FX_IDC:EURJPY   Euro / Japanese Yen
146 11 2
Looking for a possible long position in EURJPY             , scaling in and out, while moving my stop up conservatively to lock in profits, good luck!!
There is nothing definite in the forex market. In the chart above I am showing what I will do if the setup plays out, until then I don't have much of a bias. An EW cycle could end in a continuation or correction and until structure is broken it is pretty hard to get a gauge of what its going to do.. Also you have to recognize time frame. You are showing a weekly chart, The price could come up and hit my targets and come down to hit ur target before a single candle closes..
very nice reading but this is how i expect it may i can wrong
12345 is Elliott Wave count?
yup :)
They are actually all EW, and I could have drawn more, they are fractal. It's important to not get caught up mapping out every little tick and try to focus on the ones that directly effect your trade.
ZakFX stocktrader15
Do you have your own rules because I see many incorrect labeling:
Wave 4 cannot enter the territory of wave 1.
Wave 1, 3 and 5 are 5 waves. Here it's 3 waves.
The blue ABCD should be ABC
The pink/white ABCD is completely wrong.
You have a very basic understanding of EW. Do some research on ending diagonals, flats, zigzags and other more advanced EW patterns than just a 1-5 or abc cycle.
ZakFX stocktrader15
Oh you feel offended I pointed your mistakes?
It was with good intentions but well ... Good luck.
No one is offended man, what r u talking about? I'm letting you know that u have more work to do before trying to correct people on EW. I have been trading for 7 years, I am the head analyst of Taurus Management and specialize in EW, and harmonics. Anyone who has an understanding of EW knows where you are coming from because you are going by the first and most basic rule without realizing their are exceptions to that rule. My counting strategy comes from the man himself, so it is petty funny to hear someone tell me its a mistake lol
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