FX:USDCHF   U.S. Dollar/Swiss Franc
366 24 8
Buy near 0.95626.
tompower
2 years ago
That likely means risk is back on
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Sandeep_Gupta
2 years ago
The price has taken support on parallel channel where 4 is written and has started to move up. On 4 hour chart there is bullish engulfing candlestick. Also according to elliott wave count this seems to be the starting of the 5th wave. You would always have to take calculated risk keeping your money management into account. I would request you to please let us have a chance to see your charts so we can learn some thing from you. Thanks.
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EWA
2 years ago
Don't try to ride a whole 5th wave, What would u do if 5th wave truncated? So better to go one by one, what you think?

One more question - I heard that forex trading is illegal in india, How you trading and which broker you are using?

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Sandeep_Gupta EWA
2 years ago
Generally, the 3rd wave is 161.8% of wave 1, here it is some what less than 261.8, so it is safe to assume it is a extended wave, from the law of equality, the 5th wave may be equal to the 1st wave. That was my reason to take the 5th wave.
As far as my trading in India is, I give all my trade ideas as for educational purpose.
+2 Reply
Keen eye Sandeep, nice ZZ completion up there. I'll probably hop on board, thanks for sharing. Care to make a detailed 15m count of the corrective pattern and impulse forming next?
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That is a B wave.. C coming for lower prices
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NickCoulby PRO NickCoulby
2 years ago
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NickCoulby PRO NickCoulby
2 years ago
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IvanLabrie TOP NickCoulby
2 years ago
I was looking at this myself, alternate count would aim for the end of 4 (that zigzag) as an A of a flat pattern, next run up is looking corrective, not impulsive to me as well.
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NickCoulby PRO IvanLabrie
2 years ago
That is actually crazy you just posted this.. I laid down in bed (4 24 am here) and was logging back to comment that it's actually more probable to assume a flat position-- and would also account for why this recent drop down from W3 highs looks more like a 3 count A than trying to force a 5 wave subdivision on to it.. great observation
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NickCoulby PRO NickCoulby
2 years ago
That 60 min ABC I posted above is just WA's 5 wave subdivision.. The ensuing correction (b of B) targeted to that sub W4 sideways.. Could go long for shorter term 5 count C up, then flip to bear Flat completion C down
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IvanLabrie TOP NickCoulby
2 years ago
Hahaha, it's 5:36 am here...clearly the time my mind's eye awakes.
Let's see what NY open brings, a long to the the fib cluster near the previous top would be a short term profitable trade, as Sandeep suggests. He can be correct or not in the wave count but the trade setup is still good if you take some profits at that fib cluster found where I marked my b. (didn't draw that, found it in 4h).

Also, if you look at the geometric double bottoming formations before this impulse i-v run, what would look like 3-4-5 are similar formations to the short distance between the flat's b high and the previous 3/v I marked in my chart.

Interesting, as usual with all things Elliot, makes your brain work hard.
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NickCoulby PRO IvanLabrie
2 years ago
I am very confused.. I'm gonna go to sleep and revisit this in the AM lol cheers man
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IvanLabrie TOP NickCoulby
2 years ago
I'll just long this intraday, NY open usually brings in the big guns and I can ride some decent 50-100 pip run before going to university :p Night!
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dojitrader
2 years ago
Howdy, Hope your starting off with a great week ~~~~~
What do you think of the idea that, giving the time and breadth
of the previous corrective waves, shouldn't this current projected
wave 4 also subdivide into 3 waves instead of just the 1 wave
you have labeled ? Or, are you thinking the principal of alternation
is at work in this case ?
Thanks for your thoughts !!!!!
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IvanLabrie TOP dojitrader
2 years ago
Based on what has happened so far, it's starting to look like we're on a zigzag's wave B right now. Would comply with the rule of alternation, being a steeper decline than the sideways nature of wave 2. Sandeep?
+1 Reply
EWA IvanLabrie
2 years ago
Wave 1 completed within wave 5
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NickCoulby PRO IvanLabrie
2 years ago
My sentiment is with Ivan's perspective-- Currently look to be finishing up Wb of B
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IvanLabrie TOP NickCoulby
2 years ago
It just looks off to be an impulse...more like a zigzag to me eyes.
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EWA IvanLabrie
2 years ago
Ivan we got the green light to go long now.. even closer
(Bullish Divergence, bullish engulfing)
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IvanLabrie TOP EWA
2 years ago
I was thinking in terms of proportion, given the size of the decline after the high, this would have to be a big flat or zigzag move down.
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I'll wait for the completion of a corrective pattern.
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IvanLabrie TOP IvanLabrie
2 years ago
There's a huge fib cluster resistance at .95626 btw...I think it'll rebound from there or slightly below then down to previous degree's iv. Matching that ab=cd symmetry I have in my chart above.
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EWA IvanLabrie
2 years ago
Smaller degree wave 1 and 2 completed within wave 3, I will buy one more lot after breaking out of this channel.. All my stops are very tight so if it failed to move up I will wait for the corrective pattern to complete that you mentioned here.
Thank you for sharing your ideas.
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IvanLabrie TOP EWA
2 years ago
Likewise, we all enrich our views by sharing...can't always be right ;) I have sell stop and limit sells going atm, so I won't lose if I don't get hit.
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