melvinljw

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Online Joined
Markets Allocation
79 % forex 5 % indices 15 % other
Top Mentioned Symbols
USDJPY 7% | 3 GBPUSD 7% | 3 EURAUD 7% | 3 GBPJPY 7% | 3
melvinljw melvinljw EURCAD, D, Short ,
EURCAD: Short EurCad, Elliot Wave 4
39 0 6
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.
135 0 9
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
103 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
54 0 2
USDCAD, 60 Short
Short USDCAD

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

melvinljw melvinljw USDJPY, D, Long ,
USDJPY: Long USDJPY
78 1 4
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
49 0 6
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
340 2 8
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
46 0 6
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
147 0 10
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
133 0 4
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
101 0 8
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 9
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 ...

melvinljw melvinljw AUDUSD, D, Long ,
AUDUSD: Long AUDUSD, Bull Flag
63 3 5
AUDUSD, D Long
Long AUDUSD, Bull Flag

Long AUDUSD, Bull Flag with 61.8% retracement of previous upward movement. Expecting to break 0.775 resistance eventually. Long : 0.744 SL : 0.736 TP 1 : 0.7745 TP 2 : Pending Breakout from 0.775

melvinljw melvinljw EURJPY, W, Short ,
EURJPY: Elliot wave, Short EURJPY
79 1 9
EURJPY, W Short
Elliot wave, Short EURJPY

This pattern has been in place since 2015, on a longer time frame. Wave 2 is a 61.8% retracement of Wave 1 Wave 4 is currently retracing 50% of Wave 3 By virtue of elliot wave's principle that wave 4 (Correction) cannot overlap into wave 1, this pattern would be invalidated if price action crosses 125.8-126.1. Wave 4 seems incomplete. Usually, Wave 2 and ...

melvinljw melvinljw USDJPY, D, Long ,
USDJPY: Long USDJPY, Breakout of downtrend
76 1 8
USDJPY, D Long
Long USDJPY, Breakout of downtrend

Simple breakout. Long to 115.1 area of resistance

melvinljw melvinljw EURAUD, W, Short ,
EURAUD: Short EURAUD. Downtrend channel
58 0 5
EURAUD, W Short
Short EURAUD. Downtrend channel

Clear downtrend on the weekly. Current price action rejected at upper channel. H4 also showed a bearish engulfing candle. 2 possible scenerios to the downside.

melvinljw melvinljw NZDJPY, W, Long ,
NZDJPY: Long NZDJPY, Bullish engulfing on the weekly
32 0 5
NZDJPY, W Long
Long NZDJPY, Bullish engulfing on the weekly

Long NZDJPY Bullish engulfing on the weekly chart, and broken a down trend line on the daily. Price action also seem to suggest a 2nd shoulder forming. But lets not get too excited until it breaks 83.8. Entry : 77.65 SL : 76.88 TP : 83.6

melvinljw melvinljw DXY, D, Long ,
DXY: DXY, Bullish Pennant
33 0 7
DXY, D Long
DXY, Bullish Pennant

Long DXY. = Short EURUSD. Since EUR is the heaviest component

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USDCAD
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EURO / US DOLLAR
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