Currency trading (Aug 28th > Sept 1st)

[coolTrader]

I am here. I put in my trade and got cause I was up late and early. I couldn't think clearly so closed at 19.. only to wake up and see it had trully broken out.. I am going out now before the American market open. Looks like all moves may be done today ahead of fed minutes.. if it crosses 66/69 it will be a 3hr break out from the consolidation.. but as I said the sun is out...

 

[wasp]

doesn't seem to eager to go down...

 

[wasp]

doesn't seem to eager to go down...

 

[coolTrader]

might be happing soon..

 

[dc2000]

A day of sitting on hands, who says trading isn't glamorous

good job I had my re-install of windows xp on hand to while away the hours

 

[coolTrader]

looking for 9055 today..

 

[coolTrader]

hmmm maybe not!

 

[coolTrader]

welcome uk market open and all the spikes are back...

 

[coolTrader]

I guess everyone is on holiday

 

[hornblower]

I guess everyone is on holiday

Hi cooltrader
I am sure there a few of us around today

 

[Offshore Trader]

Morning took the day off yesterday and with some good straight line movement wish I hadn't. This morning is looking a bit like most of last week. Lots of false moves.

 

[dc2000]

looking for 9055 today

not before US sesh I hope, that would alter my plan

 

[hornblower]

not before US sesh I hope, that would alter my plan

Hi Dc
looking at long term chart elliott wave ,would you say , that we are in a 5 wave upward pattern , and would you say that the 4 th correction wave is complete ?

are we at the start of 5th wave ?
and if we are not how do I identify the start of the 5 th wave?
thanks
Hornblower

 

[wasp]

I'm glad I decided to stay out of pre FED run ups... today looks horrible

 

[zuke]

Afternoon all. After a nice couple of weeks off, its back to the grind!! Currently, I am:

3 full lots
SHORT 8992
SL: 9042
Target 1: 8922
Target 2 : 8862
Target 3 : 8832

I trust we all had a nice (profitable) bank holiday?

 

[Offshore Trader]

I wish I'd taken today off instead of yesterday. I hope Zuke is right. Short now but lost a few points this morning with the funny moves

 

[coolTrader]

Hmm I dont know about the shorts.. This is the morning low and it is being defended. Well we will soon find out

 

[dc2000]

Hi Hornblower
Im not great at elliot waves but I would say we are at the start of the 5th wave 2 poss ways to trade it would be breakout of wave 3 high or a turn in the 8850 area

 

[hornblower]

Hi Hornblower
Im not great at elliot waves but I would say we are at the start of the 5th wave 2 poss ways to trade it would be breakout of wave 3 high or a turn in the 8850 area

thanks for that dc

 

[martin brown]

Hi Dc
looking at long term chart elliott wave ,would you say , that we are in a 5 wave upward pattern , and would you say that the 4 th correction wave is complete ?

are we at the start of 5th wave ?
and if we are not how do I identify the start of the 5 th wave?
thanks
Hornblower

hb, what timespan is your definition of "long term"?

typically the 5th wave should be approx the same size move as the 1st wave. if the 5th wave exceeds 1st wave, then its possible that we are could still in wave 3.

however you have to beware of 5th wave failures, since the 5th wave is the most obvious to trend following market participents, and when everyone jumps on the same side of the boat, well.......

are you looking at Nov '05 to current ?

if thats the case, then we may have already completed the 5th wave :?: