Elliott Wave and Fibonacci Predictions
I am back , at the prices will hit my stops just now, only a few pips away... .I made a huge mistake today, I should sell JPY against the EUR and not against the USD. Because today we have a stronger EUR and the weak dollar, so this means EUR/JPY and EUR/USD up and USD/JPY down and this is the main reason why my stops has just been activated while I am updating the page. I was trading on the wrong pair... I should monitoring EUR/USD and EUR/JPY more closely at the same time... .Well, we all now that these pairs are in correlation, so we should always check all three pairs or more before we take a position... I am still learning how to trade and the reason why I am sharing my thoughts with you, is because I wont you to learn something good from my mistakes.
EUR/USD
I had right about this flat correction, but I didn't trade this one as I mentioned yesterday. I was targeting on wave (v) of C to be complete 20 pips lower, but the supports were very strong in this area, so this was the reason why are prices 150 higher right now. However, impulses are here and the resistance 1,5586 has been broken, so this mean price much higher from this point?... Well I see strong Fibo resistance level at 1,5635, in this area we have 61,8% move of 1,5841 high from 9 th in this month. This would be my exit zone today if I would trade this one. But I dint, so no profit on managed accounts...
30min chart
EUR/JPY
Current high is 168,10 and I see it much higher from this point. The next critical level from here will be high of all highs, that means 168,93 which is only 83 pips away. Here we could see the first wave i of the extended pink iii). The next target on the smaller time frame could be 168,24 which could be the high of wave iii) of i. I also see small support at 167,77 which should be the key fort he 168,24 target and further to 168,93. Very similar counting to EUR/USD, so maybe this means that we are on the right way... Traders use you stops...
See you next week, Grega.
30min chart
USD/JPY
Hey traders, quick update...I am long on USD/JPY from 107,74 with stops below 107,40. I jumped in after wave II of big V retraced to 61,% of wave I... I am targeting on 108,20-108,30 level. Will be back latter with this chart, if prices will continue in my direction, otherwise will be my counting invalidated and stops probably activated...Grega
Gregor Horvat
chief executive officer
forex analyst
Capital Forex Group LLC
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