salsapete

salsapete

Entry is near trendline resistance @ .7460 Stop above prior swing high @ .7590 ( close to wave 2 , quite wide stop) Target is .7200 Risk Reward = 2.0 ( you are risking 130 pips to make 260 pips) .

salsapete

So Aussie Dollar was in a major 4th Wave wedge consolidation from Jan 2016 to March 2017. It may be possible price is now moving down in an (5 wave) impulsive 5th major wave . The market stands now at a. Impulsive wave 1 down. b. At the end of the 4th minor wave of this wave 1. An Elliott rule is Wave 4 cannot enter the territory of Wave 1. I have...

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There are a few choices for the minor B wave. At this point I see 4 possibilities as listed on the chart. I have no idea on which B will play out. ( Any comment or input would be appreciated) If the triangular consolidation is to play out, I am inclined to view a usual to max B position. What is more interesting , is the future impulsive "C" wave.

salsapete

So gold may be in the 4th wave of symmetrical triangular consolidation. In the past week the "B a" wave has completed and we are now in the middle of the " B b" wave. Some possibilities for the next week if a zig zag correction takes place 1. Gold to complete the "B b " wave at 50% retracement of "B a " wave around 1239. ( Could be more ) 2. Then price to...

salsapete Updated 

Quick long scalp on Gold, shown on chart. Risk to reward 2-1. :)

salsapete

Entry at trendline resistance @ . 7485 Stop just outside prior swing high @ .7565 Target is major trendline support @ .7305 Risk Reward = 2.3

salsapete

The Aussie Dollar longer term considerations on weekly basis : 1. Pattern - wedge shaped consolidation since Jan 2016. The "D" leg is appears to be nearing trendline resistance at .7300. 2. Harmonic - there could be a Gartley pattern developing , and if so, the D point would be around .7050. 3. Demand zone - around .7150 4. Pivots - price last week...

salsapete

When you only want to consider the next day, the following is a harmonic scalp for gold. Entry - 1229.00 Stop - 1232.00 ( beyond D ) Target 1 = 1226.50 ( .381 D leg ) 1/2 lot size . Move stop to breakeven Target 2 = 1223.00 ( .681 D leg ) 1/2 lot size . Risk Reward = 1.25.

salsapete

Considerations below WRT Gold for the upcoming week 1. Pattern - gold seems to be carving out a wedge consolidation. The current " D" leg may have completed the "a" wave. 2. Harmonics - it is possible a bullish butterfly pattern is forming , with "D" point projection to 1075. 3. Demand zone - a horizontal demand zone between 1200 - 1210 has been...

salsapete

Euro is in the 5th wave (E) of channel consolidation ( since March 2015). A short entry could be considered after a retested break of channel support at 1.07. With targets at 1.0350 and 1.0000. The trade would be stopped out mid channel break ( 100 pips) , with potential RiskReward of 3.5.

salsapete

Entry Zone between 1227 and 1232 ( .618 - .786 fib retracement of last minor swing down) . Stop outside swing high @ 1237 Target is 1 - 1.27 fib extension of 1208 - 1214. Risk Reward = 1.5 .

salsapete

At present USDJPY at 113.00 could afford trendline resistance, and see the pair move down further in this Wave 2c leg. The first stop may be 105.00, with continuation of price towards the .618-. 786 ( @ 86 - 94 ) retracement zone and completion of C leg. Maybe dollar yen then ascends beyond Wave 1 , with a 1.27 fib advancement. :]

salsapete

A potential scenario for the British Pound , with a longer term perspective. Current Wave 4 with supporting Golden cross of 10/20 MAV, and breakout of recent consolidation in Mid April 2017. The possible completion of Wave 4 at confluence of descending trendline resistance, significant horizontal resistance, and .50 fib retracement of Wave 3 around...

salsapete

Short entry now @ 1230. Stop loss 1236. Target at 1215. Risk Reward 2

salsapete

Gold may be about to enter a 3rd leg of a wave 3 in an uptrending channel. Wait for further correction to channel support ( or better still .618/.666 retracement) between 1228 and 1240 . When the MAV obtain golden cross , and HA moved above both MAV , consider a long position. The upside targets 1376 and 1421. The trade is stopped beneath...

salsapete

Encountering resistance at 1260 , with strong rejection of higher price ( daily pin bar), and may need a minor swing down, before next swing moves beyond 1270. Entry for short at 1262 ( 1/2 distance of pin bar) at resistance zone. Stop 1272 ( beyond pin bar) . Target around 1232 ( .50 retracement and daily supporting trendline) Risk/Reward = 4

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Gold maintaining a long bias presently. Reasons are few 1. Uptrend from Mid December 2016. 2. Short term averages positive. 3. HA bar close above 8 MAV. 4. Breakout of recent consolidation at 1245. 5. Wanting to see a decent correction for the last swing low ( .618 - .666 retracement , or at least beyond the equal legs fib extension . ) Entry closer to...

salsapete

Factors suggesting gold possible resumption of downtrend 1. Price/Momentum hidden divergence 2. Recent daily candle piercing 14 MAV, with suggestion of a close beneath this soon. Trade is on chart.