ElliotWaves - page 8
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so i am going to short here 1.8570 sl 1.8620 put my tp 1.8480 if stopped i'll reposition from 0.786 retracement according to conditions.
stopped out and re-shorted at 1.8647 sl 1.8680
Ok so i have my issues with EurUsd so i left it off. revisiting GBPUSD where i marked 5 impulsive moves and on going development..
So weekend starts and i would like to point out this week how it went for me.
first lets start with the loss of GBP shorted at 1.8570... The first mistake i did was to (1) i didn't waited for the (a) to be broken if you look at the chart i put two horizontal lines which shows the support i didn't waited and shorted the market ... From the ew point of view ofcourse (c) will be lower then (a) and in this case gbp found support at (a) while i was already short..
(2) Yesterday i did some eurusd charts and posted .. my plan was to stay away from trading but wanted to get into the trade since gbp was a nice (5) wave up.
(3) The best trade i had this week is the combination of usdjpy ,the last euro was okay but yen was the best.
(4) Current trade short at 1.8647 sl 1.8680 , i again did the same mistake although i am not stopped but i didn't waited and shorted again at 0.786 retracement but according to books,charts it looks like on an anticipated (c) wave.. wait for (a) wave to be broken. ofcourse i am not saying if i follow these rules i wont have any losses what i am saying is that i need to follow ew rules.
-- so that's it from me this week ..will have some rest and then study more about ElliotWaves.
Regards and have a good weekend
EACAN
So weekend starts and i would like to point out this week how it went for me.
first lets start with the loss of GBP shorted at 1.8570... The first mistake i did was to (1) i didn't waited for the (a) to be broken if you look at the chart i put two horizontal lines which shows the support i didn't waited and shorted the market ... From the ew point of view ofcourse (c) will be lower then (a) and in this case gbp found support at (a) while i was already short..
(2) Yesterday i did some eurusd charts and posted .. my plan was to stay away from trading but wanted to get into the trade since gbp was a nice (5) wave up.
(3) The best trade i had this week is the combination of usdjpy ,the last euro was okay but yen was the best.
(4) Current trade short at 1.8647 sl 1.8680 , i again did the same mistake although i am not stopped but i didn't waited and shorted again at 0.786 retracement but according to books,charts it looks like on an anticipated (c) wave.. wait for (a) wave to be broken. ofcourse i am not saying if i follow these rules i wont have any losses what i am saying is that i need to follow ew rules.
-- so that's it from me this week ..will have some rest and then study more about ElliotWaves.
Regards and have a good weekend
EACANJust want to point out one thing here about the (a) to (c) --
many many people short for wave (c) from (b) [ thinking it's a b ] that's what
i did with the second short the first one was just a mistake i need to work more and find things about the shorting for (c) but i guess the best r:r would be to sell at (b) ....
Bye for now.
Plan for Open
This is my plan when market open (1) position is already open
[1] Long USDCHF @ market sl 1.2992 tp open
[2] Short EURUSD @ market sl 1.2780 tp open
[3] Short GBPUSD @ 1.8647 sl 1.8680 tp open (already open )
i'll update the charts later.
Although from last week i am trading live on mini account costing $1 per pip but..
"all charts and trade calls are for my own learning expierence and in no way gives buy sell recommendations" [ i'll put this on my signature later :]
I'm only a beginner at Elliot wave analisys, and I like to watch the 4h cable. Would you agree that the drop to 50% of the April rise on cable was a 5 wave impulse wave and the retrace of that drop that has finished at 62% is a 3-3-5 ABC structure, and we might see another impulse wave down now - wave three. I cannot see any logical count on daily or weekly charts apart from the fact that the recent rise in April ended on the 78% fibo of last years decline on the weekly charts, which might suggest another move down. I'm trying to keep things simple, and do not want to force counts, have been basing my observations on what I read in Robert Miner's book (still reading though
)
I'm only a beginner at Elliot wave analisys, and I like to watch the 4h cable. Would you agree that the drop to 50% of the April rise on cable was a 5 wave impulse wave and the retrace of that drop that has finished at 62% is a 3-3-5 ABC structure, and we might see another impulse wave down now - wave three. I cannot see any logical count on daily or weekly charts apart from the fact that the recent rise in April ended on the 78% fibo of last years decline on the weekly charts, which might suggest another move down. I'm trying to keep things simple, and do not want to force counts, have been basing my observations on what I read in Robert Miner's book (still reading though
Hi ..DanielTyrkiel first i am also a beginner so no need to mention again and please post your analysis as a pic if it's possible so we all can learn from each other
.
Your observations are too correct and i sold gbpusd at the (5) of "C" i will post whole count later
regards
EACAN.
Sorry, here's a pic.
Another issue is that, wave 2 that seemed to have terminated on the 62% retrace level of the decline might still try to have a go at the 78% retrace. As Miner says in the summary of the important levels: the most probable levels are 50%, 62% and 78%. As the price action is unpredictable as the people behind, I will be ready for such possibility.
edit: also, Miner said that wave C most probably finishes around the 162% retrace of B wave. That retrace is somewhat close to the 78% fib of the decline and it migh suggest another quick move up.
DanielTyrkiel thanks for the charts very informative i try only to count waves from major to intermediate and dont go for minor waves anyways i attached the gbpusd chart which shows the current wave count i have ..and the second thing is i try to keep the waves dynamic meaning i only count the current wave and take action and ignore any previous details ..The chart shows the 5 wave up c which i have been posting here before i also agree about the 0.786% ret( resistance) which i showed in the last usdjpy chart and the eurusd chart i dont have the minor book yet i'll get and read about the ew there too..
the EURUSD chart is same as before so no changes there i am shorting because of friday action the 0.786% retracement( resistance) is still intact and the usdchf has done exactly the opposite for upcomming 3rd wave.. i am little busy this weeked with family so sorry if things are incomplete.
EUROUSD Revisited
The chart goes back to the previous post i did for EURUSD where in 1 hr there was a sell setup ... pls also look at the previous 2 euro charts i did to compare 2 scenes..
My reasoning to short euro now is that the 0.786 Retracement is still intact my gbpusd sl was still not hit but was very close but ofcourse things can change in a minute when the market opens... The Trendline shown is in my opinion very important trendline which could decide if all this down move till now was just the 4th wave if broken!! or start of a new Trend.. Breakabove the trendline i will try longs.
Chart Attached..