I heard the opinion the pair gbp/usd will breaking 2.20 in the middle of the next year.
GO Cable GO.
Do I see a double top on 1 hour chart?
What direction will this pair go for this week? I think it will be down.
Careful trading this Pair Short now. It looks like it has already finished its Elliott Wave 4 and is now ready to return to its original upward trend for Wave 5. And maybe blast off to 2.1000.
Consult with others too.
are u sure?
It's down and may hit 2.0025. what do you think?
If you ask me as to the main trend, I would say it is going up or Bullish.
But you have to understand that although the main trend is going up, price will go thru several ups and downs as it inches its way up the charts.
If you are a swing trader or longterm position trader, it would do you well to trade from the beginning of a new Elliott Wave in probably a 4hr chart. if you get in close to the base of Wave 1, you will need a smaller SL which could be just 10-50 pips from where Wave 1 starts. Then you can leave your trade for almost a month.
However, if you are the type with more time on your hands and can trade more frequently, then you can also trade the E waves in the smaller timeframe like 60minutes and 15minutes. These will be quite fast so you get more opportunities to trade.
I was able to take some profit on 1 of the occassions that Cable went up. Just in time when it started retracing. I will keep expecting price to go up in the longer term NOT Until it goes below 2.0181 from where this Wave 5 is thought to have started. Then re -entred at a lower point to Trade Long again.
yano, Where can I find Elliott Wave? Sounds like a good system. Thanks.
EW is not like any ordinary system. it is based on a complex theory that RN Elliott developed.
There is a thread using Elliott Wave Theory / counting in their analysis here at forex-tsd by EACAN here:
Then it would be good to get your hands on a copy of Robert Prechters book " Elliott Wave Principle, The BAsics of Market Behaviour ".
It is a long read but a very good one.
I have not come across any real EW Count indicators. But there are a few EW Count softwares available but could cost a fortune. The book is not expensive and worth much much more than what you actually pay for.