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Equalwave

USDJPY: Double 2618 Chart From This Week's FMPHere's the chart of the trade that we went over in today's Forex market Preview video. If you didn't see it, make sure you get over to youtube & do so, but what we're looking at is a double 2618 opportunity. The bigger potential 2618 is located on the daily timeframe while the smaller one exist on the 4 hour. This chart is of the hourly timeframe where we took a look at how one can dig deeper into the analysis if looking for a more conservative entry at a higher price point.
Short
by Akil_Stokes
17
EURUSD in Key Congestion Zone - Watch 1.0800 or 1.0950EURUSD dropped today into a zone that likely creates a strong struggle between bulls and bears. The Elliott Wave picture is such that there is a bullish view and bearish view which both can be satisfied based on the current pricing. Therefore a meaningful push below 1.0800 or above 1.0950 begins to elevate certain patterns and demote other patterns. Bearish Wave 3 The bearish wave iii of (iii) is depicted on the chart above. A break below 1.0800 likely accelerates towards the 1.618 extenstion at 1.0480. This is the preferred count as sentiment shifts to the bullish side...using it as a contrarian signal suggests we look for more losses on the pair. Bullish Equal Wave Pattern Completion The other pattern in sights is that the August 24 high today's low is a large equal wave pattern. This suggest a large bullish burst that potentially retests 1.17. RSI divergence is helping this story develop. As stated above, SSI is shifting towards more buyers and less sellers. These traders have already committed to positions and become a future pool of sellers which would be a head wind to this scenario. Check out our guides for Elliott Wave study or forecasts for EUR, USD, JPY, Gold and Oil HERE . (Free registration required). Good luck and happy trading!
by JWagnerFXTrader
2
Meaningful High and 4 Month Support Line TestedThe GBP/AUD has caught my eye. Prices have been contained inside a nice rising support channel. Yesterday, that channel was tested which establishes a low point for us to consider breakout trades to sell. Zooming out, there is a confluence of wave relationships in 2.20-2.22 from 2 different sources. 1) 61.8% retacement from the 2008 high to the 2013 low 2) Equal wave measurement from the 2013 low I'm interested in short breakout trades in a multi-lot fashion. That way, we can peel off some exposure if the sell off deepens to maintain risk in the market. Short near 2.1517 Stop loss near today's high First target 2.11
Short
by JWagnerFXTrader
3
Kiwi Sentiment Shifts Towards ShortsLast week, the Kiwi hit the top end of a target range we have been watching. How much, if any move is left? On the heels of the RBNZ 25 basis point rate cut today, some cracks are beginning to show up in the NZDUSD foundation. Governor Wheeler suggests this is it regarding cutting for a while and prices have rallied today. 6680 may provide resistance in the short term. The Elliott Wave picture shows we are approaching the ending wave of an ending wave (medium term bullish). There are several wave relationships showing up just below current pricing levels (medium term bullish). SSI (Sentiment) is shifting heavily towards shorts (bullish). The big bright spot for short traders is that on balance volume has been confirming this move lower. So the variables are a mixed bag with the indicators shown below shifting towards the bullish tone. Here is a summary of the main variables/indicators we watch: Elliott Wave Count - we appear to be in wave (iv) of of C of (Y) - this means we are approaching ending waves at multiple degrees (medium term bullish) Wave Relationships - we look for harmony in the wave measurements and several show up in .6100-.6370. This includes shorter term patterns to 4 year patterns. (short term bearish; medium term bullish) Wave C = Wave A = .6103 (12 month pattern) circle = circle - * 1.618 = .6166 Circle subdivides the impulse of wave C = .6370 Wave Y = 1.618 * wave W = .6370 (4 year pattern) SSI - current reading is +1.5 and this is half of the +3 reading over the past several weeks. Long positions are down 14.9% from last week and short positions have grown +82% over last week. Traders are clearly shifting to the short side. SSI is a contrarian indicator. (bullish) OBV - Volume has thus far confirmed the recent moves lower. This suggests prices may continue to follow the trend down. (bearish) As you can see, these indicators and variables are starting to shift towards bulls. Watch the wave relationship zones noted above.
by JWagnerFXTrader
1