Intra day Triangle in Eurusd - forex trading reviews uk

Intra day Triangle in Eurusd ~ forex trading reviews uk

On 31st may, there was an analysis here titled Two Face Of Eurusd and I wrote about the two possible near term scenario.

 

I though, maintained a bullish bias but with a condition. The bullish set up was satisfied and price rallied, just as expected. I posted an update before that. Read HERE. 

 

To end that post, I wrote 

 

"Its expected to be  impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term"

 

With the pattern forming now, as shown in the diagram below, the recent bullish move is counting toward a double zig zag correction.

There has been some economic news  surrounding this pair of late. many investors are on the sideline and price went into a congestion ( a triangle correction).

 

 

Price broke out of the triangle with a minimal momentum and further momentum is expected for Eurusd to rally to 1.175... psychological level where the correction could finally end for the resumption of  the long term bearsih movement.

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UsdJpy Intra day Update - forex trading reviews philippines

UsdJpy Intra day Update ~ forex trading reviews philippines

Earlier today, we posted of how our elliot wave analysis could mean a turn around for Yen pairs. After a very impressive bearish strenght of the Yen, we expect a reversal of trend or at least a retracement. 

UsdJpy made a sharp turn around slightly below 126, typical of an impulsive move and now moving back in what looks like a corrective move.

We thought the correction will be shallow as it resisted around 124 (38.2-50% retracement of the intra day bearish move).

 

The market opened today with a gap down and since then, intra day price has adjusted and gone into a triangle congestion making room for a deeper correction upward to the region of 124.7. 

 

 

 

If price breaks above the triangle upside, the next level to watch out for is 124.7

If price breaks to the south of the triangle, that means we will retain the shallow correction and ride down.

We dont expect price to break above 126 unless there is still room for more bullish move and if it happens, so be it. 

 

We re-analyse and check the position of price in the long term view.

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Is Cadjpy ready to go down - forex trading with signals

Is Cadjpy ready to go down ~ forex trading with signals

On 15th June, we forecast a real strength in Yen. Yen pairs were expected to start falling according to the analysis titled Yen is expected to strengthen acrross board.

After a while, UsdJpy started falling but the Cadyen moved within a range.

We have been watching cadjpy for some time . The completion of the recent medium term bullish move could mean the completion of the long term zig zag correction which started in february.

The chart below shows the intra day wave count. A break below 99.45 could mean the continuation of the bearishness that paused before february.

 

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Gbpusd Intra day Update - forex trading reviews australia

Gbpusd Intra day Update ~ forex trading reviews australia

The market ended today with cable advancing further . 

 

After taking a buy at 1.5350 with first real target at 1.5620 (270 pips), I decided to cash out as price is expected to correct to 1.5450.

 

The intra day wave analysis in the chart below shows that the first two days of this week have almost completed an ending diagonal terminating the impulsive wave 3 that started last week and price could dip but not below 1.5451 before further rally above 1.5650 and probably 1.5807.

 

 

 

If price dips below 1.5451, the bears will have taken the intra day bearish movement and we might see a dip to 1.5.

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Eurusd In A Bearish Net - forex trading signals websites

Eurusd In A Bearish Net ~ forex trading signals websites

The chart above was how we counted the elliot wave of eurusd.

 It has been noted that the bullish move from March 2015 is a correction as against the expected impulsive bullish move. 

 

A double zigzag deep correction is expected.

After some time, this is what we have.

 

 

The effect of the diagonal could take price to 1.113 or 1.105 before the bullish move could continue.

Our bias in the short term is bullish to 1.175 and the long term is bearish.

If price breaks below 1.1045, the short term bullish bias will be fading as we will be looking bearish all the way.

Updates will be posted here.

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How To Trade Elliot Wave Patterns - upshot forex trading signals

How To Trade Elliot Wave Patterns ~ upshot forex trading signals

Elliot wave theory has proved time and time again how effective it could be in determining market direction. 

 

Not only does it have high confident trading patterns to watch out for in any time frame and any market, but does have the ability to forecast market movement.... every bit of it!.

From the super fast tick chart to monthly time frame chart, its effectiveness is superb. 

As for the elliot wave counting and analysis,a chart can be analysed by 10 analysts and all having different counting . 

Until patterns are completed, counting is usually controversial.

 

I have seen some fellow elliot wave students who, after seeing how I labelled my charts and analyzed, showed me something different. 

 

They get confused and perhaps scared that their counts may be wrong after all. I always told them until a pattern is completed, the counts are adjustible and no correct count is tradable until price confirmation. 

So how does price confirms wave counts? It does in PATTERNS. 

 

Elliot wave patterns confirmed by some technical tools are very profitable. They are  not perfect though. 

Time spent on sieving out these patterns is worth it.

  In any time frames or markets; once spotted and confirmed by few technical tools, are very powerful and profitable. Their profitability is highly probable.

 

One of the reasons for the failure of an elliot wave trader can be traced to trading the wave count instead of the patterns.

So it is important to trade the patterns and not the wave count. Price responds to patterns and not the count. 

 

Infact, often times, when the pattern formed is against the wave count in a particular direction; price is speaking to us to analyse the count in an alternative way.

Let me give an example to nail my point.

On 23rd June, I posted an analysis here. 

Before that time, I have made known how I had a short term bullish bias on Eurusd, after reading from the charts with the help of elliot wave theory that the bullish movement that started in mid-march is corrective in nature.

 I saw a double zigzag in advance.

 

Price rallied from leg X of the prospective double zig zag pattern after a zigzag dip from W to complete the first leg of Y.

 After few days, price went into congestion and form a typical triangle pattern.

Prior to all these, I was already in a bullish position after the completion of a zigzag pattern at X. 

At the break above the triangle, I closed 50% of my position and added another 50% to take to 1.175 and put the two stop loss at the base of the triangle. 

 

After that action, I posted an analysis here titled Intraday triangle in eurusd . An intra day triangle pattern as shown below.

 

 

 

 Price continued to consolidate and later moved in a way that is not typical of a triangle pattern breakout (price has a way it reacts before and after the completion of a pattern). 

 

After some time, price invalidates the triangle by forming a new pattern. The ending diagonal!. 

 

When I saw this pattern, I closed all my positions in good profits, though final target was far from being reached.

I did a new analysis and I shared here. The title was Eurusd in a bearish net. 

For this, I also had an alternative double zig zag pattern which is a corrective pattern. 

 

The pointer is bearish and I entered a bearish position against my elliot wave count   (the expected double zigzag) which I closed at 350 pips risking 125pips.

I closed this trade because of the long term circumstance surrounding the pattern I traded.

If the pattern was a diagonal, the bearish trend could set to resume, but if it was a double zigzag, the bullish move is meant to continue. 

 

Diagonals signal change in trend or an imminent correction. Zigzag patterns appear in the middle of the trend and signal trend continuation.

The chart below was the one I posted.

 

 

 While many were reading about how Greek bailout went in europe, elliot wave traders were reading traders psychological response to the event as shown by price in patterns. 

During the period, I have raked in 650pips. Not bad.

 

Its very easy to manage trades from execution to exit. Thats what makes elliot wave a complete methodology. 

Though reading waves in charts are very profitable, elliot wave traders should always trade patterns formed.

To be successful as an elliot wave trader, one should note the following.

1. Know the basic tenets of elliot waves. They are not difficult.

2. Understand the formation of elliot wave patterns and their specific behaviours. (There are 11 patterns)

3. Know how to confirm the patterns with other technical tools.

4. Trade the patterns you understand most.

5.Understand how price reacts to a pattern after completion. This is to avoid pattern roll over. 

Pattern roll over is my special term for a situation where a pattern, instead of fulfilling its potential, turns to another pattern i.e when a pattern spotted is not real but part of a larger frame pattern or wave count.

 I usually exit my position when I discover this and watch what forms next.

Elliot wave pattern is not the holy grail but, if well used, is profitable.

You can learn how to identify these patterns by picking up books on elliot waves.

 

 

                                                  OR 

 

 ENROL FOR MY 6 WEEKS ELLIOT WAVE MENTORSHIP PROGRAMME starting on MONDAY 20th JULY to FRIDAY 28th AUGUST, 2015.

                                       WHAT YOU WILL LEARN.

 

1. The basic tenets of elliot waves theory.

2. How to spot my three favourite elliot wave patterns. These patterns have made me feel very comfortable while trading. They are just very reliable.

3. How to confirm with simple technical tools. 

These technical tools can even be adopted as a system. Many people I shared with went on to neglect the patterns and focus on this technical tools. 

When combined together with these patterns, you can trade with confidence.

4. Specific entry level for each pattern. You will not pick tops or bottoms, but learn specific levels to enter the market.

5. I will not bore you will too much of elliot wave stuffs, we will only discuss the formation and geometry of these patterns on any time frame and any market. No boring wave count.

6. You will learn how to manage your trade by understanding how price responds to each pattern.

7. You will learn how to spot profit taking levels.

8. You will learn when to run with your profits and cut down your loss.

9. You will learn how to use a simple money management model to take sequential profits and run with highly profitable trades just like I am doing with CadJpy now.

HOW DO WE INTEND TO ACHIEVE THESE?

1. You will receive some of my elliot wave materials for general reading.

2. Lessons will be delivered each day (pdf) for you to download and read.

   First week :     General elliot waves studies

   Second week:   First pattern discussed 

   Third week:      Second pattern discussed

   Fourth week:      Third pattern discussed

   Fifth week:        Supporting technical tools

   Sixth Week:     Live trade examples

3.   For each lesson there will be examples from past charts activities. For each lesson taught, all participants and I will brainstorm with many examples from the chart until the lesson is nailed.

4. Assignments will be given to all participants to label specific charts.

5. Participants will learn how to use Mt4/Mt5 analytical tools for easy analysis.

6. I will ensure to answer all questions in the best way I can.

7. Training will be delivered through a facebook secret group.

8. Many more that I plan to reveal and those I will end up revealing in the questions and answers session.

Price of training: #10000  or  $70 only.

 

If you want to consider how much you have lost trading and how much you set to gain from the knowledge, then the fee is so small.

 

How to enroll.

1. Send an interest message to forexmaster05@yahoo.com or to +2348134820569.

2. You will receive the payment details

3. Make payment and notify me.

4. Once your payment is confirmed, details on how to join the group will be sent to you.

ADMISSION CLOSES ON FRIDAY, 17TH JULY,2015. HURRY UP

IF YOU HAVE ANY QUESTIONS, SEND TO forexmaster05@yahoo.com or call +2348134820569.

YOU CAN ALSO MEET ME FOR A ONE-ON-ONE TRAINING IF YOU RESIDE IN PORT HARCOURT AND ITS ENVIRON.

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