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.

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

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.
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
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
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.
Reply
angrybear168 dojitrader
even with the short set up I think your entry is bit high, 174.14 area looks about right +/- 5 pips
Reply
angrybear168 angrybear168
personally I would not take the short because the long on dip looks more promising because trendline fib confluence
Reply
I have to disagree with that , one more low then bounce i believe
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
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