melvinljw

melvinljw

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

melvinljw

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

melvinljw

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

melvinljw

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

melvinljw

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

melvinljw Updated 

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 Updated 

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 Updated 

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 Updated 

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 Updated 

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 Updated 

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

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

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 Updated 

Simple breakout. Long to 115.1 area of resistance

melvinljw

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

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 Updated 

Elliot Wave Theory. Prediction of movement EURJPY. Current price structure corrective at wave 4, complex C. Short at 122.1 to target D level.

melvinljw

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