I usually don’t follow this pair but I am seeing a beautifull wave count on the EUR/CHF pair that I think will set up a nice trade for next week.
The pair started this wave count on 3/4/07. We are currently in a 4th wave correction and it looks to be starting a 5 wave C down to I believe around 1.6290-6300. That would make wave C= wave A of the correction and also falls at the .382 retracement of wave 3. Wave 2 retraced .618 of wave 1 so wave 4 tends to retrace .382 ±. Also if wave 4 ends at the projected 1.6290-6300 that will make waves 2 and 4 about equal. It’s like magic the way this stuff falls together sometimes. Now we just have to wait and see if I am right.
Ok, I finally have esignal but now I have to figure out if I can get charts onto this thread. Anyway I think gbp/jpy is in the final stages of a 4th wave triangle correction and we should be set for a wave 5 up to finish out extended wave III as soon as wave e is done on the triangle. I know, I know a picture is worth a thousand words I’m working on it.
wow…i didnt even noticed the triangle…hehe…youre good
i didnt trade this pair for the past few days… wasnt sure what it was doing… but now that i see the ascending triangle…i think i will be making some money again…hehe
These 4th waves are brutal sometimes. As soon as you think they are over they throw in another curveball. But I think the GY pair is finally going higher if not today then definitly early next week. Good Luck.
Phams0 it looks like wave 5 is in full swing as advertised. It looks like it’s just me and you in this thread so read that book I mentioned and we’ll make some money.
yea…doesnt matter… i think more people will come when they see the results…hehe… i caught a bit of the 5th wave when it broke out of the triangle…$$…hehe…still didnt get the book…but it on my “to do” pile…hopefully i can get it soon…so i can give some real contribution to this thread…
ok good luck
hey…i was just doing some calculations on wave 5 target…
earlier i think you said the target for wave 5 will be around 241.47 assuming wave 5 and wave 1 behave similarly
but when i calculated…i got a target around 243.82 (235.20 + 8.62)
and if i do the fib extension… 8.62 x 2.618 = 22.56 and 22.56 + 221.05 = 243.62
my wave 1 is from 221.05-229.67 (difference is 8.62)
hehe…im hope im doing the calculations correctly
good luck
Ok hang on, I just re-read your last post Phams. You are thinking we are on the final wave 5 of the main wave count. We are still working on the extended wave 3. We are starting the wave 5 of the extended wave 3 then we will have a wave IV down then another wave V up. I am still working on getting you some charts but I’m not sure if I can get them on here. I will do my best today tho. I know my descriptions are confusing.
Ok phams0, I finally got it. Above is what I think the count is. As you can see the roman numerals are the larger count and the numbers are the extended wave 3 count. Now the fib lvl’s I have on there are where I think wave 5 may go up to. I think wave 5 might go up to 241.20-40 area. Here is why I think this: Wave II was 705 pips down and pretty straight forward in nature. Now elliott says by rule of alternation that if wave II is short and to the point that wave IV will be longer with many ups and downs. Also by rule of alternation if wave II retraces .618 then wave IV TENDS to retrace a smaller amount of the prevous wave ie ( .382 or .5) but wave II and IV also TEND to be the same length. So in order for wave IV to be 705 pips and retrace only .382 then wave 5 could only go up to 241.20-40. This is my theory anyway and I welcome all input or alternate theories as only time will tell who is correct.
Hahaha, Thats funny we are both here on the markets day off. I do think after this wave 5 I am going to sit out on wave IV, I always lose my as* on wave 4’s no matter what I seem to do.
looks like it broke out of wave 3 (of III)'s high today…but it sure taking its sweet time… couldnt get any trades in…no internet until may 15th :mad:
hope u guys can catch somes pips on wave 5
OK, I think I will be getting out of all GBP/JPY trades here shortly. My current preffered count is on the chart below and elliott states that if wave 1 is extended then waves 2-5 TEND to = .618 of the extended wave 1. The pair has been bouncing off of this lvl for a day or so now and it is making me nervous especially with NFP tomorrow so I will sit this pair out for a day or so until I can get a better read on it. If this is wave 5 high then I am expecting a .382 retracement of the extended wave 3 we have been in for some time now which will take us to roughly 233.30-40 to complete wave IV.
couldnt get any trades in…no internet until may 15th :mad: