Short-Term.....Swing Trade (Set-Ups)

[ActiveTC]

I did some work on GBPUSD GBPJPY USDCAD I found that we are in last phases of upmove(wave 5) with targets: GBPUSD 2.0450 USDCAD 1.0410 GBPJPY 250

[G550]

Kosai-

At what price are you placing your short entries? What is significant about those prices? For example beneath the previous days low or the week low? You don't need to answer if you are not inclined to. Just thought I'd ask.

But I do think that a test higher is likely. I'm not married to any position for obvious reasons so I'll be the first one to short if it meets my criteria.

Thanks.

[kosai.]

I'm already short 0.5% risk (curr +56 pips) at the daily close since I glanced back at my Ewave chart saw that price did close just below one of the targets for wave 5 that o seems really convinced as well as a few other well respected traders that around here is a top; reduced risk since i also feel that higher prices are in the picture.

To answer your question about what is significant ... I look a lot at fib confluence. In other words the Wolfe Wave study 162% matching about 2 other fibs show that level as being significant. It being significant doesn't mean intraday however that price won't blast right through just like it did here with the pound which was why i thought it was going higher initially the close is everything that's where professionals act.

Also I have a few charts that I don't show here but are based on geometry similar to WW that shows a trendline the gbp is now approaching.
Tops bottoms can be really tricky to call sometimes it happens earlier sometimes later that's why i put a reduced risk trade.

Hope that helps to explain...

Cheers.

FxKos

[golhuntsleep]

You guys are great! are making total sense......graeat to see well thought out forward looking views..........

[golhuntsleep]

Just a heads up a note......btw...great job by those really thinking through thier counts......heads up......wave 4 of 3 often fools traders ( me too) into thinking we have done 5 waves...when in fact we have done 3.....note..I have a problem with the currency achieving a triple 5 count on the Pound a double 5 on the euro in summer.....it is not a time we expect a dramatic move up or down but the expectation is for range trading (4th waves) I'm sitting tight on picking the tops here....my indicators do not show strong divergence which I would totally expect to see at the end of a triple 5 count... watch for some erratic movement if we get it then when the market movers come back to the table we will see our tops or the begining of our dramatic dollar strength....just a thought to ponder...the one thing that would alter my thoughts expectations of normal summer trading is a dramatic world event....short of that ecomomic announcemnts will probably give us a normal summer....I am really looking for a way to stall major movement until the market movers re engage......6 weeks.....

[marketwavez]

Here's a look at the Usd/Cad going into early next week ......

[marketwavez]

Usd / Cad

Time to make a decision ............

Which way do you think ?
-----------------------------------
North or South ?

[ActiveTC]

A major bottom is 15 pips away on USDCAD at 1.0410 An excellent buying opportunity for 300+ pips bounce