Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Wednesday, May 26, 2010
Where to go from here ?!
Good morning everyone ,, at least its the morning here :)
firstly , i would like to stress on point of that this Blog will be active and full of trade ideas as some ppl where worried about that ,, but as i said , i stalk the market for a good trade , i was stalking the market for days untill i came out with this 700 pips trading plan , so , u might see me posting charts everyday and analysis , wating for some confirmation to go for my next trade plan , but not everyday i have a tarde for u here ,,, some ppl might see my charts and use it on there own to trade ,, but offical trades and will count on my PIPS credit everymonth offcourse will go throught me.
and i think IT WORTH IT TO WAIT FOR FEW DAYS AND HAVE 700 PIPS
i m not promising to give 700 pips every plan offcourse lol , but when i go into trades , i always tend to capture moves that gives more than 100-200 pips ,,
anyways , just keep an eye on the blog here , if i see enought followers i ll start to make a twitter account to be closer to my followers and faster on taking trades ,, so please make sure u click on that follow botton on the blog
back to bussiness
what happened yesterday was so expected and shown in my charts ,, i said i m expecting a new yearly low in the s&p 500 and it did ,, it was expecting another dive to complete the 5th wave down but it was a very brief 5th wave where it opened lower and completed it , at this point when u see 5 waves down then correction then another 5 waves , there is always 2 possibilites ,, ABC THEN UP ,, OR 4TH WAVE THEN DOWN AGAIN , at this point i m looking at the bearish count for various reasons , as shown in the S&P 500 chart , we will be looking for the end of the correction high before we dive again , i ll be stalking the markets on that ending of correction ,FROM PREVIOUS EXPERIENCE ,it would have been better to ride the correction than stalking it cause it cant tell u definitly where it ll end , and i was planning on that AUD/USD chart to ride this correction but i did hesitate a little , but i might jump in with a long trade to ride this up untill i find waves evidence of rally ending .
In the AUD/USD chart , i have seen various Elliott Waves counts that sees that we have already finished 5 down from the top and we r heading to a strong correction maybe up to 88 or something , but i m sticking to what i see on my charts that we finished 3 down with 4th to go before another dive to the 50% ret. on the daily at 0.77 , this count comes invalid if it touches this red line shown on the chart , i put the importante potential resistance level on the chart for possible turn down , I M NOT CONFIRMING THIS TRADE YET ,but stay tuned to this blog for further notice , ,
if it touches the red line its not invalidating the hole bearish scenario but i then have to put some changes to the Elliott waves count
when things gets more sence to me , i ll post it here ,, but if i m assuming a correction but on different deapth then its better to ride it , and i might jump in at anytime today or tomorrow with a trade , so keep an eye on the blog
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