Elliot waves analystπŸ“ˆπŸ“‰
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USDJPY . This paIr has been in the sideways correction for months now and this is why you see I post shorter timeframe opportunities . So we will continue doing so until price makes a break through out of this range .( avoid trading markets that are ranging unless u know what ur doing)
BTCUSD ... I don't like swing trading in this pair due to how the outside liquidity (people with money and who can enter the market at anytime ) are so influenced my fundamental and fear so I prefer trading day trades . But we should see price continue the bullish trend next week
GOLD (XAUUSD) . This pair Is most likely in a correction phase . But we w will consider the trend over after price breaks the trend line channel
Here's my count . again the pair is still heavy bearish by all metrics but price itself is showing bullish pressure so we will stick to price foe now
GBPUSD 1D
GBPUSD 4H ... so this pair and EURUSD are all bullish .but this pair has already shown its willingness to trade higher, we should see great buying and hold opportunities once price completes the correction phase
That's all from me . I hope you all have a greet trading week . If your have nay questions feel free to ask @mwakasole
XAGUSD 1H ... today is Monday we are not trading any significant moves we ar just feeling the market . our initial analysis is that the correction phase has completed with this wave (c) of an irregular flat . Now we are looking for buying possibilities but price might extend the wave 5 of wave (5) even lower
Why buy at that particular price .... Case study 1 for this week
USDCAD .. I made a mistake her price wasn't forming a WXY but a simple zigzag
XAUUSD 15 MIN if we get this movement here then gold might be a good pair to look for longs
So this was a trade yesterday . The count was right and price eventually went down but went up again before it really fell taking me out . This is classic wave problem that most of us face . Usually wave can extend and even when you have a solid count wave are soo subjected to this and this problem will show itself Cleary when yo know waves ... how do you avoid this
Since typically we would look for buying down there for better risk to reward usually more than 5 . The risk are high and usually we are subjected to buying extended waves on wave c
Instead wait for price to break the depth line . That will form a sub wave 1 then wait for sub wave 2 for confirmation of a buy . This are where high probability setups are formed . Now the drawdown to this is you might miss some great opportunities and sometimes the risk to reward might be lower than 3 .
NOTE ; this is for all timeframes above the 15 minute chart . Anything below that this will fail more than 50% because of manipulation and stop hunts . And obviously this is a more complicated subject I can't teach here but if you study on your own you may get the point am trying to make