melvinljw

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Markets Allocation
83 % forex 6 % indices 11 % other
Top Mentioned Symbols
GBPUSD 9% | 6 USDJPY 7% | 5 GBPJPY 7% | 5 EURUSD 6% | 4
melvinljw melvinljw USDJPY, 240, Short ,
USDJPY: USDJPY, Over-Extended Bullish Move
102 0 4
USDJPY, 240 Short
USDJPY, Over-Extended Bullish Move

This pair seem to be on a tear. However we could see some near term top forming near 111 levels, as the move appear to be exhausting. (Wave 5 of 5 of 5) Some consolidation would be good. Looking for a first move back to the 38.2% entracement level near 108.5 area.

melvinljw melvinljw EURGBP, 240,
EURGBP: EURGBP, Correction extends into complex mode
22 0 1
EURGBP, 240
EURGBP, Correction extends into complex mode

Looks like we are getting a complex correction for EURGBP. (Smells like we just completed an X wave) Expecting a Y wave. Shall see what plays out thereafter. Ultimately, we are looking for a move downwards after this complex correction finishes.

melvinljw melvinljw GBPUSD, 60, Long ,
GBPUSD: Ending Diagonal, Bullish GBPUSD
187 0 4
GBPUSD, 60 Long
Ending Diagonal, Bullish GBPUSD

Looks like we got our confirmation of Long GBPUSD with the breakout of the ending diagonal channel. Going Long at 1.355. Trade Setup, Long : 1.355 Stop : 1.3465 TP 1: 1.397 TP 2 : TBC.

melvinljw melvinljw GBPUSD, 60, Long ,
GBPUSD: Bullish GBPUSD, Elliot Waves
87 0 1
GBPUSD, 60 Long
Bullish GBPUSD, Elliot Waves

Following my identification of this as a bullish trend. We are in an expanded flat pattern, current C wave flush downwards. We begin counting wave 5 of 5 of C that is close to terminating, as what looks like an ending diagonal. the last wave downwards seem to be missing, as such will be expecting one more push down to perhaps to the low 1.35s. Currently ...

melvinljw melvinljw GBPUSD, 1D, Long ,
GBPUSD: Bullish GBPUSD, Elliot Count
117 0 1
GBPUSD, 1D Long
Bullish GBPUSD, Elliot Count

This pair has been giving me a hard time. Initially, I was looking for another wave downwards, but this pair seem to keep climbing. I re-looked at the charts and realize the trend could have turned from down to up. Current setup looks like an ABC expanded flat pattern. Current C wave to flush out the longs before it moves upwards towards 1.45 levels.

melvinljw melvinljw DAX, 1M,
DAX: Are we approaching the end of the QE party ?
161 0 3
DAX, 1M
Are we approaching the end of the QE party ?

German DAX seems to be building a H&S top pattern. With the ECB poised to follow the Fed in ending their QE.. Is the party going to end ? Waiting for a break of the neckline seem to be the more prudent approach. Lets just wait and see.

melvinljw melvinljw GBPJPY, 240, Short ,
GBPJPY: Bearish GBPJPY
175 0 5
GBPJPY, 240 Short
Bearish GBPJPY

Following a five wave impulsive move downwards. It looks like we are in the midst of ending wave 2/C correction. There are a couple of wave relationship that suggest that wave 2/C will terminate around 151.85 - 152.2. We are looking at a WXY complex correction. There should be a selloff pretty soon if the area near 152.2 holds.

melvinljw melvinljw GBPJPY, 240,
GBPJPY: GBPJPY Bearish 5-3 structure
230 1 9
GBPJPY, 240
GBPJPY Bearish 5-3 structure

Happen to chance across GBPJPY charts. Looking very bearish with a 5-3 downward count. We can count an implusive downward 5 move, and a corrective 3 move up. Prices seem to fit perfectly to fib levels and wave relationship, base on elliot wave theory. (I.e Wave 2 retracing to the end of wave 4) Bearish under 151.2. We are looking to extend the five wave ...

melvinljw melvinljw USDJPY, 60, Short ,
USDJPY: Short USDJPY, Elliot Waves
87 0 5
USDJPY, 60 Short
Short USDJPY, Elliot Waves

After putting in a five wave move upwards, prices seem to be correcting as a flat (3-3-5). Looking for wave 2, to correct back to 105.7 levels as wave C of the flat. (We will look to establish longs near (105.4-105.7), for a resumption of the uptrend. Short : 106.95 Stop : 107.45 TP : 105.7

melvinljw melvinljw EURUSD, 240,
EURUSD: EURUSD, Elliot Wave Count
150 0 6
EURUSD, 240
EURUSD, Elliot Wave Count

After publishing a previous article on another pop higher. After grinding sideways for the past few weeks. It seemed that this complex correction of wave 2 of 5 is ending as a flat correction (3-3-5). We can count a 5 wave move down to the 1.226 handle. As such, I am expecting wave 3 of 5 to begin soon, which will probably take us to levels near 1.26

melvinljw melvinljw AUDUSD, 60, Short ,
AUDUSD: Short AudUsd, EW
56 0 3
AUDUSD, 60 Short
Short AudUsd, EW

Looks like AUDUSD is in a bearish sequence of 5-3. Looks like wave (2) of 3, is terminating near 0.788-0.789 ( which is the 61.8% retracement level of wave (1) of 3 ). Base on fibo projection, if the area near 0.788-0.789 holds, we should expect wave (3) of 3, to start. Expected targets with 1.618% expansion would target levels near 0.7435.

melvinljw melvinljw USDSGD, 1D, Long ,
USDSGD: Long USDSGD, Elliot Waves
73 0 3
USDSGD, 1D Long
Long USDSGD, Elliot Waves

Below picture is quite detailed on my counts. First we have a 5 wave impulsive move to the upside, forming a leading diagonal. This is followed by a complex WXY, forming a ZZ- Expanded flat - 5 wave counter trend (3-3-5) Wave 5 of 5 terminated near 1.305 as a truncated 5th wave. There we should expect the next move to be an impulsive 5 wave. From here we ...

melvinljw melvinljw EURGBP, 1D,
EURGBP: EURGBP, Looking for a fakeout bullish break above 0.90 level
65 0 3
EURGBP, 1D
EURGBP, Looking for a fakeout bullish break above 0.90 level

Looking for another move higher in EURGBP to somewhere near 0.9085-0.91 which is the 0.618 level. Thereafter the corrective move should terminate and we could see an impulsive move to the downside. Targeted levels are near 0.834

melvinljw melvinljw EURGBP, 1D,
EURGBP: Possible EW wave count on EURGBP
73 0 3
EURGBP, 1D
Possible EW wave count on EURGBP

Looking for a dip on EURGBP to somewhere near 0.834 level before deciding on next course of action If this is a start of a downtrend (Wave 3), it should break below 0.834, as wave 3 is usually the strongest and largest. If this is a corrective ZZ, expect this correction to terminate near 0.834 as wave C. Length of Wave A = Wave C

melvinljw melvinljw EURUSD, 240,
EURUSD: EURUSD, one more pop higher ?
82 0 2
EURUSD, 240
EURUSD, one more pop higher ?

Looks like the correction is shaping up to be an ABC flat correction. ABC flat correction is made up of an expanded flat (A), zig zack (B) and a five wave move down (C) 3-3-5. Looking for a push higher to 1.26 region for eurusd, before the entire larger 5 wave move completes.

melvinljw melvinljw SPX, 240,
SPX: Stock prices in for another flush
174 0 0
SPX, 240
Stock prices in for another flush

The wave count appears incomplete after the impulsive drop from 2873 - 2541. ( 5 wave move ) It appears we are in a corrective wave B, expanded flat 3-3-5. We should be expecting another sharp move downwards, 5 wave, to complete a ZZ. 5-3-5 By extrapolating the length of the first move, we expect the next drop to be in equal breath and magnitude. Estimated ...

melvinljw melvinljw EURUSD, 30,
EURUSD: EurUsd ready for another dip ?
90 0 2
EURUSD, 30
EurUsd ready for another dip ?

Looks like EurUsd is carving out an expended flat pattern. 3-3-5 Current C wave, appears incomplete. Might have another move to the down side to retest 1.22 level, before moving up, for the 5th wave. Wave 2 - Triangle Wave 4 currently looks like a ZZ.

melvinljw melvinljw USDSGD, D, Long ,
USDSGD: Long USDSGD
154 2 4
USDSGD, D Long
Long USDSGD

Picture says a thousand words.

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