nelsyboy

nelsyboy

There are a few bullish points which make this possible scenario more high risk. The first is that the 5EMA and 15SMA have yet to cross. Mainly because the movement on this possible pattern has been reasonably swift. Secondly, the MACD indicator is still extremely positive due to the lengthy uptrend. I can imagine the top of wave B being where indicated or it may...

nelsyboy Updated 

I have redrawn what I believe to be the appropriate trend lines. I.E. line drawn from the end of wave 3 to the end of wave A. Copy this line down to start from end of wave 5 to provide possible end to wave B. I always say "possible" because nothing is definite nor impossible when trading! I am trading what I believe to be a corresponding BUY move on EUR/CHF. It...

nelsyboy Updated 

I am not truly happy with the mini Elliott Wave pattern as it doesn't fit quite right. However, there is no mistaking the trend lines, the 15SMA and 5EMA cross, the MACD cross and coming back into non "Ultra bullish" and lastly, momentum well above the 14MA. Once again, I hope to be able to pick a BUY trade at the bottom of wave B.

nelsyboy Updated 

This is exactly the same situation as the EUR/CHF idea and so I will not be setting a BUY order. I will wait and see what happens. I'm pretty sure the trend lines are correct. The mini Elliott Wave patterns look good and all the indicators and moving averages are all showing positive signs that buying the pullback at the bottom of wave B is the correct trade....

nelsyboy Updated 

All indicators and moving averages are on the right side for a BUY trade after the pullback for Wave B. I have set a BUY order at 1.3523 which is just above the FIB line and where the trend lines meet.

nelsyboy Updated 

I have re-drawn possible trend lines in light of price action. The momentum is positive and moving up despite price coming down. It also well above the 14MA. I therefore will be sticking by my BUY trade although it is currently running at a loss. If price does fall below the trend line and closes there tonight then I will have to re-consider options.

nelsyboy

All indicators and moving averages point to bearish. Major point though is the rather bullish day of trading with an engulfing candle to close the day today. However, I would have expected it to stop at the trendline but it did overshoot and as such, that has made me wary of an immediate SELL trade. Therefore, I will wait to see if price consolidates and drops to...

nelsyboy

With major bearish divergence on the momentum indicator and bearish on the MACD as well as the 15SMA and 5EMA crossing, this pullback for wave B was already on the cards as per my previous idea. I think we are there now and the next move will be down. I have shared this idea but I do not trade bitcoin.

nelsyboy

Good cross on 15SMA and 5EMA. MACD also crossed (set as default). Momentum indicator below 14MA. All in all, the parameters are set for a SELL deal. Just got to get the price right. If it's a true mini Elliott Wave pattern, then wave 4 up should not overlap bottom of wave 2 down. Target price will hopefully be about the 15SMA price when the future buying candle...

nelsyboy Updated 

The momentum indicator is positive and the MACD has crossed. The 15SMA and 5EMA have met. It would seem that the sellers are no longer in control but with the unconventional Elliott Wave pattern, it could be that the sellers will step in once more to take the price back down to complete the wave B. If they do, then I would be looking to BUY the bottom of the wave...

nelsyboy

Mini-Elliott Wave pattern. With momentum rising above the 14MA and the MACD falling back into non "ultra" bearish status (now above horizontal line), Wave A has definitely started. There is no real way of knowing if it will stop on the 38% FIB or carry on through tomorrow. Likewise, when it does stop and turn for Wave B, I will be waiting to take a BUY trade at...

nelsyboy Updated 

Update to my previous idea, this time with a mini-Elliott Wave pattern. With the 5EMA and 15SMA already crossed and both the momentum and macd indicators showing positive it's a definite BUY trade for me. Only question is....at which price? is there going to be a further pullback down to the trend line tomorrow? If so then that is the preferred price to BUY. If...

nelsyboy Updated 

With the price gap not yet completely filled and momentum now definite to the downside, I have placed a SELL trade. There has been a break of channel and test of trend line as well as lowest recent buying limit (blue horizontal line). MACD is not only crossed but has come back below ultra bullish phase. 15SMA and 5EMA have crossed and this pull back looks like...

nelsyboy

With the wave A hitting the 50% FIb, I have drawn the possible trend lines. The BUY trade will be at the bottom of wave B. Just have to wait and see how far wave B gets.

nelsyboy

With the 15SMA and 5EMA crossed, the momentum indicator below the 14MA and MACD crossed and fallen below the "ultra bullish" line I have drawn, I now hope to see a pullback and will be looking to SELL at the top of wave B if all falls into place.

nelsyboy

A SELL trade based on two things (1.) The momentum indicator dropping to the zero line and below the 14MA despite todays trading ending up at the same price it started at. (2.) The long term MACD set to default has not only crossed but has fallen below the "ultra" bullish line. I will see how things end up at tonight's close.

nelsyboy

With good divergence on the momentum indicator and the fact that price has slowed in advance of the 200EMA and the last point of heavy buying (blue horizontal line), it appears that the Elliott Wave ABC pattern could well have come to an end. I am not trading this as I would still have to see the MACD indicator cross the right way and the 15SMA and 5EMA lines also...

nelsyboy Updated 

After the failed trade on this pair, I thought I would change the idea slightly. I have set the MACD to default settings but also drawn horizontal lines on the average positive and negative histogram points. If the signal line is above then it is extremely bullish (do not SELL) and below is extremely bearish (do not BUY). The momentum indicator is still the same....