Elliott Wave EUR/USD

[JahDave]

Hi Dogged,

4. I have been trying to pick tops and bottoms and I have been stopped out a lot, so I am getting away from doing that as much now. I am looking for more confirmation these days than I used to.
I am looking for candlestick patterns and technical confirmation before I take a trade.

2. My most recent posts have been trying to show everyone who reads my thread that Elliott Wave Theory is really pretty simple. Impulse wave are steep and corrective waves are not as steep. There are exceptions, which is the Aussie at the present moment and I will post up a chart tonight to prove it. Also, I will not answer experience is the key because I believe in independence and even though I read some other chartists EW blogs, I have differing opinions sometimes but still go with my analysis unless they prove to me where I am wrong. If I can't recognize a pattern now because it is very choppy, then I know it is a probably a corrective pattern. The only exception would be a leading or ending diagonal, so I guess there is some experience involved.

1. My favorite book is "Elliott Wave Theory", written by Frost and Prechter in 1978. You can find it at Amazon or other book stores.

3. I have not read anything from Joe Dinapoli. I think that you have to recognize the trend in time to make some pips before it reverses. I analyze multiple time frames before I take a trade and if you hit a big time frame right then you can make some amazing profit, but if you hit the 5 minute right then just a nice profit.

I hope these answers help you Dogged.

Good Trading,
JahDave

 

[JahDave]

Here are my Aussie charts for this weekend. The Daily is still ripping to the upside, but the shorter term charts show a different picture. If my wave count is correct then this is due to reverse very soon. I will be selling at the 1.0322 with my stop just above whatever the previous high will be. If you wanted some more confirmation then you could sell at the 1.0280. Both of these points are below the last 2 support points. Either way this pair is going down for a nice move soon. Whatever you do, don't try to chase this market and take a long position at this point.

 

[JahDave]

The TRIX and the RSI are already showing an early reversal signal as usual. These indicators are very good when they are used with EW, but they are not so good in trending markets by themselves.

 

[Dogged]

Cool.Thanks. I'll be watching the AUD and keep following your thread. I think the EURUSD is about to retrace too, so that would correlate nicely.

 

[JahDave]

Here is my Aussie update today. I think that wave 3 is over or almost over and we should see a bounce for wave 4. There is some confluence around the .9915 area, so I think that is where it's going. I will state something about Elliott Wave analysis for those that don't know this. Wave patterns are predictible but the size of the waves is not using Elliott Wave. This is why I and other Elliotticians use other technical indicators to predict the size of the waves. Anyway here are the charts. The 1 hour, 3 hour, and the daily charts. Please ask any questions and I will answer them.

 

[JahDave]

I was wrong here and wave 5 finished, so we will se a much larger bounce....Next week we should see this pair go down some more and after this correction is over then we will see this pair move up to new highs........
Good Trading Everyone,


JahDave

 

[JahDave]

I have always said that the clues are in the charts if you will learn how to read them.....I have been trading the Aussie lately because it is clearest pair to me. I am sitting out next week until the 1.0269 is reached...From that point I will be short until the 1.00 point is met, and at that point I will close my short and go long until the 1.0600. after that then we will have to see what the waves say.....

 

[JahDave]

We all just to remember that in the larger scale of things that this and any other pair except the Euro is is in a large scale triangle.......This means that it will be challenging to trade........This is the time that I am trading on the five minute charts primarily........

 

[JahDave]

This is the place to be if you want to learn to trade technical patterns...

 

[JahDave]

I cannot post this many charts here for even one currency, but I will post what I have.............My AUD_USD charts look like this.............5 minute, 15 minute and 1 hour looks to be going up................4 hour is very mixed.............and the daily and the weekly is going down............message any questions and I will try to answer them............
Good Trading,
JahDave

 

[JahDave]

this is the largest hammer I have seen lately.............I will post a chart for this...................on the GBP_USD...

 

[JahDave]

this is the largest hammer I have seen lately.............I will post a chart for this...................on the GBP_USD...look for highs at at least 1.55.................

 

[Doomberg]

Hello, i'm back now after a bit of busyness.. i'll rep you with the details, hows things anyway? I'll be posting more in the journal section as i get ready for new year

 

[JahDave]

Hello, i'm back now after a bit of busyness.. i'll rep you with the details, hows things anyway? I'll be posting more in the journal section as i get ready for new year

Hey Doom,
I have been really busy lately and have not posted often here myself. I think we all know that the USD is going up for the next several years and that the US stock markets are going down at least 2 thirds. The federal reserve cannot stop this deflation..............This is what we have to trade in................Personally, I don't care which way the markets go,,,,,,,,,,,,,,,I just want to be in the correct way to make a profit ............

 

[Spinx]

I'm a fan of wave theory, starting a journal to track my system. Would you drop in on my test thread and give me your thoughts of how I might change my post/journal?
Have you blocked all the replies on this thread because it looks like your talking to your self?

 

[JahDave]

I'm a fan of wave theory, starting a journal to track my system. Would you drop in on my test thread and give me your thoughts of how I might change my post/journal?
Have you blocked all the replies on this thread because it looks like your talking to your self?

Sure, I'll go check it out now. I haven't been posting very often lately, so maybe I am talking to myself mostly. Here is the Aussie 5 minute chart right now. I just went short because there is an ending diagonal finishing up a larger scale wave 2. This should really go down nicely from here.

 

[JahDave]

Here we go down.............I'm not even going into it,,,,,,,,,,,,,,,,but i will say say that strong moves are impulsive and weak moves are corrective................. or ending moves...............Figure it out yourself..................

 

[JahDave]

Here we go down.............I'm not even going into it,,,,,,,,,,,,,,,,but i will say say that strong moves are impulsive and weak moves are corrective................. or ending moves...............Figure it out yourself..................

I will give you a hint.........................The last move up is weak, so this is probably the last move up................

 

[wackypete2]

I will give you a hint.........................The last move up is weak, so this is probably the last move up................

Good luck in the new year!
I'm still reading the thread

Peter

 

[ForexLion]

Happy new year to all the wonderful people in this forum and especially in this thread. Elliot wave trading is really good but one must count the waves correctly and identify impulsive or corrective waves early.