Intraday trading signal - page 43
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EUR/GBP elliott wave counts
EUR/GBP Preffered Count
The eur pound looks like it terminated its wave C to the downside, it look like it subdivided into a diagonal triangle which send us a very important message about this market. As in the Eur/Usd the diagnosed failure fifth proposes that we should expect to retrace to 1.4344 and some on the EURUSD, The diagonal triangle also should be fully retraced i.e. I expect us to make it above 1.8800 on this pair, notice the triangle formed on the oscilator which supports this outlook. If this is only the first leg of the correction ( My expectation) then if this decides on forming a flat we should atleast make it to 61.8% fib of the declines and we could take out the highs in a corrective rally forming an expanded flat of some sort.
Happy Trading
Ahmed Farghaly
EUR/GBP Alternate count
My preffered wave count is that we terminated a diagonal triangle wave C to the downside at the lowest point in this chart. But this count could be valid being that we are in some form of complex correction for our second wave advance of this III/C wave to the downside. According to Glenn Neely Auther of 'Mastering the elliott wave' He states as one of his guidlines that no part of wave 3 or C should touch or break the 0-2 or 0-B trendline represented by the thick black line on this chart, a break above would strongly support the diagonal C wave idea but will not garantee it, it will increase its probability of occuring. Please view the previous post on this currency pair to view my preffered count along with evidence of its validity in more detail.
Happy Trading
Ahmed Farghaly
Follow me on my blog Updated Elliott Wave Analysis Of Financial Markets
Eur/USD and gold outlook
EUR/USD 15 min chart
It looks like we have a Flat correction off of the truncated fifth orthodox bottom forming a wave A/W/X what follows is a wave B/X/Y(1st possibility). There are basically two ways this pattern can be looked at, its either a A-B-C (5-3-5) flat correction complete or this is a W-X-A and a B and C to follow which suggests that the correction that will happen early next week will be milder but should take us atleast bellow 1.4200. Notice the divergence seen between the 3rd wave and 5th wave of the wave labelled C/A. The 5th wave of the C/A wave sends us an important message which will be discussed in greater detail looking at a 5 minute chart.
Happy Trading
Ahmed Farghaly
Eur/USD 5 minute chart
The 5th wave of the C/A wave advance talked about in the previous post shows strong evidence that it is a diagonal triangle(notice the triangle formed on the oscilator too) and diagonal triangles in a bull market send us a very important message about the market... UNDERLYING weakness and they are usually fully retraced 90% of the time which makes the first area we'd look for support would be 1.4185 even though it may head lower if we retrace this 3 wave advance in a fashion where the market forms a flat.
Happy Trading
Ahmed Farghaly
Gold Weekly Chart
As shown on this chart I believe gold still has some upside to cover the wave labelled II/B marked the end of a correctional phase and we are currently in a 3 or C wave to the upside, we are currently in the 5th wave of the 3rd wave of this larger degree 3 or C visible on this chart. a shorter term 4hr chart will be looked at and analyzed in greater detail in the next post
Happy trading
Ahmed Farghaly
Gold 4hr chart
This chart focuses on the 5th wave of the 3rd wave of wave 3/C disscussed in the previous post, to me it looks like we had 3 waves up and we still have one final push higher to terminate the wave which will follow a correction which will probably take us back to the lower 1300s. If you compare the crash in the silver market and the declines on gold you can tell without a shadow of a doubt that they are of different degrees. so i'm thinking one more push higher in gold. The invalidation point of this count would be if price traded bellow 1445 prior to breaking the all time highs on this commodity
Happy Trading
Ahmed Farghaly
Follow me at my blog Updated Elliott Wave Analysis Of Financial Markets
EUR/USD Intra-day signal by AceTrader
INTRA-DAY EUR/USD OUTLOOK
Last Update At 29 May 2011 23:04 GMT
Rate : 1.4291
Despite rising marginally abv Fri's NY high of
1.4325 to 1.4335 in NZ earlier, subsequent retreat
suggests a minor top has been made n choppy consoli
dation is seen in Asia with initial downside bias
but reckon 1.4250/55 wud hold n bring rebound.
For st trade, sell on recovery for 1.4275 or buy
if euro drops to 1.4270 1st for 1.4310.
Range Forecast
1.4275 / 1.4315
Resistance/Support
R: 1.4345/1.4361/1.4423
S: 1.4266/1.4217/1.4184
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USD/JPY Intra-day signal by AceTrader
INTRADAY TRADING SIGNAL BY ACETRADER.COM: USD/JPY
USD/JPY : 81.26
Last Update At 31 May 2011 02:47 GMT
Dlr's intra-day rally fm 80.71 to as high as 81.
39 after Moody's places Japan's debt ratings on re-
view for possible downgrade confirms recent erratic
fall fm 82.23 has made a low at 80.70 (Fri) n gain
to 81.45 is seen, then later twd 81.62/67.
Turn long on dips for this move n only below 80.
88 aborts bullish bias, risks weakness twd 80.70.
Range Forecast
81.05 / 81.35
Resistance/Support
R: 81.39 / 81.67 / 82.03
S: 81.03 / 80.88 / 80.70
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EUR/USD Intra-day signal by AceTrader
INTRA-DAY EUR/USD OUTLOOK
Last Update At 31 May 2011 05:46 GMT
Rate : 1.4378
Euro has traded sideways after intra-day rally
fm 1.4279 (AUS) to as high as 1.4406 in Asian morn-
ing n minor consolidation is envisaged at European
opening, as long as 1.4335 (y'day's high) holds,
upmove fm 1.3968 wud extend twd daily res 1.4423.
Buy on dips n only below 1.4335 signals a temp.
top is made, risks retracement to 1.4300/03.
Range Forecast
1.4365 / 1.4405
Resistance/Support
R: 1.4406/1.4423/1.4445
S: 1.4335/1.4303/1.4279
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GBP/USD Intra-day signal by AceTrader
INTRA-DAY GBP/USD OUTLOOK
INTRA-DAY GBP/USD : 1.6510
Last Update At 31 May 2011 09:22 GMT
Despite cable's brief bounce to 1.6546 in Euro-
pean morning, subsequent retreat after faltering be
low Asian 1.6547 high suggests choppy trading wud
continue n pullback to 1.6476/80 can't be ruled out
b4 prospect of a rebound, abv 1.6547, 1.6575.
Wud be prudent to exit long n buy again on dips
with stop as indicated, break risks 1.6451 sup.
Range Forecast
1.6510 / 1.6545
Resistance/Support
R: 1.6547/1.6575/1.6600
S: 1.6492/1.6476/1.6451
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GBP/USD Intra-day signal by AceTrader
INTRA-DAY GBP/USD OUTLOOK
INTRA-DAY GBP/USD : 1.6330
Last Update At 02 Jun 2011 02:42 GMT
Although cable has retreated after staging a
minor bounce fm 1.6317 (AUS), as long as this temp.
low holds, sideways trading is likely b4 decline fm
this week's 1.6547 (Tue) top resumes to 1.6300/05,
nr term loss of momentum wud keep price abv 1.6273.
Look to sell on further rise for 1.6220 1st n
only abv 1.6400 wud dampen intra-day bearishness.
Range Forecast
1.6325 / 1.6360
Resistance/Support
R: 1.6379/1.6404/1.6423
S: 1.6317/1.6301/1.6273
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EUR/USD Intra-day signal by AceTrader
INTRA-DAY EUR/USD OUTLOOK
Last Update At03 Jun 2011 02:30 GMT
Rate : 1.4488
Despite euro's brief rise abv o/n NY 1.4515 high
at Asian opening, lack of follow through buying n
subsequent retreat fm 1.4518 suggests sideways trad
ing is now in store, as long as 1.4457/62 holds,
consolidation with upside bias remains.
Buy on dips for 1.4500 1st but abv 1.4518/20 is
needed to extend twd 1.4553. Below 1.4457, 1.4430.
Range Forecast
1.4465 / 1.4495
Resistance/Support
R: 1.4518/1.4553/1.4569
S: 1.4478/1.4459/1.4430
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USD/CHF Intra-day signal by AceTrader
INTRA-DAY USD/CHF OUTLOOK
INTRA-DAY USD/CHF : 0.8344
Last Update At 07 Jun 2011 06:51 GMT
As dlr has remained pressure after meeting
renewed selling earlier in Asia at 0.8365, suggest-
ing the recovery fm 0.8328 has possibly ended at
0.8386 y'day n LT downtrend shud resume for re-test
of said sup, below wud extend to 0.8300/05.
Lower short entry with stop as indicated n only
abv 0.8386 wud risk stronger gain to 0.8400/10.
Range Forecast
0.8330 / 0.8360
Resistance/Support
R: 0.8386/0.8402/0.8423
S: 0.8328/0.8300/0.8276
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AUD/USD Intra-day signal by AceTrader
INTRADAY TRADING SIGNAL BY ACETRADER.COM: AUD/USD
AUD/USD :1.0700
Last Update At 07 Jun 2011 08:53 GMT
Despite aud's recovery after intra-day selloff
below 1.0692 sup to 1.0671, as long as 1.0730/35
holds, consolidation with downside bias remains,
however, break of said sup needed to extend fall
fm last wk's high at 1.0775 to 1.0654 later.
Sell on pullback with stop as indicated, break
wud suggest a temp. low is made n risk 1.0766.
Range Forecast
1.0680 / 1.0715
Resistance/Support
R: 1.0766/1.0775/1.0800
S: 1.0671/1.0621/1.0600
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