dojitrader
Short

Clarifying the Alternate Wave Count . . . ?

FX:GBPJPY   British Pound/Japanese Yen
164 10 3
Looks like my alternate count was a 4th wave after all.
3 Counts All Suggest A Short, But Where ???

So, still trying to get in on the 3 drive that I talked myself
out of just before the 4th of July camp trip.
3 Drive At Previous High Resistance

Maybe this is the wave 2 or B to finally join the party.
Of course, nothing is so simple for not quite a Cypher , Cypher
lurks above and a wave 2 can retrace all of wave 1 and still be valid.
Perhaps this little wave c will tell the tale and trigger a clear short.
I have to disagree with that , one more low then bounce i believe
snapshot
Reply
dojitrader angrybear168
I'm not sure I understand your disagreement ~~~~
Seems like this short set up - target 2 - would set up your buy
just about right in the 172.00 area.
Or was it the timing of the low you're looking for ???
Thanks for your thoughts !
Reply
angrybear168 dojitrader
yes timing, i think it will trade the long before the short but we will see
Reply
Looks like this pair is gonna make me wait again.
Or is it making me "pay" for not taking the 3 drive when it completed ?
I only see 3 waves so far which might turn this into a flat of some sort:
Maybe even an expanded flat. I think someone said that patients was a virtue.
snapshot
Reply
angrybear168 dojitrader
even with the short set up I think your entry is bit high, 174.14 area looks about right +/- 5 pips
snapshot
Reply
angrybear168 angrybear168
personally I would not take the short because the long on dip looks more promising because trendline fib confluence
Reply
The Elliott Wave premise of this trade has not evolved as I would have expected.
A clear 5 wave subdivision of C wave eludes my eyes, so, I'm standing aside for now.
I can see the possibilities for 5 waves if we get a drop and then another upside which
would probably end around the Pt D and retest of the 3 Drive.
should that happen I'll be enticed to enter a short with stops above X
Reply
angrybear168 dojitrader
your perdiction came true nice! did you get fiiled?
Reply
dojitrader angrybear168
No fill ~~~~
See the comment above.
Price action has me looking for a fill closer to the Cypher
or a little above.
Reply
Well, what can I say ?
Once again I've been too smart for my own britches, I guess.
Although, I'm damned to find a clear 5 wave subdivision of C
and that is what I was looking for to enter a confident short.
Next week is another trade. Hope I don't dwell on this too much
as I've been missing out on this pair and that grates on my
psychology way too much. Just learn what I can and move on, right ?
Reply
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