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Elliottwaveforecasts

CADJPY, 4hr tf, double top pattern in play Previously i managed to took profits on this pair for +105 pips when i first call to sell it on Tuesday. It is now retracing back up on a nice point to enter sell again after yesterday BoC meeting. As you can see there is a double top pattern in play and we might see another drop soon on this pair as risk off sentiment and oil price on the verge off dropping. Sell CADJPY 86.40 Stop loss 87.00 Take profit 84.40 (3.3R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
GBPUSD, 4hr tf, double bottom reach 1st targetHello my friends, On April 9th i saw a potential double bottom of GBPUSD mirrorring XAUUSD chart movement. I posted about my buy position and stop loss. Two weeks later and price has reached our first take profit. For those who missed this chance, i am gonna share my second plan for buying GBPUSD. I think we will see some retracement first before continue going up in this pair. I will wait for price to retrace towards 1.3850-70 area to initiate buy order. Buy GBPUSD 1.3855 Stop loss 1.3800 Take profit 1.4040 (3.3R) Use only 1-2% risk Good luck
Long
by HayatoDragonFX
CADJPY, 4hr tf, more downside expected on wave-CAs you can see we're on ABC correction after completing all 5 waves. The B is a triangle and we might see another 5 smaller waves to the downside. You could also see that pattern as descending triangle or bearish flag, it is up to you how you see it but it should be clear as bearish continuation pattern. Wait for price retrace around 86.70-75 before entering sell. Sell CADJPY 86.75 Stop loss 87.15 Take profit 85.05 (4.25R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
😨Fear comes. Gold is back in vogue.🥇●● Mine scenario 🕐 1M FX_IDC:XAUUSD Until recently, the main scenario was the count presented below on a dark background, but after weighing all the pros and cons, I chose the already formed triangle ((B)) of I . And in general, both counts suggest an ending diagonal of a degree lower, followed by a pullback, based on the depth of which we will build further plans. 🕐 1D OANDA:XAUUSD I expect the growth of the third wave within the diagonal ((C)) of I . ●● Alternative scenario 🕐 1M FX_IDC:XAUUSD As an alternative scenario, I propose to consider the probability of the formation of a wave ((B)) of I in the form of a triangle with a wider boundary. 🕐 1D OANDA:XAUUSD On the daily timeframe, the current count is identical to the main count and assumes a resumption of growth in the near future, except that the goals are slightly more modest. "Gold is the time-honored store of value, and although the price of gold may flatten for a long period, it is always good insurance to own some until the world’s monetary system is intelligently restructured, a development that seems inevitable, whether it happens by design or through natural economic forces. That paper is no substitute for gold as a store of value is probably another of nature’s laws". EWP2005 The wave marking in the double circle parenthesis corresponds to the green marking in the circle on the chart.
OANDA:XAUUSDLong
by TradeWaves-EWA
Magic TA: The future is predicted magically!Earlier was the first to published an idea about BTC is not gonna break ATH 61800 at this point of time, instead will need a price correction before 72k! According to the observation of recent days, it is confirmed to be riding on the price correction wave. It would be a huge retracement according to the principle of elliott wave. However, after a while I've seen many analyser posted the similar chart. My philosophy is always "sell when people buy, buy when the others sell". Thanks to those who blindly buy (long) BTC at the peak of the hill, and so I'm getting extreme high funding fee from the trading platform on every 8 hours. ;) This may be the good timing for the newbie (especially those "smart traders" trying to "educate" me in a bad way) to understand, what's the real meaning "Do not chase ups and downs. Anyway, regardless long or short, debate / discussion with open-minded is always welcomed. Sincerely hope ALL OF US could make a fortune from crypto trading! Again, this is not a financial advises. I'm not a professional analyser, and I've started the trading for 2 months ONLY. :) It's my hobby to analyse the pattern so it would help in my development of automated pattern trading software.
Short
by spencerlim88
18
Price correction: first target - 56200Earlier I've shared an Elliott wave analysis chart and mentioned we may on the point (B) position. meanwhile, I've revised the chart, and realised there are 2 possibilities. Note: Please google on the complete elliott waves chart and compare to my draw. 1. Yesterday 2nd April 2021 highest point as a reference, we may on point (1) of the impulse wave. 2. Yesterday 2nd April 2021 highest point as a reference, we may on point (C) of the correction wave. So, I've decided to draw another version. (above) Sketch of 2nd April. (C) edition of correction wave. Combining with others TA tools, to find out the highest point and next lower support line. It's a cup and handle, with a highest point of 68517. Meanwhile, applying ascending triangle to the chart, we may see a lowest point of 55492, in the case of we get a breakout confirmation at 58930+ Last, be aware of the limitation of this ascending triangle. The main problem with triangles, and chart patterns in general, is the potential for false breakouts. The price may move out of the pattern only to move back into it, or the price may even proceed to break out the other side. A pattern may need to be redrawn several times as the price edges past the trendlines but fails to generate any momentum in the breakout direction. While ascending triangles provide a profit target, that target is just an estimate. The price may far exceed that target, or fail to reach it.
Short
by spencerlim88
7
Interesting fact: 5 waves formedFun facts: 5 waves is formed on BTCEUR pair but not on BTCUSD on this BTCEUR chart, major point (1) and point (4) is not intersect, which is a valid elliott waves. However, the case is different on BTCUSDT pair. The point (4) is dipping below point (1) and so it is invalid. Anyway, BTC seems exhausted at the moment, it failed to break ATH 61800 whereas others cryptocurrency broke its records. Congratulation for ETH hodlers, the value of ETH will not be limited to 2100USD ONLY. UPDATE We're now testing the EMA Ribbon lines again. Let's be patient and wait for the next few block of candlesticks for a buy/sell confirmation.
by spencerlim88
2