Elliott Wave EUR/USD

[JahDave]

JarDave
Given the euro opened at 1.4361 and has gone 44 from the open, are you now long until 1.47 area?[/QUOTE

I think it will reverse at the 1.4700 or the 1.4750 area......I am scalping until this trend resumes to the downside...............

I am trading Elliott wave on the 5 minute charts.................

 

[JahDave]

I am trading Elliott wave on the 5 minute charts.................

This forum really messed up my reply, but I am trading 5 minutes tonight because we are in a corrective mode right now.....................

 

[JahDave]

just watch this last five waves up and then we will begin the big down.

 

[Doomberg]

Hi Dave, It appears you were right to wait for another downward wave until around 14200.. it seems to be on its way there right now, i spotted a good trade but wasn't 100% sure so just backed it with just -£0.50 although i should of gone more per pip as im 60 pips up in a matter of mins lol, but nevertheless its all experience, i'll wait for it to look like its reversing and possibly long it if all looks well and its going to bounce back up, i'll keep a close eye at 14200 as you mentioned you have a buy order there, happy trading

Here's my trade earlier, it was very minimal risk as it looked like the slight consolidation had finished with a double top, so shorted at the orange line at the level of the bottom black line... the top black line is my stop, not a big one but this trade has worked out, im 68 pips up now since writing this, so think i will TP soon, here's the chart:

http://oi56.tinypic.com/2edsiko.jpg

 

[JahDave]

I just bought the EUR_USD for a double lot and the EUR_AUD for a single lot...............I think the Euro for no logical reason other than chart patterns will make a reversal, but not a new high......

 

[JahDave]

I just bought the EUR_USD for a double lot and the EUR_AUD for a single lot...............I think the Euro for no logical reason other than chart patterns will make a reversal, but not a new high......

I think the correction will be pretty big...........

Good Trading,
JahDave

 

[JahDave]

And i went long EUR_GBP 2 hours ago..........It's almost bedtime here and I will see how I did tomorrow...............

 

[JahDave]

Here are 2 EUR_USD pretty long term charts with day candles. In the first chart that is labeled please notice the count for wave two including the subwaves.......This entire wave 2(The big green number) is labeled out in subwaves and it is a texbook zig-zag formation........The second chart has the Williams %R indicator under the chart and it is showing a reversal should be coming......Also I have a fibo retracement set on the entire wave 2 and the first leg down of the reversal went right to the 38.2% level and that just happens to be at the top of the Ichimoku cloud........This is all adding up to a bounce now.......I am looking at the 1.47 area for the highest probability.......When the bounce is over then the next leg down should be very strong, so I am not going to miss that one......

Good Trading Everyone,
JahDave

 

[targus+]

Great stuff, JahDave,

Looking at my charts, eur/usd is still heading down to 1.3449, would you agree?

 

[JahDave]

Great stuff, JahDave,

Looking at my charts, eur/usd is still heading down to 1.3449, would you agree?

If you want the bigger picture and more of my thoughts go read my blog at jahdave.blogspot.com..........while you are there go check out my friend Paul at 4xpicounter.blogspot.com........he is the best chartist I know,,,,,,,,even if we do differ occasionally, like this week............

As to your comment,,,,,,I think we will see a significant correction before we hit that level...........Also if you look at the Ichimoku chart I posted you will see that I thought this would bounce at the 38% level, which is the top of the cloud.........Since that did not happen then I would say that it will bounce at the bottom of the cloud just below the 1.40.........After that bounce is over then I think things will go much lower than 1.34......


Peace,
JahDave

 

[JahDave]

Here are some Euro hour and day charts......The hour charts and even the day charts are showing the euro going up in the near future.....

 

[JahDave]

Here are some Euro hour and day charts......The hour charts and even the day charts are showing the euro going up in the near future.....

Please notice on the percentage band chart that the Euro is in an ascending wedge on the RSI on the hour chart........This means that the odds are very good that it will break out to the upside and then resume the down trend extremely strong............

 

[JahDave]

Please notice on the percentage band chart that the Euro is in an ascending wedge on the RSI on the hour chart........This means that the odds are very good that it will break out to the upside and then resume the down trend extremely strong............

The RSI is still in play here based on the current chart...............

 

[JahDave]

I don't know why the Euro is Kicking A** tonight, but it is,,,,,, This is Elliott Wave...........My fibo targets are 1.4450, 1.4575, and 1.4700...............My best guess is that the !.4575 is the target.........

 

[JahDave]

I don't know why the Euro is Kicking A** tonight, but it is,,,,,, This is Elliott Wave...........My fibo targets are 1.4450, 1.4575, and 1.4700...............My best guess is that the !.4575 is the target.........

Elliott Wave cannot predict the size of the advances or retracements................but only can show the patterns..............That is where Fibonacci comes in................

 

[targus+]

JahDave, thanks for that, I took a look at the blogs, Paul is waiting for a pullback on gbp/usd for the big UP. He reckons on at least a correction to 6215 area, my own analysis tells me nearer 6186 area which is great, I look forward to following him on the next up for this pair. I still cannot work out elliott, so in the meantime I am studying DeMark, it's easier for me!!

 

[targus+]

Mmm..is it me or is Paul still expecting a correction on cable b4 the big UP??

 

[JahDave]

JahDave, thanks for that, I took a look at the blogs, Paul is waiting for a pullback on gbp/usd for the big UP. He reckons on at least a correction to 6215 area, my own analysis tells me nearer 6186 area which is great, I look forward to following him on the next up for this pair. I still cannot work out elliott, so in the meantime I am studying DeMark, it's easier for me!!

I always tell everyone that they should read a lot of books about trading and develop their own system of trading. I don't do analysis like anyone else I know, but what I am doing is working for me and that's what counts. I have met some good people on forums and they all have their own way of trading and that is good as long as it is working for them. BTW, I only use Elliott Wave to determine which way the markets are headed next,,,,,,,it cannot determine how large the moves will be,,,,,,I use channels, Fibo and other tech indicators to determine how large the move might be.....

Good Trading,
JahDave

 

[JahDave]

Here are some Euro hour and day charts......The hour charts and even the day charts are showing the euro going up in the near future.....

The current move up is almost over now and this should wrap up the wave 2 correction. When this ends wave 3 down should begin and should be long and strong. I am expecting USD strength across the board for at least several weeks beginning very soon. I am attaching two follow up charts. The RSI triangle looks like it is in the blowoff stage right now and on the other chart, the two red lines are showing my preferred reversal levels.

 

[Doomberg]

Hello, how are you JahDave..... i have just opened a short position 10 minutes ago at 1.4427
im thinking that it may of peaked now, i thought it had peaked this time yesterday but obviously
not, but hey lets hope it comes down and lets hope it comes down BIG :clover: