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[Sejake]

Hey Life, I want to be in above 1.1970 the .78 retrace. I want to minimize my risk by getting in as close to that as possible. Since my limit order was missed by 10 pips or so I had to look for another entry and chose to enter just above the reversal bar.
As far as target, will it get there, I don't know. Will manually move stop up to lock in profit (hopefully) as the price goes up.

[lifegauge]

Well, here's a chart depicting on what I think oughta be the long term profit, not sure if it'll arrive there though.



I'm still not in the trade, waiting for 1.2020

[Sejake]

Yes, 1.27 or 1.618 extension is better that the 100 level and I will adjust my target if we get closer to those levels.

[AlphaTrader]

Hmm the 61.8 and AB=CD Confluence seems to be acting as a resistance at this stage.

I think that it might reach the 78.6 FE 127.2 Confluence before it bounces back. Also the Stochastic is still on a downtrend.

What do you guys think???

Also where can i get more info on the wolfwaves?????

What are they?

[Sejake]

Hey Alpha, there is a moneytec thread about wolfe waves...also do a google search and you wil find lots of info.

[AlphaTrader]

Yeah I read a bit about them from the Wolfwave forum and it seems interesting
What your take on them Sejake???

[Sejake]

Originally Posted by AlphaTrader

Yeah I read a bit about them from the Wolfwave forum and it seems interesting
What your take on them Sejake???

I havn't explored them that much. Bottom line is they are a pattern trade same as Gartley, Butterfly, elliot 5 wave pattern, or basic triangle pattern.
They definately offer entry, stop and target area's all good pattern parameters.
Another tool for the toolbox definately.

Check out www.wolfewave.com as well.

[AlphaTrader]

The target was reachead at 78.6 FE 127.2 confluence.

[AlphaTrader]

The next target for is the FE 61.8 78.6 confluence.

Looks like a nice gain if am right

ANyone care to comment on this for me?

[NFI]

Hi Alpha

I like your work and I must say I traded that same move, so am happy with the results . I am not too sure about your upside target though, I do feel that we will see a retracement rally and I feel that your .382 of the downswing is more likely as it is a Fib covergence of that downswing. If you use the same low and pull it to the various swing highs on the way up....and also there is a lot of support / resistance at that area, so I would be more likely to trade the move to there and then re assess.

just my pennies worth

Cheers
NFI

[AlphaTrader]

Originally Posted by NFI

Hi Alpha

I like your work and I must say I traded that same move, so am happy with the results . I am not too sure about your upside target though, I do feel that we will see a retracement rally and I feel that your .382 of the downswing is more likely as it is a Fib covergence of that downswing. If you use the same low and pull it to the various swing highs on the way up....and also there is a lot of support / resistance at that area, so I would be more likely to trade the move to there and then re assess.

just my pennies worth

Cheers
NFI

Yeah your definately right NFI there is a lot of convergance at the 38.2 level like you said. When it gets near that level its time re asses the situaion and tighten the stops for profit protection.

Thanks for your commets NFI.

[arco]

Nice trade Alpha.....I am still short EUR although I have taken some profits off the table.

The possibility is that this recent leg is AB of a Bullish Gartley or Butterfly, in which case it will only retrace minimally (BC) before it falls back further (CD).

In the longer scheme I have the possibility of EUR going lower to circa 1719 before bouncing back.

GTA

arco

[AlphaTrader]

Originally Posted by arco

Nice trade Alpha.....I am still short EUR although I have taken some profits off the table.

The possibility is that this recent leg is AB of a Bullish Gartley or Butterfly, in which case it will only retrace minimally (BC) before it falls back further (CD).

In the longer scheme I have the possibility of EUR going lower to circa 1719 before bouncing back.

GTA

arco

Thanks arco,

can you post a chart of your analisys so that i can have a look?

[lifegauge]

Sejake, did you get stopped out last night?
I entered into a position at 1.2003 only to realise that the current support at that time was not going to hold.

Instead of having a stop loss at 1.1968, I put it a little further at 1.1950, just in case.

Here's a short term outlook of where I think EUR/USD might be heading to. I think it might match arco's possible butterfly formation after it hits my Take Profit level.

[arco]

Hi Alpha

Perhaps like this (3 hourly) - only speculating based on the next chart....

............and I will post the daily in a moment