Rao Journal: Elliot Wave Analysis
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Thread: Rao Journal: Elliot Wave Analysis

  1. #1
    Halo, I'm Rao, nice to meet you . It's my another effort to organise my Forex traders.

    I used to trade on EURJPY and EURUSD, less frequently I use GBPUSD, GBPJPY and NZDUSD. I prefer to analyze a few instruments in order to make it completely and also save spare moment.

    My trading system isn't based on complex combination of indiors and oscillators. I pay attention to
    - Elliot Wave
    - Fibo Retracement
    also I add Stochastics to my chart, it seems for me personally useful on timeframes gt;1H.
    I'm scalper, the majority of my positions are intraday.

    My forex trading experience on live account is lasting just a bit more than a year and a half. My broker is Instaforex.

    In this thread I will try to collect my view on the current market situation. I'm looking for a fantastic bit of advice, criticism or admiration Let us see if I'm worthy.

  2. #2
    My pattern has proved during the Asian session. Now it seems for me that the last bearish wave within this impulse is nearly finished, so I'll try to generate some pips on correction proceed to the upside.


  3. #3
    EU appears for me clear by today: on daily chart there's a 5-wave formation, and we're before a retracement, which has already started.
    On 30min chart we could detect completed 3 waves, I guess they'll become a part of this very first wave at the retracement.
    On Monday I'm waiting to get a clear retracement to tide 3 and will short EU.



  4. #4
    I am looking through GJ chart right now. Have a glimpse at my wave situation, it seems we can get prepared for a retracement till 146 zone.
    Never the less, we ought to bear in mind two things:
    1. The 5th wave can get expanded (but this variant is not likely because of correlation with GU and EJ);
    2. We'll try to see if the last wave has finished on Friday.

  5. #5
    Analyzing 4h chart amde me think the bullish movement which we saw on gj during last 6 months is fairly near the end.
    You'll be able to see here thorough view on the 5th wave, which is already completed.

  6. #6
    As I have mentioned , I can't tell just by now if the bullish move on EJ has come to a conclusion. That is why I commerce on minor TFs.
    When the market started, EJ ended 5-wave downhill structure. At the moment the price is in a correction phase. I think that after the price goes higher 138.35 we could observe a different bearish wave.

    PS. I made 40 pips with market EJ @ 138.48 S/L 138.73 T/P 138.08 (it's the wave 5 to the chart).

  7. #7
    The pattern I revealed several hours ago is revealed by now: another downward wave has formed.
    If current move is only a correction to the prior bullish impulse, it is maybe over. But the question is available if EJ will climb higher. As for me, it is likely.

  8. #8

  9. #9
    The price went lower compared to previous minute degree (137.56, 15:40 on this chart), it means that in the present time the 5th bearish wave is forming.
    If I am right, now we are ahead of this finishing this wave. Keep in mind that 3rd or 5th tide (on 1min chart) can become expanded, but I can not predict it precisely.
    Never the less, following this tide is completed, I will trade on correction. We ought to rememberthat 3rd tide was briefer than 1st, so 5th will be briefer than 3rd.

  10. #10
    As I mentioned in my prior message, we should have looked at the price action on EJ attentively in order to find out whether the previous wave is shorter or longer than previous one. So, the wave turned out to become approx. x1.382 longer. I anticipate EJ moving lower 136.95, as wave 3 is to be finished. Maybe, it is going to cease @ 136.8 level.

    I Place a sell order with s/l 138.03 and t/p 136.98

    PS. I hope that you find this thread useful. I will be delighted to hear a feedback from you.

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