Elliott Wave EUR/USD

This is a discussion on Elliott Wave EUR/USD within the Trading Journals forums, part of the Reception category; Originally Posted by JahDave Just a quick update. I just bought euro at 132.39 looking for a high in the ...

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Old Apr 27, 2010, 8:51pm   #21
 
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Re: Elliott Wave EUR/USD

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Just a quick update. I just bought euro at 132.39 looking for a high in the 134-135 range. I'll post up a chart tonight, but I think this is a short term bottom and it is beginning the final move up before a substantial move down
Nice thread.
Where did you place your stop on the entry you made earlier?
I believe you are correct on the direction for the next day or so.
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Old Apr 28, 2010, 4:29am   #22
 
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Re: Elliott Wave EUR/USD

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Nice thread.
Where did you place your stop on the entry you made earlier?
I believe you are correct on the direction for the next day or so.
Thank you for the nice comments. I traded a very small lot with a stop at 1.31. When I look at the big move today it looks impulsive because of the steep drop, but it still looks like everything is in threes, which means corrective. I am still leaning to think this is corrective down. 5 would be impulsive. If this current move will push above the 1.3210, then that will help make the case for this not being an impulse down. If this does go above 1.3210 then I will add another very small lot long. Anyway, here are my charts: ask any questions if you like and I will try to explain my wave counts.
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eur_04_27_2010_day.png   eur_04_27_2010_hour.png   eur_04_27_2010_hour_close.png  

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Old Apr 28, 2010, 6:03am   #23
 
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Re: Elliott Wave EUR/USD

JahDave started this thread The Euro made it to 132.18 which breached the the low level of 13210 on the hour chart. This helps bolster the case for the euro move being corrective down instead of impulsive down. I am attaching 2 different five minute charts . One is impulsive down and one is for a corrective wave down. Either one is correct at the moment, but not on the hour chart. My experience is that the hour chart usually trumps the 5 minute chart and the day chart trumps both.
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eur_04_27_2010_5-min_-preferred.png   eur_04_27_2010_5-min_-alternate.png  
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Old Apr 29, 2010, 4:55am   #24
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Here's my hour chart today. I'm still leaning towards this being corrective, but the B wave did go further than I thought. My 1.31 stop didn't get hit today and I am currently minus 18 pips, so I'm waiting to see if the move up will be as long as I think. Here is also a 5 minute chart to go with the hour. I have drawn out a zigzag that looks as if it will top out around the 1.3260 range. If this is impulsive down that will be a good spot for a reversal. If this correction is going higher I still expect a downturn to a Fibonacci level
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Last edited by JahDave; Apr 29, 2010 at 5:27am.
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Old Apr 29, 2010, 7:37pm   #25
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Short term update. I think the euro is going down to about the 1.3175 range before heading back up in five waves
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Old Apr 29, 2010, 7:38pm   #26
 
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Re: Elliott Wave EUR/USD

JahDave started this thread which will make the "C" leg of the zigzag
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Old Apr 30, 2010, 1:27am   #27
 
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Re: Elliott Wave EUR/USD

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Short term update. I think the euro is going down to about the 1.3175 range before heading back up in five waves
I counted the section of the red box as the entire "B" wave which would have made this a running flat at a downward angle. It looks more like this is playing out into a regular flat which means B will be about equal to A. If this is the case then wave C should end around the 1.32 area instead of the 1.3175 like I thought earlier.
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Old Apr 30, 2010, 1:38am   #28
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Here are my hour and day charts for today. Of course there is almost always alternate counts in Elliott Wave, but I am only posting my preferred count, because I don't have time to post all of my work here.
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Old May 1, 2010, 4:01am   #29
 
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Re: Elliott Wave EUR/USD

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more.Click the image to open in full size.
I'm posting a current chart and with my notes on it. That's the thing about corrective waves. They take more patience to trade because there are more possible patterns than impulse waves. I carried my short through the weekend for a nice profit, but have closed that position and am sitting out until this chart unfolds some more.
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Old May 3, 2010, 3:51am   #30
 
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Re: Elliott Wave EUR/USD

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Originally Posted by jeanlee411 View Post
I'm posting a current chart and with my notes on it. That's the thing about corrective waves. They take more patience to trade because there are more possible patterns than impulse waves. I carried my short through the weekend for a nice profit, but have closed that position and am sitting out until this chart unfolds some more.
I agree that corrective waves are harder to read because there are more possible outcomes until closer to the end of the pattern. Please post your chart. I love to look at other people's charts so that I can learn from them. Thanks. Anyway, I am posting up my day and hour charts. The day chart is reaching a critical juncture soon and we will know if this is an ending diagonal or an impulse down.
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