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Yen Hourly
Nothing has changed from last chart ... looking from 1 hour all i see is a fight between supply and demand. the uptrending trendline is the basis for my open position which is for now at b.e targetting around 115.35-70 area. Also this is supposedly 4th wave so choppiness is expected.
Chart Attached..
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... my next plan for now is nothing unless i have some new setup.... might not even participate for NFP..be back later.
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4th Done will watch from monday
Well i feel awfull today ... i planned not to trade but ofcourse did my homework for trying to get the 5th wave reversal ( minimum wave c was done above wae (a) as i wrote previously).. price is now 114.26 went till 114.15-13 ( made a new low ) so 4th was conformed there ... monday start a new trading
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As you might know the reason of this thread is to learn about elliotwaves post charts and trade as such there is one important ingrident missed that is after a trade ( either a loss or win ) mentioning what kind of EW pattern made the move i think that way things will stay in mind and at re-occurance one could re-create or remember the pattern or expectation.. I re attach the pic... this one is after the NFP ( i was calling it 4th wave and this time it went good.. who knows what will happen next time i give call ) Important thing is what kind of 4th wave it was ? Although i have posted the pic alot of times but the description from the text is that it occured as a FLAT Last description on the pic is the best that is wave C will not go far beyond the high of wave A if you remeber i was also ( actually i didn't know about this that time ) speaking about atleast it should go above the wave A top..My plan is to include these kind of descriptions after the trade so we all can learn from future moves ... i am keep learning and always be learning ![]()
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No Signature Last edited by EACAN; 08-05-2006 at 01:36 PM. |
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USDJPY Hourly
if you look at the chart we are doing Wave (2) ... this wave(2) is still unfolding as such there is no setup for me yet the 50% Retracement is at 113.44 where the wave [IV] of larger degree also ended.. the same chart was posted some post back where i warned for potential upcomming (c) ... some books , softwares talk about 0.618 retracement and some talkabout 0.786 retracement we have not reached any of these but we have touched the 0.382 retracement and very close to 0.5% RET...
This wave is not finished yet even if the wave (3) will start it has to do another (1) and (2) of small degree where i will be interested to buy usdjpy untill then all trend is down for now.. update later.. EACAN
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Major wave USDJPY
The interesting thing on this chart is the wave (2) of higher degree in Red say [Grand SuperCycle ] and we have finished the 1st wave of the already started 3rd Wave!!!! and now retracing .... for now one thing is clear in my mind that is this wave will go up why? beause we have already done the 1st of [Grand Wave 3].... ( if you are having headache reading this imagine my position .. i am having nightmares absorbing all this information )
so there is a good chance we will go to make wave 3 of lesser degree say [superCycle] [1&2 and 3 in future] in blue ..Charts Attached..
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went 1 lot long at 114.58 stop at 113.98 expecting 1st wave of new trend unfolding .. if we break 113.98-80 chance of reaching 50% Retracement
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target for wave1
This is how i see the wave 1 unfolding targetting around 115.95-116.00
i brought my sl to 114.39 ( i might get in from better price if market comes down to take my sl) will take profit at 115.90 Chart attached..
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