rookiyong

rookiyong Updated 

Happy New Year fellow traders! The market has a rather volatile start on the first week, which is good news. Not keen to touch USD pairs this week due to major events, so I am turning my interest to crosses instead. -------------------------- GBPAUD on HTF (Daily), price is currently at the previous Wave 4 range but did not test it (1.8500), so there is still...

rookiyong Updated 

This corrective wave is one of my favourite setups. Price has been overly extended to be form a expanding ending diagonal. I have been stopped out once due to the UK inflation news. Re-entering now with a more complete pattern and better SL position. The two short terms targets in blue. I have a much longer term target on the daily chart (see next post) but...

rookiyong

Simple setup - Triple Top at higher timeframe Supply Zone. Short term structure has broke to the downside, triggered by a break of A. Running Flat in Elliott Wave almost always fails, corrects itself and then continues later, which is the current setuo. Idea is invalid above 97.60.

rookiyong

This setup is textbook if the triangle is a normal one. I have not encountered Expanding Triangle as an ending, but the structure looks good for an up move and breakout of the bottom range that has been holding for several months. This looks like a complex structure, but if you don’t anticipate and just pick it up when it is complete, then it becomes simpler. The...

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Price has formed a Adam and Eve pattern on the Weekly chart, and has gone as far as the neckline. This is a rather reliable pattern to break downwards, but being on the weekly, it took a longer time to form. Now price has being on a series of ABC waves on LTF, so we keep correcting upwards. Currently it is at the top of support turned resistance zone. Selling...

rookiyong Updated 

EURGBP has completed an Expanding Ending Diagonal. This signals the end of the corrective wave ABC that started from 11 Dec 2023. The next move will typically retrace the entire move and beyond, but this can be a slow pair at times, so I am setting modest target only. Even if you are not trading it, one takeaway is that any shorts you are calling for EUR or...

rookiyong

Power of Three. Not very convinced of this yet because the only signals we have is a Daily Hammer on oversold condition. There are some bullish flows coming in, and pattern wise does have the conditions of a PO3. Overall I think more than 50% probability of working out. Manage risk and good luck.

rookiyong

On the daily, I think EURCAD is heading much lower on a long term basis. But for now, the first major leg down looks completed with a 5-wave impulse done and deviation at support. We should see an ABC correction toward the blue areas.

rookiyong Updated 

The gold bugs are bullish right now, getting very excited about the ATH in price even if it is a spike. But don’t get excited just because one owns physical gold and wish that price can go to $3k. I am bearish gold and silver since mid-2023 because it is rational that no one should buy a triple top. Now we are at this area again. A retest? Highly possible. See...

rookiyong

Taking a shot at a possible bottom in Brent Crude Oil. Price is currently at support zone (grey area). I am taking a long with SL at 71, which is below support. Basis of this trade is purely from an Elliott Wave perspective. 5 waves of two degrees are done, and I take this as a C wave. Minimum target is 84.50, with a possibility to reach Wave B at 93.80.

rookiyong Updated 

I really didn’t expect EURAUD to have another high, but well, the setup is there and I would say high probability of going up, at least to 1.684.

rookiyong

Bullish on JPY right now. Many pairs made their move last week and corrected. CHFJPY has been the most bullish for years, so I chose it to be my fighter. We should be in minor Wave 4 for now, so a short with invalidation above 167.72 is a clean trade. Looking for TP around 160.00.

rookiyong

I am bearish NZD and AUD, so positions are mostly short against CAD and USD. The completion of the ending diagonal is a good indicator that price is heading lower. Even if we are in major complex correction, price should still drop to key supports at the minimum (marked as blue lines on the chart). Price has just broke a minor uptrend line on LTF, testing the...

rookiyong Updated 

AUDNZD is a very tradeable pair if you watch it long enough and trade only at major swings. For the past 10 years, price has been in a very wide range. For the past 1 year, a triangle appears to be in the works, but we do not call triangles until is is fully complete. I believe it is now in Wave C of the last swing (Wave 'e' of the potential triangle). If...

rookiyong

The Canadian dollar is showing strength, so I am mainly looking for opportunities on pairs that are late to the game and hasn't started to move yet. NZDCAD presented a clean setup right now. A horizontal rectangle that lasted a few days before testing the range high and failed. Then price pushed right thru the range low and closed strongly down on Friday. If the...

rookiyong

It's NFP day so not feeling very risky right now. Simple trade for Friday, shorting a move from Wave v to Wave iv. Price already consolidated for some time forming a range. A tower top pattern formed on the 6-hour chart (red-box), breaking out below the range. We now have a pullback to mid-range with backside test of diagonal trend line. Unless the trade...

rookiyong Updated 

This is the most super extended JPY pair, so it is very late to move. But the breakdown looks set. Any strong close above the grey area and the idea is likely wrong.

rookiyong

Took half position off of this down move. Looking to reload soon.