{lang: 'en-US'} May 2015 ~ ElliottFxTrader Blog

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Thursday, 28 May 2015

EUR/USD H1









General overview for 28/05/2015:
The impulsive wave progression to the downside hasn't been completed yet as there are some wave still missing. The current corrective structure in wave 2 black looks uncompleted as well, because only wave a purple to the upside had been made so far. The market might make another wave down, labeled as wave b purple and the rally up to complete the irregular flat corrective cycle. The max. retracement for the corrective wave is at the level of 1.1061 - 1.10 77, that confluences with the 61% Fibo zone as well. On the other hand, in case of a sudden move to the downside below the level of 1.0818 the alternate count is in play.

Support/Resistance:
1.1091 - Weekly Pivot
1.1061 - 1.1077 - Resistance Zone|Confluence Level| Key Level|
1.0818 - Local Low
1.0735 - WS1

Trading recommendations:
Swingtraders should keep the sell trades open and add to sell positions if the market hit the grey rectangle resistance level.

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Wednesday, 27 May 2015

USD/JPY H4









General overview for 27/05/2015:
The impulsive wave development to the upside does not completed yet as there is still a corrective wave iv and one more wave v missing to complete the overall structure. The orange rectangle represents a projected target zone for wave iii. The most important support for the bulls is at the level of 123.31, because any break out lower will open the possibility of a larger corrective cycle down to the level of 122.02. Nevertheless, the bias is bullish and this pair should see more gains. Only a sustained break put below the level of 120.50 would invalidate this view.

Support/Resistance:
124.92 - WR3
124.12 - 123.92 Projected Target Zone
123.31 - Intraday Support
123.25 - WR2
122.68 - WR1
122.02 - Technical Support

Trading recommendations:
All bulls should consider closing a part (or full) of their position into the orange rectangle area as the immediate corrective cycle is coming. Buying the dips in wave iv is the way to trade this market in anticipation of wave v to the upside.

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Friday, 22 May 2015

GBP/USD H1









General overview for 22/05/2015:
The impulsive wave progression to the downside labeled as wave 1 pink had been completed and the irregular corrective cycle since then has almost hit 50%Fibo at the level of 1..5877 in three wave advance. This corrective wave has been labeled as wave 2 or a purple, because there is still a possibility that corrective cycle is not completed. On lower time frames however, we can see that the first wave to the downside after the local swing high at the level of 1.5817 might be labeled as impulsive wave, followed by three wave corrective cycle (labeled as abc green). But the current wave progression does not look too much impulsive so far and the alternate count is suggesting the more complex wave (ii) green correction IF the level of 1.5566 in NOT violated.

Support/Resistance:
1.5817 - Swing High
1.5664 - Weekly Pivot
1.5566 - 1.5587 - Key Zone
1.5518 - WS1

Trading recommendations
As long as the market trades above the the level of 1.5566 the downside move is not confirmed and buy orders should be opened. Please notice that the break out below wave (i) green low at the level of 1.5450  confirms the top is in place and creates a sell swing trade opportunity to trade wave (iii) to the downside


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Monday, 18 May 2015

EUR/USD H1,H4,Daily, Weekly & Monthly









General overview for 18/05/2015 09:15 CET

On lager time frames there are two possible wave scenarios that might be happening soon and both are based on wave 4 pink corrective structure. Based on Elliott wave principles, there is one more wave to the downside missing, wave 5 pink, and it will develop only when corrective wave 4 pink is completed. As per WEEKLY chart, there are two scenarios for wave 4 pink pattern to unfold:
- scenario 1 - ABC Irregular Correction - is about to be completed on the lower time frames now and soon the market should decline towards the level of 1.1053. Breakout below is bearish.
- scenario 2 - ABCDE Triangle - is more complex and time consuming corrective pattern and would fit the alternation rule perfectly as the wave 2 pink was a simple corrective structure.

Please notice that on the MONTHLY chart the market is a rather close to the both parity level and 78% Fibo of the overall retracement of the previous swing high. The key level is at the level of 0.9900.

Support/Resistance:
1.1466 - Swing High
1.1375 - Weekly Pivot
1.1278 - WS1
1.1053 - Key Support
1.1036 - WS2

Trading recommendations:
EURUSD: Sell
Strategy name: Sigma_Wave
Trading style: Technical
Suitability: Good for full-time and part-time traders
Order type: Market order
Stop loss: 100 pips
Take profit: 200 pips
Position sizing: 0.01 lots per $2,000 of account balance
Risk per trade: 0.5%
Risk to reward ratio: 1:2
Exit: At the end of the signal period (refer to message subject)
Breakeven: Move your stop to breakeven after reaching a gain of 70 pips
Trailing stop: Maintain a 100 pip trailing stop after reaching a gain of 170 pips

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