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  • #14,621
  • Aug 18, 2014 7:54am Aug 18, 2014 7:54am
Quoting pat.van
{quote} Very interesting indeed, quite a bit of imagination is used here to come up with the corrective wave counts I guess Brilliant, it is always good to know your terrain. Admittedly, I was thinking it would be triangle corrective wave as well and got quite confused when the price broke the diagonal trend line without completing the "e" leg of triangle. After that I was lost...lol. But thanks for your explanation, does make a lot of sense!

You are welcome...

The use of imagination is seen as a limiting factor for elliott waves by many. I compare this to deciphering "art". There is always going to be a difference of opinion; yet there is always an underlying story...
  • #14,622
  • Edited 8:11am Aug 18, 2014 7:59am | Edited 8:11am
Quoting waleed.khan
{quote} Hey sorry I just saw your post - Thanks for the kind words and welcome to ff! As far as the wave count is concerned...to be honest complex corrective waves are very very difficult to identify (and you can account for them in many ways)... and there really isn't much info on it too... I picked up on it after watching a very old course video by Prechter...even there it was vaguely explained. But to summarize you just keep counting abc; seperated by an x wave... Flats are usually 3,3,5 corrections...the first c obviously missed and hence...
So far it looks like we have had an abc in the 4th wave...now we need the volume support to keep the 5th wave truncated and to stay within the box or above 1290... (it's going to be tough; but if it holds then that should give assurance to the upmove)
https://www.tradingview.com/x/1IfnFvpy/
  • #14,623
  • Aug 18, 2014 8:23am Aug 18, 2014 8:23am
So clear how price waiting for US mkt to open…. first Mkt could go higher and they send gold down one more leg to 1290-1292… whats more likely is US mkt just gets hit from the start and gold spikes up holds 1296 USD JPY sells off. We'll see….
  • #14,624
  • Aug 18, 2014 8:33am Aug 18, 2014 8:33am
around 1296.4 started a good support at 15 min chart
  • #14,625
  • Aug 18, 2014 8:45am Aug 18, 2014 8:45am
Quoting westinitbd
{quote} I want to learn would you give some tips???
Before I can give you right advise, I would like to know for how long have you been trading? and did you ever practice on a demo account?
Hello World!
  • #14,626
  • Aug 18, 2014 8:47am Aug 18, 2014 8:47am
Quoting wafiqsalameh
around 1296.4 started a good support at 15 min chart
U are amazing wasting time !!!! Is it up 1st month in forex
  • #14,627
  • Aug 18, 2014 8:48am Aug 18, 2014 8:48am
Quoting waleed.khan
{quote} So far it looks like we have had an abc in the 4th wave...now we need the volume support to keep the 5th wave truncated and to stay within the box or above 1290... (it's going to be tough; but if it holds then that should give assurance to the upmove) {image}
Hi, thanks for the update. Just sharing with you how I see the waves coming along. This is on 15min, basically a zooming of 5th wave on 1hour per your count. I see this as an impulse wave down, trying to complete its minor 5th wave.

If you try to project this out using fib expansion cluster between 4-i-ii and ii-iii-iv, area of support should be 1296.3 (around current price), 1294.4, 1290.0 and so on.....so hopefully any of these levels could hold so we still have a good bullish formation on the higher timeframes.
Attached Image (click to enlarge)
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  • #14,628
  • Aug 18, 2014 8:49am Aug 18, 2014 8:49am
Quoting westinitbd
{quote} I want to learn would you give some tips???
I just took a look at your profile, your accounts don't look good.

This forum has a few threads dedicated to VSA, do a quick search & you'll find them, two below

VSA with Malcom
Sonic R System

Download free indicators for VSA and practice for 6 months using these threads and let me know what you find..

PS: I can only show you path, won't do any spoon-feeding.
Hello World!
  • #14,629
  • Aug 18, 2014 8:49am Aug 18, 2014 8:49am
And so it begins… Tricky markets…… going all slow and back and forth.. Monday………… Hmmmmm. Still can't see how gold won't go above 1300 and us mkt usd/jpy sell off, but hey the market makes a fool out of all of us most the time, well definitely out of me
  • #14,630
  • Aug 18, 2014 8:56am Aug 18, 2014 8:56am
Crazy day at work, just got home to a computer.
3 longs triggered at 1301,1300,1298.
1296 resistance should hold, lets see where it goes.
Happy trading, everyone!
  • #14,631
  • Aug 18, 2014 8:58am Aug 18, 2014 8:58am
Incredible, new highs on US tech again… man this market never stops.
  • #14,632
  • Aug 18, 2014 9:02am Aug 18, 2014 9:02am
inresting fighting of buyers And Sellers on 15 M chart
Attached Image (click to enlarge)
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  • #14,633
  • Aug 18, 2014 9:02am Aug 18, 2014 9:02am
Quoting gemy
{quote} U are amazing wasting time !!!! Is it up 1st month in forex
dont be too amazed my friend,but my bodies who work on 15 minute charts when they find the support they do lift the price
  • #14,634
  • Aug 18, 2014 9:07am Aug 18, 2014 9:07am
Quoting kinspk
{quote} I had shorted this as well, am looking towards 1300/1290, as Monday opening, PA seems to be resisted at around 1311.. How much bear will you think it will go, love to hear your opinion if you don't mind sharing, as not much bear minded traders for this week? Thanks in advance. May our shorts turn much greener. {image}
Athough I'd closed the short for green, but went in another short at a bad price.


Gold looks to go lower a bit more, the volume build up during the range and exhausted for a bear. Hope it sum up the bear before US close today or this week. Good lucky guys.
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The only winner is the one who survive the longest...
  • #14,635
  • Aug 18, 2014 9:08am Aug 18, 2014 9:08am
1293 or 1305?
  • #14,636
  • Aug 18, 2014 9:09am Aug 18, 2014 9:09am
Just hedged 4 shorts (with 4 longs @ 1297)

Net Position: 6 shorts
Hello World!
  • #14,637
  • Aug 18, 2014 9:10am Aug 18, 2014 9:10am
Quoting Ck87
Incredible, new highs on US tech again… man this market never stops.
haha..

As said; the market has a little more upside... best to short at resistance or that upper channcel and evening star formation (less risky/better R:R)...

Secondly I don't think this time golds run is going to be inversely linked to stocks...

If anything the markets are going to start ranging a lot as opposed to dropping through the roof.
  • #14,638
  • Aug 18, 2014 9:13am Aug 18, 2014 9:13am
Quoting ClockTrader
Just hedged 4 shorts (with 4 longs @ 1297) Net Position: 6 shorts
Today i will follow you Ct
  • #14,639
  • Aug 18, 2014 9:19am Aug 18, 2014 9:19am
Quoting gemy
{quote} U are amazing wasting time !!!! Is it up 1st month in forex

15min bar @17:00 was a middle test and it did hold
  • #14,640
  • Aug 18, 2014 9:26am Aug 18, 2014 9:26am
Quoting ClockTrader
{quote} {quote} @iwishtowin I think everyone here would appreciate if you provide some kind of logical theory, a chart or any such thing to justify your call. Even I've been weak on this front & lately I started adding a few line section "Logic" to my call when I take positions.
Sure ClockTrade point taken. attached screenshot of my mt4.
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