must be five wave patterns and corrections are three wave patterns.
It looks like price will correct up a bit (maybe up to 212.00), but then should head lower again.Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11788&stc=1&d=1204144498
EUR/GBP Long Finally Over
Hey all,
As EUR/GBP broke to new highs today, my long position was closed out. I think there is still some room for the pair to rise, but this final wave higher will finally complete the seemingly never-ending fifth wave extensions.
Once price does top out, we should get that wave four consolidation that should last a few months or so (Larger wave two lasted 18 weeks).
Looking at this long term (Monthly Chart), the decline that started in May of 1995 could have started a large triangle. If so, then wave 'B' is nearing completion and give way to a good size decline.
Any thoughts?
Attached Imageshttp://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11789&stc=1&d=1204144911 http://www.learncurrencytrading.com/fxforum/attachment.php?attachmentid=11790&stc=1&d=1204144915
Heya Mike,
Good call on the Cable this morning. I was watching it as well but didn't take the trade as I got busy and missed my entry. Almost a picture perfect correction if there is such a thing.
http://i25.tinypic.com/4j3jgi.gif