Elliott Wave EUR/USD

[JahDave]

I still think the risk trades are going up tonight.............

 

[JahDave]

The Euro is going up soon now........ I just went one long because I almost always get in early and I am posting my 5 minute chart...

 

[4xpipcounter]

There's a comfort zone when you are charting. Nothing is at risk, so you are also totally objective. There's a bit of a different story when money is at risk, and the finger seems to get paralyzed on the mouse.
This is why initially, I kind of threw it out there to trade your forecasts. When you are as good as you are, then you should be your favorite forecaster and trade the opportunities as presented in your forecasts.
I also believe this is a shortcoming of many. They are afraid to publish what they see in the markets, because their ego hates for them to be wrong. I say don't be afraid to be wrong. If someone makes 15 forecasts and they are wrong 14 times, at least someone can disect the problem and figure what's wrong. That is kind of Daniel's case right now. He is floating on Cloud 9, because the problem he had was identifiable. He addressed it, and now he is floating in Pip Heaven.

I have only begun to learn that there is a huge difference between being a good chartist and being a goo trader.

Jah Dave

 

[JahDave]

There's a comfort zone when you are charting. Nothing is at risk, so you are also totally objective. There's a bit of a different story when money is at risk, and the finger seems to get paralyzed on the mouse.
This is why initially, I kind of threw it out there to trade your forecasts. When you are as good as you are, then you should be your favorite forecaster and trade the opportunities as presented in your forecasts.
I also believe this is a shortcoming of many. They are afraid to publish what they see in the markets, because their ego hates for them to be wrong. I say don't be afraid to be wrong. If someone makes 15 forecasts and they are wrong 14 times, at least someone can disect the problem and figure what's wrong. That is kind of Daniel's case right now. He is floating on Cloud 9, because the problem he had was identifiable. He addressed it, and now he is floating in Pip Heaven.

Thank You Paul,
I always accept your praise with the utmost humility, because I know you are a much better trader and chartist than I am. I have everything at risk here, because My wife has had 2 serious bouts with cancer and we are both self-employed........ I am trying very hard to make it trading so that she can quit working and stay home for good and be comfortable. Her job requires a lot of travel and quite honestly, she is about at the point where she can't do it anymore. I have no ego in trading,,,,,,,,,,I only want to make money for my wife and I and I just started this thread in hopes to help other traders be successful.

 

[JahDave]

There's a comfort zone when you are charting. Nothing is at risk, so you are also totally objective. There's a bit of a different story when money is at risk, and the finger seems to get paralyzed on the mouse.
This is why initially, I kind of threw it out there to trade your forecasts. When you are as good as you are, then you should be your favorite forecaster and trade the opportunities as presented in your forecasts.
I also believe this is a shortcoming of many. They are afraid to publish what they see in the markets, because their ego hates for them to be wrong. I say don't be afraid to be wrong. If someone makes 15 forecasts and they are wrong 14 times, at least someone can disect the problem and figure what's wrong. That is kind of Daniel's case right now. He is floating on Cloud 9, because the problem he had was identifiable. He addressed it, and now he is floating in Pip Heaven.

BTW, I have quadrupled my account in 4 weeks, so we will see what this week holds...

 

[JahDave]

BTW, Did I mention the Euro is going up tonight??????

 

[JahDave]

And one more thing because I'm going to sleep now...........I just bought USD_JPY because it is going to a new high tonight or tomorrow morning. This has been a great trading pair for me in the last week.......

 

[JahDave]

BTW, Did I mention the Euro is going up tonight??????

I got in early as usual, but here is where I think things are headed.

 

[4xpipcounter]

That's one of the reasons you are good is that you are not afraid of being wrong.
I can use my favorite sport, baseball, as an analogy. The middle infielders are usually the slickest fielders on the team, but they also have more errors than most on the team. That is because they have more chances than most. Cy Young is the all-time wins leader with 511, but he is also the all-time leader in losses with 313. He's in the Hall of Fame because he was a proven winner in his career.
We are proven winners, which is why we are in the Hall of Fame of traders. Yes, that is kind of humbling. With the exception of math, I have no outstanding skills. Yet, I'm living the dream. It kind of gives me goosebumps.

Thank You Paul,
I always accept your praise with the utmost humility, because I know you are a much better trader and chartist than I am. I have everything at risk here, because My wife has had 2 serious bouts with cancer and we are both self-employed........ I am trying very hard to make it trading so that she can quit working and stay home for good and be comfortable. Her job requires a lot of travel and quite honestly, she is about at the point where she can't do it anymore. I have no ego in trading,,,,,,,,,,I only want to make money for my wife and I and I just started this thread in hopes to help other traders be successful.

 

[4xpipcounter]

A agree with you.

I got in early as usual, but here is where I think things are headed.

 

[JahDave]

Usd_JPY update. I got in way to early on that one but I am posting my 1 hour chart for today. This pair is sitting on some good fib support right now at 61.8%, but since there has not been a three wave pattern down then I am thinking it will bounce here and then go down one more time to the 76.4% fib level before advancing to new highs above the 86.00 level.

 

[JahDave]

EUR_USD update. I did the same thing here as well and got in long last night when I should have been short last night and today, and be looking at going long now. Also the Euro is sitting on the 61.8% fib retracement right now and this may hold. I thinkg there is a better chance that it will move on down to the 1.2625 area because there are two strong levels of fib support there.which is the 76.4% retracement of the previous wave up and 261% extension of the first wave down of this run.

 

[JahDave]

I don't think it will be an exciting night of trading, unless it picks up in the London session. Look at the last five candles on the Euro chart. They show lots of indecision in this pair.

 

[JahDave]

EUR_USD update. I did the same thing here as well and got in long last night when I should have been short last night and today, and be looking at going long now. Also the Euro is sitting on the 61.8% fib retracement right now and this may hold. I thinkg there is a better chance that it will move on down to the 1.2625 area because there are two strong levels of fib support there.which is the 76.4% retracement of the previous wave up and 261% extension of the first wave down of this run.

So much for not much excitement ....LOL..... It went right to the above mentioned levels and I think this should hold. If it doesn't look for the next level of support to be at or just below the 1.2600.

 

[JahDave]

So much for not much excitement ....LOL..... It went right to the above mentioned levels and I think this should hold. If it doesn't look for the next level of support to be at or just below the 1.2600.

So far so good. The move up on the 5 minute chart looks impulsive.

 

[JahDave]

So far so good. The move up on the 5 minute chart looks impulsive.

It looks like wave 1 is over and now we are in wave 2. If this is the case then the next move up should be larger than the first.

 

[JahDave]

Usd_JPY update. I got in way to early on that one but I am posting my 1 hour chart for today. This pair is sitting on some good fib support right now at 61.8%, but since there has not been a three wave pattern down then I am thinking it will bounce here and then go down one more time to the 76.4% fib level before advancing to new highs above the 86.00 level.

I thought this pair might be forming a triangle or ending diagonal and it looks like this is the case. It just pushed through the bottom for some throw over and that means it will be reversing shortly.

 

[JahDave]

Usd_JPY update. I got in way to early on that one but I am posting my 1 hour chart for today. This pair is sitting on some good fib support right now at 61.8%, but since there has not been a three wave pattern down then I am thinking it will bounce here and then go down one more time to the 76.4% fib level before advancing to new highs above the 86.00 level.

This pair is going like I thought it would but on the five minute chart the first waves up have momentum but aren't impulsive. The 76.4% fib level appears to be holding and even though this isn't impulsive going up it should still make that new high above the 86.00. The only difference will be after that it will go to a new low below 84.00. Option 2 is that this pair will make a regular flat in which case it will go down to the 183.60 area and then move back up to the 86.00 area.

 

[JahDave]

So much for not much excitement ....LOL..... It went right to the above mentioned levels and I think this should hold. If it doesn't look for the next level of support to be at or just below the 1.2600.

It looks like the 76.4% fib level is holding here as well. look for the 1.2660 to give support before the Euro moves up again.

 

[JahDave]

One more quick note. I don't have a chart I can post right now, but the GBP_USD looks to have bottomed out for now and it should be good for almost 200 pips to the upside.