Stopped out on Long, as long as weekly keeps looking the way it does I will be looking for long opps off 240 and below
I think you were right to get out of the long of the time being . I have been shorting this thing all day and if we break below 107.10 IMO we are due for another little drop. I still agree with you for the overall bullish idea. But Im going to be looking short till mid 106
Wasn't a biggie, I will now wait it out, I would like to see at least a backing of at least a 30m chart, which is now all screwed up. Well done on shorts mate!
You got some airtime going up from your posted entry so that was good. Enough to move stop positive, good call. Re the larger picture I still think that the large consolidation over last several days is an ABC up possibly complete shown on 1 hour 30 day chart with drop likely. I continue to polish trendcatching and might short if other pairs don't have my attention more than a possible U/J short but prefer to catch extreme bouncepoints for possible large swings which in the case of the U/J would be a bounce off extreme point of double bottom of 105.00 approx for a chance at a few hundred pips up. Friday may be the day that clearly confirms next week's larger direction. If it does go up then A of a much larger ABC is not done. If down then ABC correction up is done then final impulse down is in order. Whatever the case, all the best.
The ABC up of yesterday is clearly done and lower lows reached bouncepoint for correction so will watch for a higher point to re-sell unless Elliot Pattern morphs into something larger pointing for much higher highs. It's a trickier than usual 30 day pattern to read for large swing directions still despite recent downward movement. At this point the continued downtrend seems likely overall however studying news for market sentiment might help insure against surprises.
Sorry for not real-time I was busy on ES Journal. Another Long off 30m chart as I mentioned yesterday, 106.90 going after the Weekly charts progressing triple D, expecting a solid range expansion. Best to all!
good job on the long! In now on the long side of the fence here to scaleing out at 108.10 area. If it gets to 108.35ish i will think about getting rest out there
For what it's worth, the last two post agree with the Elliot Analysis I do Both the reversal point as likely bouncepoint and likely target of below 108. 50 possibly as precise as 108.20-25 if the micro Elliot count completes it's impulse... often does but not always precisely.
I have studyed the elliot wave stuff enough to trust it (if you have a good page that will explain it that would be great) but looking at the chart now with that pull back if we clear the 108.10 I think we are in for a good run. If not im stoping out at 107.80ish