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Abcpattern

USDJPY might be not bearish ?I got the feeling, USDJPY is seen as short for longterm. Considering monthly timefrime I could imagine, that last sell pressure was kind of reaction to long uptrend. So the sell off might be an ABC correction to EW from year 2012 to 2015. Looking at wave 5 of that EW, where much bullish activity has been and much activity during wave C of ABC correction I could imagine, that USDJPY is not really bearish. I know, this is not useful for trading at the moment, but I would be quite cautious to step into shorts. I painted some levels, that might point to support and resistance zones. Regarding how USDJPY run through that zones on way up and back down, it looks to me like aggressive buys and, as reaction, sells to save profits. For long view I think USDJPY might start another move up. What I like is the geometry of the lines in EW move up and ABC move down. They look quite parallel. This makes the idea more valid to me.
Long
by Subjugal
Short Gold at 1255 on Upper Trend LineThe gold daily chart has a lovely symmetrical upper trendilne to it...Im expecting a short at 61.8% fib retracement ($1255) as todays move up was too strong to short gold from a lower level and experience tells me that traders nearly always push the boundaries to the limits... the chart tells us we will hit this trendilne and 61.8 fib on Wednesday 8th June, do not rule out a fake bullish breakout up to1160/1165 so not a trade for a tight stop loss. This should see an end to the correction and the beginning of the next wave down to $1130 - $1170 by end of June.
FX_IDC:XAUUSDShort
by Givingthelowdown
1
CADJPY SIMPLE ELLIOTT WAVE APPROACH (123)If you missed the short opportunity @ the 50% retracement of wave(1) , no need to worry as there is still plenty of opportunity left in this market. For starters , "The Trend Is Your Friend". We are currently experiencing LL's & LH's so lets stick with it. Entry: You can enter short @ the break of wave(2)'s Low Stop Loss: Above wave(3)'s high. TP: You can take profit @ the distance between wave (2) - wave (3) projected below the break of wave(2)'s Low , also the 161.80% Fibonacci Level. Alternative more aggressive TP: You can trail the stop candle by candle. Happy Trading -Supreme7
Short
by Supreme7