Elliott Wave EUR/USD

[4xpipcounter]

Wow! 85.72 is the hourly 200 MA, 85.76--WS1, and 85.77 is the top of the hourly cloud. Nice cluster. It should be up, up, and away (Little 5th Dimension--lol.).

My pick of the night is long USD_JPY. You can see from my entry that I'm early as usual but this pair should go to at least the 86.60 level before coming back down...

Good trading,
Dave

 

[JahDave]

Let's just see which one happens...........LOL

Nothing like a good test of your trading methodology.......

 

[JahDave]

Wow! 85.72 is the hourly 200 MA, 85.76--WS1, and 85.77 is the top of the hourly cloud. Nice cluster. It should be up, up, and away (Little 5th Dimension--lol.).

I have to say I don't know how we keep ending up here Paul,,,,,,,but it is just a little strange..........LMAO

 

[4xpipcounter]

That kind of cluster almost guarantees a strong bounce.

I have to say I don't know how we keep ending up here Paul,,,,,,,but it is just a little strange..........LMAO

 

[4xpipcounter]

You convinced me. I went long.

 

[JahDave]

When you look at the daily fibo levels then the 92.50 level is at the 76.4 Percent level and that is a very nice retracement level for a zigzag, which is what I believe we are in, so I moved my limit to there. With that being said if it looks like the pair won't reach that level based on the wave structure then I will move my limit down.

Good Trading All,
Dave

 

[JahDave]

You convinced me. I went long.

Good luck with that brother Paul.......LOL.......The sad part about this trade is that I don't see strength on the other yen pairs yet, but as you said last week, it appears that the USD will be the third strongest currency this week. So third ain't bad with some really bad JPY GDP numbers on Sunday night...

 

[JahDave]

Here' my 5 minute chart...... If you already have a profit then protect it...

Well, that was disappointing. The dollar bottomed out right on xv exactly like it should have, but the move back up was not as much as I expected.

 

[4xpipcounter]

Check this out! It had a train wreck with the hourly kijun, which was the main TF I used to ascertain the entry.
BTW, I got Rumus downloaded. I'll get back to you a little later on that. I went to sleep and awoke to a slew of e-mails. I'll forward some to you, so you can help me answer them--lol. A couple came from followers of my thread. They'll be glad in knowing that.

Well, that was disappointing. The dollar bottomed out right on xv exactly like it should have, but the move back up was not as much as I expected.

 

[JahDave]

Well, that was disappointing. The dollar bottomed out right on xv exactly like it should have, but the move back up was not as much as I expected.

Here's the update for the USD_JPY trade that I messed up. This wave 2 is probably over now that it has reached the 76.4 percent fib level. But even that is not guaranteed. The reason I say that is because so far the move back up just doesn't look impulsive, but I have been faked out before with a slow start and then it just explodes, so I'll keep watching it.

 

[JahDave]

EUR_AUD updated 1 hour chart. I really want this wave 2 to be over, but so far nothing at all to confirm this. The last move down is in five waves, so I took a long position several hours ago, but I'm not looking for this to be the final bottom at this point. Also I found this percentage channel in my software indicators (which are the bands) and by the looks of things it may be a pretty good indicator. It seems like prices tend to reverse on the second and third bands more often than random. I'm going to try adding this to wave counts and fibo levels and see if it helps confirm turns.

 

[4xpipcounter]

Ooooh booooy. I see you put this forecast up 1 1/2 hours ago. I just did a forecast on the same pair--just now!
BTW, back to school tonight on that charting software.

Here's the update for the USD_JPY trade that I messed up. This wave 2 is probably over now that it has reached the 76.4 percent fib level. But even that is not guaranteed. The reason I say that is because so far the move back up just doesn't look impulsive, but I have been faked out before with a slow start and then it just explodes, so I'll keep watching it.

 

[JahDave]

Here's my Eur update with the one hour chart

 

[JahDave]

EUR_AUD updated 1 hour chart. I really want this wave 2 to be over, but so far nothing at all to confirm this. The last move down is in five waves, so I took a long position several hours ago, but I'm not looking for this to be the final bottom at this point. Also I found this percentage channel in my software indicators (which are the bands) and by the looks of things it may be a pretty good indicator. It seems like prices tend to reverse on the second and third bands more often than random. I'm going to try adding this to wave counts and fibo levels and see if it helps confirm turns.

There's one that worked out. But there is a good lesson to be learned here. After messing up the jpy trade so bad the other day then I played this too conservative and put my limit in at 1.4280 because I was still a little scared of messing up again. Anyway I woke up with +70 pips banked but if I had of gone with my analysis this trade would have banked 100 pips.

 

[JahDave]

Here's a quick update on the Kiwi. I just sold it and think it should be good for 75 or 100 pips.

 

[JahDave]

Here's a quick update on the Kiwi. I just sold it and think it should be good for 75 or 100 pips.

Another Kiwi update. I just closed for +25 looking for a bounce and then another short entry.

 

[JahDave]

There's one that worked out. But there is a good lesson to be learned here. After messing up the jpy trade so bad the other day then I played this too conservative and put my limit in at 1.4280 because I was still a little scared of messing up again. Anyway I woke up with +70 pips banked but if I had of gone with my analysis this trade would have banked 100 pips.

It looks like the EUR_AUD has completed the larger A wave and is starting the smaller c wave of the larger B. Bottom line is if it gets back down to the 1.4260 I'm buying it again with a tp at the 1.4350

 

[JahDave]

Another Kiwi update. I just closed for +25 looking for a bounce and then another short entry.

The Kiwi is getting the bounce. I have placed an if done order to enter a short at .7174

 

[JahDave]

The Kiwi is getting the bounce. I have placed an if done order to enter a short at .7174

Just went short at .7168. I wasn't sure it could eek out that last 6 pips.

 

[JahDave]

Just went short at .7168. I wasn't sure it could eek out that last 6 pips.

I must learn more patience. It went exactly to .7174