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Abcpattern

Short Gold at 1255 on Upper Trend LineThe gold daily chart has a lovely symmetrical upper trendilne to it...Im expecting a short at 61.8% fib retracement ($1255) as todays move up was too strong to short gold from a lower level and experience tells me that traders nearly always push the boundaries to the limits... the chart tells us we will hit this trendilne and 61.8 fib on Wednesday 8th June, do not rule out a fake bullish breakout up to1160/1165 so not a trade for a tight stop loss. This should see an end to the correction and the beginning of the next wave down to $1130 - $1170 by end of June.
FX_IDC:XAUUSDShort
by Givingthelowdown
1
CADJPY SIMPLE ELLIOTT WAVE APPROACH (123)If you missed the short opportunity @ the 50% retracement of wave(1) , no need to worry as there is still plenty of opportunity left in this market. For starters , "The Trend Is Your Friend". We are currently experiencing LL's & LH's so lets stick with it. Entry: You can enter short @ the break of wave(2)'s Low Stop Loss: Above wave(3)'s high. TP: You can take profit @ the distance between wave (2) - wave (3) projected below the break of wave(2)'s Low , also the 161.80% Fibonacci Level. Alternative more aggressive TP: You can trail the stop candle by candle. Happy Trading -Supreme7
Short
by Supreme7
How to count Elliott WavesI'm often asked how I keep track of all the rules and guidelines when trying to count with Elliott. Frankly it is a bit of a tedious process. But for me, it help create good stop loss price-points. If I'm wrong... then I know exactly where I am wrong and my stop goes at that line. Having said that... outside of Elliott for a moment, the most important thing to know is that almost all moves in any market are either divided into 3 wave or 5 wave patterns. If a trader focused only on that I would venture to say he/she would be successful. Here is a very straight-forward example of a three wave pattern with the last leg sub-divided into 5.
by peterdcharlebois