Realisto_FX
Short

CHFJPY : Ending Diagonal Triangle

FX:CHFJPY   Swiss Franc/Japanese Yen
92 5 5
CHFJPY             formed an ending diagonal triangle and closed below 50MA, I´m not entering this opportunity as I´m already short GBPJPY             , AUDJPY             and NZDJPY             , so it´s up to you to take this idea

SL @ 131.41 on a daily close and target of 128.2 (roughly risk reward ratio 2:1)

Good luck

Josep Pocalles
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IvanLabrie PRO
2 years ago
Wave 1 needs a move from below your labeled point 1.
It's not a wedge if it doesn't have a 3 part leg leading up to it.
David Alcindor calls this a wolfe wave, but not an EW wedge. More like a corrective advance, wxyxz thing, but not a wedge.
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IvanLabrie PRO IvanLabrie
2 years ago
Can also be a 5 wave advance and pending a corrective sideways chop, and then more up.
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Realisto_FX PRO IvanLabrie
2 years ago
Yep, I favour a corrective move till next support level , without considering an EW count . Many harmonics are based on 5 waves and follows with a corrective move which is the case here.
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IvanLabrie PRO Realisto_FX
2 years ago
As for harmonics, yes, I more or less can fit harmonic patterns over my EW counts. I believe Scott Carney molded them using EW as a framework.
The Wolfe wave here, I think the trendline projections from point 3 and 1 are nothing but EW channels.
http://www.elliottwave.com/freeupdates/archives/2012/03/08/Which-Method-Can-Traders-Use-to-Confirm-an-Elliott-Wave-Count.aspx#axzz3elCaaAxL
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Realisto_FX PRO
2 years ago
UPDATE : Target met. Did anyone take the trade ?
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