dojitrader

dojitrader

The previous wave count has become cloudy with the 5 waves up from 145.57 and has suggested that a flat is now possible. (Or a resumption of the up trend.) Another 5 waves up would make wave B a zig zag I'd have to check how often that occurs, but, that would give the 4hr chart a nice 3 wave look for a valid flat. Pt D of a Bat would be a potential area for some...

dojitrader

Anticipating a zig zag looking 3 waves into the .382/.500 fib retracement for a final 5th wave up to slightly new highs. (if analysis would label the mess of a 2nd wave as a triangle-not common for a 2nd wave) [ [ ]] There - the bigger trade will be the potential for larger corrective price action, perhaps, as big a retracement as down toward the .9300 area.

dojitrader

One of the clearest, cleanest wave counts for some time, so, I'm suspicious as hell ~~~~~ especially, having missed the most harmonic extended 3 drive in - how long ? {{why does it seem like the best trades you see . . . are the trades you've missed ? Psychology for another day . . . sigh !!!}} Looking for the candlesticks to trigger a short entry at the retest...

dojitrader

traderWgun's new chart had me exploring and this www.tradingview.com Bat pattern may compliment his idea for a little or a lot of downside before trending to the upside. Resistance zone is fairly large so once again I'll be relying on the candlesticks to trigger an entry/stops more to my liking of lowest risk possible.

dojitrader

The preferred count is actually the alternate - blue - labeling. But, I'm too lazy to redo everything and both counts point to a potential long entry in the .9500 area. I started out with the 4hr chart and a 1-2, 1-2 as shown in black. However, when I tried to sync it with the Daily chart *below* the 3rd wave looked complete. Thus the alternate count - now...

dojitrader

Not sure you can call this an Ending Diagonal if it's in a parallel channel, and it's difficult, at best, to see the 3 wave subdivision in each leg but, it sort of fits. Trying to hit the top, of course, can be a dangerous game and usually just lucky if you succeed ~~~~~ Guess I'm feeling lucky, but not without caution with hard stops and an alert for the...

dojitrader

The proposed Cypher pattern also tests my psychology for risk, so, I'm looking for the Bat to complete at the top end of the range unless the candlesticks provide a compelling reason to enter at the lower end first. The EW count is shaky, but, does support a corrective top in the .8900 area.

dojitrader

The proposed wave count on this 15 min chart is derived from the Dly count of EWI and the 8hr chart of EWSurfer and points to a potential top in the 101.30.40 area. Should this only be the start of another extension the risk seems low to find out. Picking tops is rarely a smart trade, but ~~~~ This one seems to be coming together rather nicely, so, a low risk...

dojitrader

This would be my first choice, BUT, it doesn't get very close to the .382 correction, or touch the level of the 4th wave of one lessor degree, SO, Maybe it will be a B and extend with C down to .500 correction which is also a stronger level of support. Looking for a signal from the candlesticks around the .9620/30 area on the hourly or even 15 min charts for a...

dojitrader

All comes together in a rather large potential long area of 1.4260 / 1.4200. Perhaps the proposed 4th and 5th waves of C and the candlesticks will fine tune a long entry trigger with the lowest risk. No limit order on this trade, for me anyway.

dojitrader

SO, I'll be looking for the candlesticks to provide a trigger at the minimum gap fill @ 1.4245 Risk is lower even though the harmonics of pt. D combine the .786 and 1.272 ext. almost to the pip. {{By the way --- Where was my head about an hour ago when the Bat was retested @ 1.4396 ? Especially after having been stopped out the first time . . . Rats !!! }}

dojitrader

With smart stops placed @ 1.13 fib ext of A to X for either trade setup and the likely hood that price could easily test recent highs around .8850 will probably keep me out Unless --- The candlesticks provide an enticing short setup with low risk = just in case I'm wrong and downside continuation is still in this proposed 5th wave to newer lows. Wait~~~~Me...

dojitrader

Might be a basic EW a-b-c- ziz zag 5 waves in a - hopefully 3 waves in b or a triangle ? with an entry in the area of the prior 4th wave and the .38/50 fib. That would be a great place to provide the common c = a harmonics. If you didn't catch the Butterfly @ .8658 perhaps a 2nd chance for a long OR add to my position - still anticipating the Gap will be...

dojitrader

First saw tan Aussie Butterfly from - Trading_Accuracy, but, thought the pull of the opening gap would be to much. EurAud strength has me thinking it makes some sense in the associated correlation building. Bat is at the 1.618 so there should be, at least, a small reaction. If it blasts on through the Bat the Cypher is at much stronger looking resistance. So,...

dojitrader

An obvious 5 waves in proposed C Wave plus Bat pattern plus Clear support at what may be a prior 4th wave Would be an enticing long . . . But The 1.618 fib ext of A to B 1.1130 And the measured move @ 1.1120 may halt the correction above support SO the market will probably push hard @ 1.1100 support as that would make the greatest number of traders sweat the...

dojitrader

Either way it seems to short should be in the .7920 area for downside trend continuation toward the .7700 area or lower.

dojitrader

Whatever the final labeling there should be one more upside move as it seems incomplete. If the bottom channel line is broken all 3 ideas are gone. So, the 3 drive triggers @ .9570 the ED and measured move @ . 9595 area which is also the .618/1.618 fibs and last gasp of resistance. the bottom line is this price action is corrective, not impulsive so trend...

dojitrader

Large resistance zone is centered by a Bat pattern {{Gartley has been triggered}} the .618 rib retracement and the 1.618 fib ext of A to B. Possibly a little RSI divergence and the DMI has been in the decline for this latest upside move. Low risk and C to D looks to be in 5 waves suggesting a small, If not large, correction is at hand. If this is only a B wave in...