EUR/JPY M30 Update

So far, so good: wave 5 target area hit.
Anyway, looks like it is missing one more wave up...


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_18.html

EUR/JPY M30, H1 & Daily Update

Right now on M30 and H1 TF there are two counts with equal value - it is all where wave 4 or (4) has bottomed.

In both cases we got Running Flat wave 4 correction, one smaller degree one bigger degree.
Gap has been filled and that was excellent buying opportunity in aticipation of wave 5 to the upside to finish thge cycle.

On M30 chart any price movement belot 61% Fibo Ret  @ 107.94 will invalidate the blue bracket wave count for wave (4) and it will mean that the price had  made intermediate top.

On H1 the wave (4) has been done already and wave 3 is the top so far. The price might try to make one more wave up and that would be wave 5 od wave (5). Any movement below 109.91 will invalidate this count and will mean  that the top for wave (5)  is in place. Please notice that the price still might develop Ending Diagonal wave (5) but anything below 109.50 will make this kind of movement less likely and below 109.02 (low of wave (4)) even less probable.

I still think that higher degree correction is needed, potential target for correction is 108.50 - 108.10.

H4 is another way to count this wave progression, I call it  Ultra Bullish count.

Take care,
Seb

PS: More charts on the way.
 

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-h1-daily-update.html

EUR/JPY H1 Update

Is this it?
Beware of the correction.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-h1-update_14.html

EUR/JPY: What's next?

I'm almost sure EUR/JPY needs a correction.
The levels for corrective wave (4) are on charts.
Please notice that the most common wave (4) corrective pattern is a Triangle so there might be a lot of whipsaws ahead for this pair.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-whats-next_14.html

EUR/JPY M30 Update

Correction in progress.
Levels stays the same.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_13.html

EUR/JPY: What's next?

So far all correctiove movements were rather fast, shallow and did not last much in time, so it might be the time for some more complex and time consuming correction - but nothing is certain.

On chart there are two possible levels for wave 4 correction area, as discussed this morning.

Please notice that still the most probable corrective pattern of wave 4 is a triangle so buying the dips of EUR/JPY as along as orange recangle area is not broken down seems to be the way to trade this pair  for now.


Take care,

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-whats-next.html

EUR/JPY M30 Update + TPI

Old school idea of buy previous wave 4 area here.
It is the same as Idea (1) presented this morning but with better R/R ratio.

SL below wave 4 low!!!


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update-tpi_13.html

EUR/JPY M30 & H1 Update

Previous Trading Setup was to buy into Fibo support of wave 2 low. If You are long , this is a good level to take some profits off the table.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-h1-update.html

EUR/JPY M30 Update

Wave 5 is 161% of wave 1 - 3.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_3628.html

EUR/JPY M30 Update

Rare example of expanded fifth wave ending into 127% Expansion of wav e (2).

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_12.html

EUR/JPY M30 & H1 Update + TPI

Rationale:

IF this is the beginning of wave 3, right thing to do is buy the dips.
Anything below 106.50 is bearish again

Entry:

Wait for ratrecements and buy into Fibo, Pivot or technical support levels.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-h1-update-tpi.html

EUR/JPY M30 Update

Last one to the upside needed.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_7970.html

EUR/JPY M30 Update

So far, so good.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_11.html

EUR/JPY H1 Update

Unfortunately, price reversed 2h erlier that FTC said and never touched the ornage rectangle so my trade was not triggerd.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-h1-update.html

EUR/JPY H1 Update + TPI

Stalking this wave count for possible wave (c) /Y low. Previous wave (2) low turend out to be a flase flag event, so I came up with this one. Bullish Divergence supports the view.

Please notice that I'm trying NOT to trade corrections at all. Just the C wave of correction if there is good setup or impusle just after wave C is finished.

Possible Wave 2 low is on 11thDec between 14:00 - 19:00.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-h1-update-tpi.html

EUR/JPY M30,H1,H4 & Daily Update

Area of 106.90 - 107.10 is now a strong technical resistance so for the price to bear it we will nees an impulsive wave.

On H4 chart EUR/JPY retaceted only 23% of the latest swing so this might indicates two things:
(1) Shallow correction for wave 2 and now strong impulsive wave 3 development: to continue with this scenario the price must develop in impulsive fashion to the upside, breaking the latest wave 1 high.
(2)It it just the begining of more time consuming correction in wave 2 ant this was just a first leg down. New low will confirm this scenario, new high will invalidate scenario. To support this view: there is untested level on daily chart that might be visited before price will make any new low.

 Waiting for breakout.

Take care,
Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30h1h4-daily-update.html

EUR/JPY M30 Update

Bullish Crab Harmonic Pattern @ 106.29

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_7250.html

EUR/JPY M30, H1 & H4 Update

I've been writing here on blog that on H1 and H4 MACD and Momentum indicatores are diverging from the price - so now You have the result.

Right now I'm trying to spot the most probable levels for wave 2 to end.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-h1-h4-update.html

EUR/JPY M30 Update

Bullish 1-2, 1-2 setup invalidated.

Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-m30-update_7.html

EUR/JPY Daily Update

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurjpy-daily-update.html