melvinljw

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Markets Allocation
80 % forex 4 % indices 16 % other
Top Mentioned Symbols
AUDUSD 6% | 3 GBPAUD 6% | 3 GBPUSD 6% | 3 EURAUD 6% | 3
melvinljw melvinljw GBPAUD, D, Short ,
GBPAUD: Short GBPAUD, Bearish Elliot Wave 5 to start soon.
91 0 4
GBPAUD, D Short
Short GBPAUD, Bearish Elliot Wave 5 to start soon.

The whole structure of the bearish move seems incomplete. We could be starting the last leg of a bearish impulse that will target 100% retracement. Picture speaks a thousand words. By Elliot Wave of alternation, Wave 2 - Sharp, Wave 4 - sideways corrective moves. We could be at the final stages of a push lower, with an ending diagonal appearing in Wave Y, C ...

melvinljw melvinljw GBPAUD, 240, Short ,
GBPAUD: Short GBPAUD, Leading Diagonal, End of Wave 1, Wave 2 to start
111 2 3
GBPAUD, 240 Short
Short GBPAUD, Leading Diagonal, End of Wave 1, Wave 2 to start

This is a clear cut leading diagonal pattern. Above is a clearer wave count of the whole structure. Leading diagonal moves in 5-3-5-3-5 structure, unlike an ending diagonal, which is 3-3-3-3-3. Since wave C cannot be the shortest wave, we estimate the current high at 1.757 is the top of this whole structure. If prices move beyond this level, we would have to ...

melvinljw melvinljw GBPAUD, 240, Short ,
GBPAUD: GBPAUD, Wave 1, Leading Diagonal
140 0 4
GBPAUD, 240 Short
GBPAUD, Wave 1, Leading Diagonal

Leading Diagonal Moves in 5-3-5-3-5, differentiate by the impulsive moves in 1/3/5 wave, as compared to an ending diagonal (3-3-3-3-3) Price action in GBPAUD looks to be following of that. At this point is can only be a guess, as I'm counting it as a start of wave 1 of a bullish move upwards. After the leading diagonal, prices typically retrace swiftly to the ...

melvinljw melvinljw AUDUSD, D, Long ,
AUDUSD: AudUsd, Long. 2017 Trendline
112 0 4
AUDUSD, D Long
AudUsd, Long. 2017 Trendline

The trend is your friend. Audusd 2017 trend-line support currently sits near 0.757-0.759. Long : 0.7585 Stop 0.755 TP : 0.81

melvinljw melvinljw NDX, D, Short ,
NDX: Nasdaq 100, Elliot Wave 5
892 12 10
NDX, D Short
Nasdaq 100, Elliot Wave 5

Price Action in Nasdaq 100 is showing up an ending diagonal pattern (Wave 5 of 3) Typically ending diagonal moves in 3-3-3-3-3. Currently we are in the last smaller motive higher of the 3. It looks like a throw over pattern as price broke upwards of the diagonal. Currently pending short as we wait for the last C movement to exhaust. (Wait for a bearish ...

melvinljw melvinljw CADJPY, D,
CADJPY: CadJpy, Inflection point
65 0 2
CADJPY, D
CadJpy, Inflection point

Cadjpy is currently sitting at an inflection point, 88.6 level. Which is critical for both the bulls and bear. A bounce would validate a long term inverse H&S patterns being played out since 2015. A break below the neckline of 88.6 would probably trap bulls in the 88.6 - 91 region. (Fakeout) A long trade would yield an impressive R:R if the bullish case plays ...

melvinljw melvinljw EURCAD, D, Short ,
EURCAD: Short EurCad, Elliot Wave 4
62 0 5
EURCAD, D Short
Short EurCad, Elliot Wave 4

Price action in EurCad is giving a very clean cut price action of Elliot Wave Theory. Currently we are in corrective wave 4, which is unfolding as a 5 wave triangle. Trade Idea : Short EurCad 1.486 Stop Loss : 1.496 Take Profit 1.448 RR : 1:4 Will look to long again near 1.445-1.448 region. For Impulsive wave 5

melvinljw melvinljw XAUUSD, 60, Long ,
XAUUSD: Long XAUUSD, Break restest of H1 downtrend.
146 0 8
XAUUSD, 60 Long
Long XAUUSD, Break restest of H1 downtrend.

Looks like a continuation of uptrend after the recent pull back to 1280 area.

melvinljw melvinljw XAUUSD, W, Long ,
XAUUSD: Major Inverse H&S on the weekly gold chart
109 0 3
XAUUSD, W Long
Major Inverse H&S on the weekly gold chart

Looks like gold is about to blow out. Trade idea : Long : 1296 area SL : 1270 TP : Open.

melvinljw melvinljw USDCAD, 60, Short ,
USDCAD: Short USDCAD
58 0 1
USDCAD, 60 Short
Short USDCAD

Clear downtrend channel on H1 Don't fight the trend.

melvinljw melvinljw USDJPY, D, Long ,
USDJPY: Long USDJPY
85 1 3
USDJPY, D Long
Long USDJPY

Prices put in an evening star pattern over the last few days. Bullish Reversal Pattern

melvinljw melvinljw GBPUSD, W,
GBPUSD: GBPUSD, Path of least resistance is still down
52 0 5
GBPUSD, W
GBPUSD, Path of least resistance is still down

GBPUSD guide by a long term downtrend line since 2014. As always, following the path of least resistance is the most probable scenario.

melvinljw melvinljw GBPJPY, D, Short ,
GBPJPY: Short GBPJPY, Elliot Wave. Expecting wave V to begin soon
354 2 7
GBPJPY, D Short
Short GBPJPY, Elliot Wave. Expecting wave V to begin soon

I have previously published a short GBPJPY. This is a more detailed count. Currently we are in complex wave 4 (Corrective). This corrective wave 4 is a complex triangle, unfolding in 5 waves. Current up move back to barrier 148 area is labelled as wave E, which is the end of the triangle. Expecting bearish impulsive wave V to start soon. It should decline in a ...

melvinljw melvinljw CADJPY, D, Long ,
CADJPY: Long CADJPY, Monetary Divergence - Inverse H&S breakout
47 0 5
CADJPY, D Long
Long CADJPY, Monetary Divergence - Inverse H&S breakout

Classic Inverse H&S break for CADJPY. Monetary Divergence in play with BOC turning hawkish and BOJ standing pat as extremely dovish. Price action suggest a staggering 1300pip upside of this pair. Long : 88.6 SL : 87.3 TP 1 : 93.2 ( 38.2% expansion ) TP 2 : Open

melvinljw melvinljw NKY, D, Short ,
NKY: Nikkei 225 End Game is Near
160 0 9
NKY, D Short
Nikkei 225 End Game is Near

What we are seeing is the 5th impulsive wave up from 2013 bull market. This 5th impulsive wave is further subdivided into another 5 wave. as labelled above. The last of the impulsive 5th wave is taking shape to be an ending diagonal. From the overall picture, wave 5 of the entire bull market from 2013, has failed to reach a higher point than the end of wave ...

melvinljw melvinljw GBPJPY, 60, Short ,
GBPJPY: Short GBPJPY, Elliot Wave, Swing
135 0 3
GBPJPY, 60 Short
Short GBPJPY, Elliot Wave, Swing

Another of my Elliot wave charts. We are in an ending diagonal pattern for GBPJPY. This whole structure is a 5 wave corrective wedge pattern. And we are in Corrective wave 4 now. Expect bearish impulsive wave 5 to begin soon, and it will take us to 120 region Short : 146.8 SL : 148.6 TP : 120+ region.

melvinljw melvinljw NZDUSD, W, Short ,
NZDUSD: Short NZSUSD, Swing, Elliot Wave
103 0 7
NZDUSD, W Short
Short NZSUSD, Swing, Elliot Wave

I've been tracking a few FX pairs with Elliot wave principle. Chance upon this NZDUSD chart, which is at the terminal stage of wave 4. Bearish Impulsive wave 5 should start very soon. Pattern invalidated with close of above 0.738, by Elliot rule of wave 4 cannot overlap into wave 1 Trade idea : Short at 0.73, SL 0.738 (Close), TP : 0.513 (1.618 x Wave 1)

melvinljw melvinljw AUDUSD, W,
AUDUSD: AUDUSD Bear Cycle over. Nascent begining of a new bull
59 0 8
AUDUSD, W
AUDUSD Bear Cycle over. Nascent begining of a new bull

As we can see from this long weekly chart, AUDUSD has been guided lower by this trend line since 2013. A 4 year bear market ensured, with a downturn in commodities prices. Early in 2017, we saw this trendline broken, and now we are back testing this trend line now. I'm of the view that we are at the start of a new commodities bull market, that will propel ...

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USDCAD
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