Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Thursday, May 27, 2010
Update on the Trade
oK GUYS , i m posting my charts here to clarify the trade for everyone , i see some people freakin out already ,, although we have 70 pips LOCK on loss with hedge ,, so when it moves up it gives more confident than when it trigger the hedge and go down as some people was afarid of yesterdat
I SAID IN YESTERDAY POST that if it hits 83 then it ll go up with no hesitation ,, and a hedge from there will be good ,, and it did , i shown the possiblity of 2 scenarios ,, one of a direct head down ,, second one is for another sail up to complete ABC correction before going down again ,, althought i was in to the first scenario more but i m so confortable with the price action now for 1 reason , cause it ll make the trade bigger , i was willin to take profit on trading this 5th wave down at yearly low ,, if it goes higher then it ll give us more profit as it recovers all this gains down to double bottom ,, so the trade is getting bigger and more exciting ,,
I M POSTING AN OLDER CHART HERE TO LET PPL REMMEBER THAT I ((( KNEW ))) THERE IS BIG POSSIBLITY THAT IT LL FIND SUPPORT OF THIS 82 LEVEL AND SAIL HIGHER AND THEN DOWN
so i m not surprised as u guys might think i m ,,, ,
anyways ,, what i m doing here is ( BUILDING SHORT POSITION ) FOR THE COMING 5TH WAVE DOWN , building a position is a smart thing to do and should be done very carefully ,, cause u must take in mind 2 things ,,, NOT TO MESS THE TRADE ( THATS WHY I SHORTED FROM THE FIRST POSSIBLITY ) second , take all possiblities ( WHICH IS WHY I SHORTED HALF POSITION WITH THE OTHER TO ADD ON EVIDENCE OF WAVE ENDING )
in the chart shown ,, i m seeing 3 waves up almost complete on the final wave c up ,, with 4 down to go then 5 up ,, i m expecting a positive open for the S&P 500 today and i m stalking its test of the resistance shown on the chart ,, 2 main levels , i ll see where the AUD will be when its testing this levels, and the waves formation ,, and then will decide where to short from and close the hedge ,, someone said i have short orders ,, well i didnt mention short orders of specific levels , i said i m watching for the best short ,,,
AND about why not trading this move up ,, well , to be honest , it was a possible thing to do , but i dont wanna complicate things up with lots of positions , and i m concentrating on the plan i m seeing and i post charts so that some ppl might use it to make trade on there own ,, i said that before ,, i said u can use my charts to make ur trades regardless of my trade plans ,, if u see my chart with good analysis and trust its directions ,,
i traded myself some fast 40 pips trade on the long side , but this kind of trades i cant post it here cause it happenes so fast and i was just grapping some pips and backing off and concentrating on the main bearish bias and the wave count for this move ending ,
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