Anyway! Cable Is Bearish - successful forex trading signals

Anyway! Cable Is Bearish ~ successful forex trading signals

Elliot wave theory is the most complete technical tool to understand the position of price in the framework of the market.. It clearly tells us the degree of any trend and correction within a market structure; when they start and end and what to expect afterward.

 

The long term analysis of the Cable for more than 20 years can be analyzed by the two charts below.

 

 

 

 

 The rally from 1.363 to 2.122 was a clear zigzag corrective pattern ( a possible wave 2, 4 or B) which is expected to be followed by a 5-wave sell off. The sell of started from 2.122 and has probably completed first two waves, the 1st wave was completed at 1.42100 in a truncated 5th wave followed by a zigzag correction which ended at 1.7230. Price went down in a big momentum to 1.4551.

 

The dip from 1.72 is expected to be a 5-wave move in a smaller degree. The rally from 1.4551 is corrective and price is expected to sell on a large trend. 

The second wave analysis below also supports the long term bearish movement.

 

 

 

The price pattern that ended at 2.1180 was an ending diagonal. An ending diagonal characteristically ends a 5-wave impulsive move. This move is expected to be followed by a 3-wave correction. 

The resulting correction is not clear but if the count above holds, we will probably see a zigzag correction. A zigzag correction is a (5,3,5) wave . The first 5-wave ended at 1.4160 followed by a 3-wave correction which ends at 1.72. A 5-wave move is expected to break 1.45 below.

That is how we use elliot wave theory to forecast price movement. 

Has the present rally from 1.452 ended to pave way for the sell off?. We answer this question by analyzing price actions in the hourly charts. The hourly chart below show the position of price in the short term.

A double zigzag is probable which, provided price breaks the intraday 1.5695 resistance, could end at 1.65 before the bearish move. A break below the red trendline could mean that price is already for the bearish move especially if the momentum is high.

This is a forecast to determine price direction and zones. We should look for tradable patterns along the direction of forecast. If price moves contrary to the forecast, we can reanalyse and wait patiently for the right time to pull the trigger. Its about spotting high probability trades.

A winning trader does not follow price everywhere. He simply allows the market to connect to him before he connects to it.

 

JOIN AN ELLIOT WAVE MENTORSHIP CLASS and be an elite trader

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DOWNLOAD FREE FOREX WORLD - how to use forex trading signals

DOWNLOAD FREE FOREX WORLD ~ how to use forex trading signals

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Short Term Analysis of Cable - fx today's forex trading signals

Short Term Analysis of Cable ~ fx today's forex trading signals

After a long move downside over a long period of time, Cable finally reversed at 1.455 and we are getting close to know how the resultant bullish move could turn to play out. 

Viewing the bullish move through elliot wave binoculars, its clear that the long term bearish move might not have concluded. What the chart is showing us presently is that price is correcting.

What pattern of correction?. We get the answer from elliot wave.

Many elliot wave analysts will definitely have different view on the counts, but what I see from my angle here is correction. The correction might not be over though as price can still proceed the bullish movement.

The first bullish move from 1.455 was clearly a 5-wave impulsive move. Price corrected in a zigzag pattern to 1.51. The continuation of the bullish move followed to 1.59 in a movement one might  think would be a motive move, but was a corrective zigzag. 

When we see consecutive zigzag patterns in a particular trend, high possibilities are there that its a corrective move of the larger trend.

The pattern forming in advance counld be a RUNNING FLAT , a 3,3,5 corrective pattern. The prospective Flat started at 1.58 and could end at 1.51 or 1.49 regions. We are in the last leg of this pattern in a clearly forming 5-wave impulsive dip. cable is expected to dip to this region where we can set to look for a trading opportunity.

 

 

 

 

Of course, price can move in many other ways. 

The way I analysed is just one of them. I always like making a way I expect the price of any market to move. If it doesnt move that way, I think of another. 

But my way of thinking is directed toward the completion of an elliot wave pattern. 

Why wont I when its such reliable?

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The Long Journey of Euraud - forex trading signals subscription

The Long Journey of Euraud ~ forex trading signals subscription

The long term cycle impulse wave from 2.1144 in 2008 to 1.1514 in 2012 is expected to be followed by a 3-wave correction of the same degree ( according to the wave principle).


The first leg of this correction ended in a 5-wave impulse primary wave and its also expected to correct in 3-waves of the same degree which I once forecast to end at 1.3250 before the diagonal that formed at 1.36175.


This diagonal prompted me to believe that the primary wave correction was over.

From 1,36175, price was expected  to complete the last leg of the cycle wave correction in a move that should break above i.58619. The rally from 1.36175 was rather a correction ( double zigzag) and this changed my view that the primary corrective wave might not be over yet and I favour price reacting to the correction in a new impulse wave down to 1.265.



price can move in many other ways and it speaks better when viewed from the lower time frames.

Follow the intra day analysis which I update daily in order to track down probable price patterns formed along the wave count.

Click here

Weekly chart of Euraud

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How To Exit A Trade With A Pattern - top forex trading signals

How To Exit A Trade With A Pattern ~ top forex trading signals

AudJpy was one of the markets doomed for a sell off after an analysis, based on elliot wave theory, that Japanese Yen was expected to strenghten across board, which means that Yen pairs were expected to fall.. 

Yen Pairs fell sharply days after the forecast.

 

AudJpys decline from 97.399 was expected to be in 5 waves trendy move. 

 Wave 3 of this impulsive move tend to be in progress after the completion of the first two waves.

 

 

 

 The 4th wave of this 3rd wave was clearly corrective. 

It was a double zigzag corrective pattern. Double zigzag is one of the corrective patterns I trade.

 The ending formation of this zigzag looked terminating. 

I put a sell order at the break of the supporting trendline at 91.69 risking 89 pips at 92.586. 

The final target was below 89.12. I expected price to move sharply downward. 

 

 

 

 

 

Price responded to the break and after many hours, formed the chart below

 

 

Price reaction to the end of a zigzag should be motive in nature. Price went sideway instead and completed a triangle. At the break of the triangle, I exited the trade totally with a loss of 15pips instead of 89 pips, that was a great loss cut.

If the above wave count will be validated by price, it should soar higher to complete a deeper correction before the bearishness starts.

If price likewise falls in the region of the triangle and break it below in what may look like the completion in a motive mood, my first analysis will hold and I will have missed a good profit.

The triangle formation is an anomaly and one should not trade with a mixed feeling.

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How Farther Will The Cable Dip - forex trading buddy review

How Farther Will The Cable Dip ~ forex trading buddy review

For more about 3 weeks, I have maintained a strong bearish stand on Gbpusd. It has been a very rewarding and relaxing journey. From -70pips to 100pips to 250 pips and yet sitting down and watching how my final target will be hit at 1.4980 to round up a truly rewarding trade of 400pips.

 

If you are a visitor of this blog, you can read my first analysis here and the second here .

 

Now that the power of the ending diagonal has been confirmed and price moved down in a typical impulsive move, minor correction should be expected especially when a strong support is close.

 

My recent intra day elliot wave count shows that price has moved and making the second minor retracement (wave 4).

 

I expect price to move down from there to test the support zone indicated at 1.4950-1.4990.

 

If price doesnt penetrate the support in high momentum, price will consolidate or retrace.

 

Price is the key and the king. 

 

I will update you here

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CadYen A new opportunity - automated forex trading software reviews

CadYen A new opportunity ~ automated forex trading software reviews

There is an opportunity surfacing here to trade the fifth wave in the opposite direction after a confirmed long term zigzag correction.

From the weekly chart, a successful zigzag correction was formed at 106.5 which is a resistive zone. 

 

Without surprise, price reacted immediately downward from this level. 

By projection, if price breaks the supportive trendline, we could see price at 49 ,which is the 61.8% projection of wave A from B to ride to C, in the very long run.

Zooming down to the 4hr chart, the movement from 106.5 looks impulsive after completing 3 waves with the fourth wave, a diagonal triangle, expected to complete if price does not go back to the diagonal region.

 

 In as much price is held below 96.8, there is a high probability that price will fall especially if it turns back from to break 94.4 downward. the region 94.4 - 96.8 are very important and a sell could be taken from these areas if price shows a sign of reversal. 

 

If these level are held and price dips further, we could see price at 88 (61.8% extension of wave1-3 from wave 4) and its neighborhood.

If price breaks above 96.8, an alternate wave count will be required to ascertain the next destination of this market

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Intraday Analysis Cable to continue the bearish move - free forex trading signals in india

Intraday Analysis Cable to continue the bearish move ~ free forex trading signals in india

Cable is expected to continue the downtrend which is projected to halt at 1.1740.
Price is about completing the 4th wave of the intra day trend and we may see further dip especially if price is contained below 1.4150 resistance.



If price is contained beneath the zone (1.41-1.415) and breaks below 1.404, we may see price dip to 1.372 which is the next projected support level.

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