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Thread: Trading recommendatios from Sebastian Seliga

  1. #11 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    EUR/JPY H1 and H4 Update on 15/07/2013
    General Overview on 15/07/2013 09:30 CET:

    The count has been re-labeled and now there are two scenarios to watch:
    SCENARIO 1: MAIN COUNT - It indicates that price must do one more impulsive wave to the downside to finish the corrective cycle of wave (c) before the uptrend will resume. Key Level must be broken in impulsive wave progression.
    SCENARIO 2: ALTERNATE COUNT - It indicates that wave alt:2 has been finished already on 124.97 level and the latest price action are first stages of the bullish 1-2, (i)-(ii) wave progression to the upside. If price will fall below the Key Level, then this scenario get low probabillity and break below 126.56 will invalidate this scenario.

    Please notice, that from technical analysys point of view price has made first Bull Flag and now it looks like it is performing another one on H1 time frame.

    Support/Resistance:

    132.05 - WR2
    131.10 - 131.25 - SUPPLY ZONE
    130.99 - WR1
    130.55 - Intraday Resistance
    130.28 - 130.43 - Demand Breakout Zone
    129.49 - Weekly Pivot
    128.43 - WS1
    127.99 - 128.20 - DEMAND ZONE
    126.95 - WS2

    Trading Recommendations:

    As long as golden treng line of Bull Flag will hold short should be in play with SL above Demand Breakout Zone and TP1 @ 129.49 and TP2 @ 128.83.
    If golden trend line would have been broken, please watch Demand Breakout Zone @ 130.28 - 130.42 because breaking above the high of the zone would invalidates bearish impulsive count and put recent high to test.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:




    USD/CAD H1 Update on 15/07/2013
    General Outlook on 15/07/2013 10:30 CET:

    The upside correction is still not completed and one more wave to the upside is missing.
    The target for wave X is either 1.0445 OR 1.0469 in case of (a)=(c) projection.
    Golden trend line provides support but please notice this wave X correction might get more complex than simple (a)(b)(c). In that case more sideways price action in range of 1.03250 - 1.0445 is expected.

    Support/Resistance:

    1.0325 - Swing Low
    1.0331 - Previous Wave Four Low
    1.0358 - Intraday Support
    1.0424 - Weekly Pivot
    1.0436 - 1.0445 - Intraday Resistance
    1.0469 - Key Level/Target for wave X
    1.0522 - WR1
    1.0537 - 161%Fibo Extension of wave (a)

    Trading Recommendation:

    As long as golden trend line holds longs are in play with SL below the TL and TP1 @ 1.0425, TP2 @ 1.0445 and eventually TP3 @ 1.0469

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  2. #12 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Question EUR/JPY & USD/CAD Analysys Update

    EUR/JPY H1 and H4 Update on 16/07/2013
    General Overview on 16/07/2013 10:00 CET:

    Green impulsive bearish count has been invalidated as the price has taken out the high of wave i and broke through the resistance level @ 130.28 - 130.43.

    Beacuse there is no immediate impulsive bullish reaction to the level breakout, it looks like there is more complex and time consuming corrective pattern emerging.

    So far the Elliott Wave count is getting more complex and it is good to take a look from another perspective: there are two bullflags on H4 chart and the target for wave (b) is in line with this techniacl analysys perspective.

    Support/Resistance:

    132.47 - Bull Flag 1to1 target
    132.05 - WR2
    130.99 - WR1
    130.00 - Golden Treng Line Support
    129.90 - Intraday Support
    129.49 - Weekly Pivot
    128.43 - WS1
    127.99 - 128.20 - DEMAND ZONE
    126.95 - WS2

    Trading Recommendations:

    As long as golden treng line of Bull Flag holds longs are in play with SL below Intraday Support and TP1 @ 131.25 and TP @ 132.47

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:



    USD/CAD H1 Update on 16/07/2013
    General Outlook on 16/07/2013 11:30 CET:


    This golden uprising channel on M30 chart is very much is structure of some complex Three pattern, so this migh mean more time consuming correction.

    Nevertheless, the first target has been met as price got to the grey rectangle area and now is bouncing around Weekly Pivot. So now slight pullback to the bottom of the channel is expected before price will slowly grind higher.

    Support/Resistance:

    1.0325 - Swing Low
    1.0331 - Previous Wave Four Low
    1.0358 - Intraday Support
    1.0424 - Weekly Pivot
    1.0436 - 1.0445 - Intraday Resistance
    1.0469 - Key Level/Target for wave X
    1.0522 - WR1
    1.0537 - 161%Fibo Extension of wave (a)

    Trading Recommendation:

    As long as golden trend channel holds trading inside the channel is advised with take profit level of 1.0469 ONLY if 1.0445 is broken.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    [COLOR="Silver"]

    ---------- Post added 07-17-2013 at 10:40 AM ---------- Previous post was 07-16-2013 at 11:49 AM ----------

    EUR/JPY H1 Update on 17/07/2013
    General Overview on 17/07/2013 10:00 CET:

    As I had mentioned on the beginning of the week about Demand Breakout Zone in post #11: breaking above the high of the zone would invalidates bearish impulsive count and put recent high to test. And there You go, price has made spike up but for the bulls this structure is in three waves (a)(b)(c) so it might stop into SUPPLY zone and reverse OR if 131.39 is broken, then bull flag target shown on H4 chart is in play.

    Fibonacci Extension puts two additional targets for wave (c):
    (a)=(c) @ 131.10
    OR
    161%(a)=(c) @ 132.54
    Second target is a nice cluster with bullish flag technical target @ 132.47

    Support/Resistance:

    132.54 - 161%(a)=(c) Fibo target
    132.47 - Bull Flag 1to1 target
    131.10 - (a)=(c) Target
    132.05 - WR2
    130.99 - WR1
    130.70 - Intraday Support
    130.00 - Golden Treng Line Support
    129.90 - Intraday Support
    129.49 - Weekly Pivot
    128.43 - WS1
    127.99 - 128.20 - DEMAND ZONE
    126.95 - WS2

    Trading Recommendations:

    As long as intraday supports holds, longs should be in play with SL below WR1 @ 130.98 ( OR 130.69) and TP1 @ 132.05 and TP2 @ 132.54

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:



    USD/CAD H1 Update on 17/07/2013
    General Outlook on 17/07/2013 10:30 CET:


    This golden uprising channel has been broken and produced quite good intraday scalp opportunity to gain some pips.
    Nevertheless, the main labeling has been changed and now the current wave progression is a possible Triangle pattern of wave X. That means price is in range between 1.0357 - 1.0436 and the best trade would ba a break out trade.


    Support/Resistance:

    1.0325 - Swing Low
    1.0331 - Previous Wave Four Low
    1.0358 - Intraday Support
    1.0424 - Weekly Pivot
    1.0436 - 1.0445 - Intraday Resistance
    1.0469 - Target for wave X
    1.0522 - WR1
    1.0537 - 161%Fibo Extension of wave (a)

    Trading Recommendation:

    As long as Triangel range is maintained, range play is advised but the greates pips potential will materialize when a breakout occurs in either direction.
    Bias is to the downside. Patience.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    ---------- Post added 07-18-2013 at 10:18 AM ---------- Previous post was 07-17-2013 at 10:40 AM ----------

    USD/CAD H1 Update on 18/07/2013
    General Outlook on 18/07/2013 09:30 CET:

    Range play in this Triange is getting more and more whipsaws and desplite the yesterdays news both from Brenankie and BoC the range of 1.0445 - 1.0353 is being maintained and as long as there is not breakout from that range, no impulsive movement is expected.
    UPSIDE BREAKOUT: In case of this breakout happnen, the first level that must be broken to keep the bullish momentum is 1.0470: H1 candle must break out and close above the level
    DOWNSIDE BREAKOUT: This is the preffered scenario and in this case 1.0445 level and the Weekly Pivot level must be rejected and price must break out of 1.0338 level to confirm further weakness.
    Please notice the bias is to the downside as price must finish the higher degree corrective cycle.


    Support/Resistance:

    1.0522 - WR1
    1.0470 - Key Level
    1.0445 - Intraday Resistance | SUPPLY Zone
    1.0425 - Weekly Pivot
    1.0353 -Intraday Support
    1.0330 - DEMAND Zone
    1.0325 - Swing Low

    Trading Recommendation:


    As long as Triangel range is maintained, range play is advised but the greatest pips potential will materialize when a breakout occurs in either direction.
    Bias is to the downside and the triangle looks very close to be finished soon so shorting Weekly Pivot area is the way to play this range in anticipation of higher degree cycles to resume to the downside soon. SL above 1.0470 level

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:



    EUR/JPY H1 Update on 18/07/2013
    General Overview on 18/07/2013 10:00 CET:

    The count has been slighty re-labeled: wave iii has been extended due to another triagnle pattern that best fits to wave iv correction of higher degree.
    Currently the outlook is still the same, and the recent rally up might be about to finish UNLESS wave (v) will get extended and the Bull Flag target 132.47 will be hit. This scenario would mean, that all the corrective pattern from wave (a) low has been finished, and last leg of this corrective rally is impulsive wave Z of (b).

    Fibonacci Extension puts two additional target for wave (c):
    161%(a)=(c) @ 132.54
    Second target is a nice cluster with bullish flag technical target @ 132.47

    Support/Resistance:

    132.54 - 161%(a)=(c) Fibo target
    132.47 - Bull Flag 1to1 target
    132.05 - WR2
    131.09 - 131.27 - Intraday support | KEY ZONE
    130.99 - WR1
    130.00 - 130.15 - DEMAND Zone
    129.95 - Intraday Support
    129.49 - Weekly Pivot
    128.43 - WS1
    127.99 - 128.20 - DEMAND ZONE
    126.95 - WS2

    Trading Recommendations:
    As long as KEY ZONE level @ 131.09 - 131.27 provide support, longs should be in play with SL below this levels and TP1 @ 132.05 and TP2 @ 132.54

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  3. #13 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    EUR/JPY H1 Update on 19/07/2013
    General Overview on 19/07/2013 10:30 CET:

    The count shows the possibility of and Ending Diagonal pattern that might finish the whole wave progression in wave (b).
    Golden trend line on M30 chart provide intraday resistance for bulls and the longer golden trend line provide support for bulls.
    The Key Level is intraday support again and only a break out to the downside off this level would put the count into question. Otherwise bias is bullish and target for possible Ending Diagonal pattern is many times mentioned bull flag projection level @ 132.47 If price will hit this level, we should see immediate impulsive bearish reaction in five waves down.

    Fibonacci Extension puts two additional target for wave (c):
    161%(a)=(c) @ 132.54
    Second target is a nice cluster with bullish flag technical target @ 132.47

    Support/Resistance:

    132.54 - 161%(a)=(c) Fibo target
    132.47 - Bull Flag 1to1 target
    132.05 - WR2
    131.70 - Golden Trend Line Reisistance
    131.09 - 131.27 - Intraday support | KEY ZONE
    130.99 - WR1
    130.00 - 130.15 - DEMAND Zone
    129.95 - Intraday Support
    129.49 - Weekly Pivot
    128.43 - WS1
    127.99 - 128.20 - DEMAND ZONE
    126.95 - WS2

    Trading Recommendations:

    As long as KEY ZONE level @ 131.09 - 131.27 provide support, longs should be in play with SL below this levels and TP1 @ 132.05 and TP2 @ 132.54. More agressive traders can add to position on golden TL break out and intraday resistance level @ 131.70

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    USD/CAD H1 Update on 19/07/2013
    General Outlook on 19/07/2013 11:30 CET:

    Range play in this Triange might be finished now as the Triangle formation has made five waves abcde in possible wave X and now it made impulsive five waves to the downside in a possible wave (i).
    Ideally, the intraday resistance for wave (ii) (thick blue line) must not be broken and price must reverse on this level and made a new low, below the wave (i) bottom to confirm a first stage of downside cycle trend resuming. Otherwise more range play is expected.
    BREAKOUT SCENARIOS REMINDER:
    UPSIDE BREAKOUT: In case of this breakout happnen, the first level that must be broken to keep the bullish momentum is 1.0470: H1 candle must break out and close above the level
    DOWNSIDE BREAKOUT: This is the preffered scenario and in this case 1.0445 level and the Weekly Pivot level must be rejected and price must break out of 1.0338 level to confirm further weakness.
    Please notice the bias is to the downside as price must finish the higher degree corrective cycle.


    Support/Resistance:

    1.0522 - WR1
    1.0470 - Key Level
    1.0445 - Intraday Resistance | SUPPLY Zone
    1.0425 - Weekly Pivot
    1.0400 - KEY ZONE FOR IMPULSIVE BEARISH CONTINUATION
    1.0353 - Intraday Support
    1.0330 - DEMAND Zone
    1.0325 - Swing Low

    Trading Recommendation:

    Triangle looks finished so the Key Level @ 1.0400 looks like a good one for the corrective wave (ii) to finish and then resume the impulsive move downside. SL just above the level.


    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  4. #14 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default Wonderful and detailed analysis. Thanks Sebastian.

    Sebastian Seliga;6180304]EUR/JPY H1 Update on 19/07/2013
    General Overview on 19/07/2013 10:30 CET:

    The count shows the possibility of and Ending Diagonal pattern that might finish the whole wave progression in wave (b).
    Golden trend line on M30 chart provide intraday resistance for bulls and the longer golden trend line provide support for bulls.
    The Key Level is intraday support again and only a break out to the downside off this level would put the count into question. Otherwise bias is bullish and target for possible Ending Diagonal pattern is many times mentioned bull flag projection level @ 132.47 If price will hit this level, we should see immediate impulsive bearish reaction in five waves down.

    Fibonacci Extension puts two additional target for wave (c):
    161%(a)=(c) @ 132.54
    Second target is a nice cluster with bullish flag technical target @ 132.47



    Great Analysis on Intraday Seb. It would be fantastic if you could throw in a 4hr or daily analysis occasionally. If you could add Usd/Chf and Gbp/usd medium term to this thread, would mean a great deal to aspiring EW analysts like me who would want to visit just this thread for comparing notes

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  5. #15 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    EUR/JPY H1 Update on 22/07/2013
    General Overview on 22/07/2013 08:00 CET:

    The count might be finished now with wave (v) of wave Z missing the projected bull target level about 25 pips.
    From the top on can see an immediate reaction down, that can be counted in five waves down. This means, the price is in corrective cycle now of a smaller degree and once it will finish, the price should continue down in impulive wave iii. The grey rectangle area and Weekly Pivot area provide very good intraday support for the price so this area must be broken and tested from the bottom to confirm further lower prices that could easily reach WS1 @ 130.51
    Only a new high would put the count into question.

    Support/Resistance:


    132.47 - Bull Flag target level
    132.23 - Swing High
    132.07 - 132.23 - Supply Area
    131.81 - Intraday Resistance
    131.26 - Weekly Pivot
    131.09 - 131.21 - Intraday Support
    130.51 - WS1

    Trading Recommendations:
    For intraday scalpers shorting the Key Level area with SL above recent Swing High seems to be good idea and adding to the position is possible after price breaks the golden TL and breaks out of the intraday support area.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:



    USD/CAD H1& H4 Update on 22/07/2013
    General Outlook on 22/07/2013 08:30 CET:

    Range play in this Triange might be finished now and first two waves looks like they are done now and price is in golden channel now and has started wave (iii) already. The Key Level to keep the downside momentum intact is Weekly Pivot @ 1.0380 but ideally price will travel inside the channel to hit the previous wave four area and old wave W low @ 1.0325 and break it to the downside.
    BREAKOUT SCENARIOS REMINDER:
    DOWNSIDE BREAKOUT: This is the preffered scenario and in this case 1.0445 level and the Weekly Pivot level must be rejected and price must break out of 1.0338 level to confirm further weakness.
    Please notice the bias is to the downside as price must finish the higher degree corrective cycle.


    Support/Resistance:


    1.0494 - WR3
    1.0467 - WR2
    1.0407 - WR1
    1.0381 - Weekly Pivot/Key Level
    1.0330 - 1.0325 - Previous Wave Four Area
    1.0320 - WS1
    1.0293 - WS2
    1.0234 - WS3

    Trading Recommendation:

    Triangle looks finished so as long as price will stay in the channel shorts are preffered. Weekly Pivot level test is possible but price must be rejected there quickly and go back to the channel to continue the downside slide. Only a sustained break above the range top @ 1.0445 would put this berish bias into question.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  6. #16 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    EUR/JPY M30 Update on 23/07/2013
    General Overview on 23/07/2013 08:00 CET:

    Yesterday's Key Level holded and it was a good spot to enter short trade, perfectly at the end of wave ii correction.
    Now price has made another swing low and then recovered the ground by going up to the Weekly Pivot area. Golden TL so far is acting as a resistance and intraday SUPPLY ZONE @ 131.39 - 131.47 just helps to prevent any further price advance so far. If golden TL is broken, then next line on resistance is 131.84 level.
    Bias is to the downsiade and only a new high would put the count into question.

    Support/Resistance:

    132.47 - Bull Flag target level
    132.23 - Swing High
    132.07 - 132.23 - Supply Area
    131.81 - Intraday Resistance
    131.39 - 131.47 - Supply area | Intraday Resistance |
    131.26 - Weekly Pivot
    131.09 - 131.21 - Intraday Support
    130.75 - Intraday Support
    130.29 - 130.51 - Demand Area | WS1 |

    Trading Recommendations:
    For intraday scalpers bias is to the downside and shorting the Key Zone area is the way to go: SL is just above the level and TP1 @ 130.78 and TP2 @ 130.50

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    USD/CAD H1 Update on 23/07/2013
    General Outlook on 23/07/2013 08:30 CET:

    The bottom breakout in the direction of the higher degree cycle has played out very well and price has hit the target level @ 1.0338 and even went below it to the previous wave 4 area zone.
    Currently price is at 61%Fibo retracement of the previous swing and this is very important level so traders need to watch closley how the market will behave here. In my opinion, the downside slide has not been finished just yet and only a breakout off the Key Zone woul put Weekly Pivot level to be tested. Otherwise, price should stay in the golden channel and continue to move lower.
    Please notice the bias is to the downside as price must finish the higher degree corrective cycle.


    Support/Resistance:

    1.0494 - WR3
    1.0467 - WR2
    1.0407 - WR1
    1.0381 - Weekly Pivot
    1.0353 - 1.0366 - Key Zone
    1.0330 - 1.0325 - Previous Wave Four Area
    1.0320 - WS1 | 61%Fibo |
    1.0293 - WS2
    1.0234 - WS3

    Trading Recommendation:


    Trading the downward price channel is the way to go, but please notice that the Key Zone might be tested and only a break out above would change the intraday bias. Short orders are preffered and if 61%Fibo @ 1.0320 won't hold then lower levels are easily possible and first of them would be WS2 @ 1.0293.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  7. #17 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    USD/CAD H1 Update on 24/07/2013
    General Outlook on 24/07/2013 09:30 CET:

    Both weekly support levels has been hit yesterday but the overall bearish cycle has not been finished yet as there is couple of waves remaining.
    Price is still moving in golden channel and next technical level of support and possible wave (iii) cycle finish is WR3 level @ 1.0234 which is also 78% Fibo Retracement as well.

    Support/Resistance:

    1.0494 - WR3
    1.0467 - WR2
    1.0407 - WR1
    1.0381 - Weekly Pivot
    1.0330 - 1.0325 - Previous Wave Four Area | Intraday Resistance |
    1.0320 - WS1 | 61%Fibo |
    1.0293 - WS2
    1.0234 - WS3 | 78%Fibo |

    Trading Recommendation:

    Every price below 1.0330 should be sold as price should continue lower. SL is just above this level and TP is 1.0234.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    EUR/JPY H1 Update on 24/07/2013
    General Overview on 24/07/2013 09:30 CET:

    The count has been re-labeled to alternative black count that seem to be simply more accurate now.
    New highs are on the way ( like bull flag target level) but please notice those are the finishing stages of wave five of wave Z, so careful trading is advised.
    There is also a possibility the last wave could be an Ending Diagonal Wave V and then the target is 1.3250 level.

    Support/Resistance:

    132.47 - Bull Flag target level
    132.23 - Swing High
    132.07 - 132.23 - Supply Area
    131.81 - Intraday Resistance
    131.39 - 131.47 - Supply area | Intraday Resistance |
    131.26 - Weekly Pivot
    131.09 - 131.21 - Intraday Support
    130.75 - Intraday Support
    130.29 - 130.51 - Demand Area | WS1 |

    Trading Recommendations:
    For intraday scalpers: Going long in the last stages of wave five is the way to go with SL below golden Tl and TP1 @ 132.50 and TP2 @ 133.20. Please be carefull with all longs - there is still a possibility for further advance but if golden TL is broken it is more likley that top is in.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  8. #18 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Default EUR/JPY & USD/CAD Analysys Update

    USD/CAD H1 Update on 25/07/2013
    General Outlook on 25/07/2013 09:30 CET:

    Price has been moving in the golden channel just as anticipated and the recen wave iv has broken out of channel but has been capped at SUPPLY ZONE @ 1.0320 - 1.0333 and now price should reverse and complete last leg to the downside - wave v of wave (iii).
    Only a price movement above the 1.0354 level would invalidate the count.
    Otherwise a target level of 78%Fibo/WS3 level is expected.

    Support/Resistance:

    1.0494 - WR3
    1.0467 - WR2
    1.0407 - WR1
    1.0354 - Invalidation Line
    1.0381 - Weekly Pivot
    1.0330 - 1.0325 - Previous Wave Four Area | Intraday Resistance |
    1.0320 - WS1 | 61%Fibo |
    1.0293 - WS2
    1.0234 - WS3 | 78%Fibo |Target Level for wave (iii) Bottom

    Trading Recommendation:

    Every price below 1.0330 should be sold as price should continue lower. SL is just above this level and TP is 1.0234. Please be aware that this is the last wave down before a larger cycle correction will take place.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    EUR/JPY H1 Update on 25/07/2013
    General Overview on 25/07/2013 09:30 CET:

    There are two scenarios here - the difference is if wave 5 has been finished in Ending Diagonal pattern OR not:
    SCENARIO 1: MAIN COUNT - The upside progression is not finished and last wave is missing to the upside ( wave v of wave 5). Target is 133.20. Break of 131.40 level will invalidate this scenario and lower prices should be expected.
    SCENARIO 2: ALTERNATE COUNT - The upside progression is finished. and now price should move lower to 131.40 level and break it.
    Break of 131.40 means that alternate count is in play.
    Please notice that long time ago projected Bull Flag Target Level @ 132.47 has been hit.

    Support/Resistance:


    133.22 - WR1 | Wave v Target |
    132.72 - Swing High
    132.07 - 132.23 - Supply Area
    131.81 - Intraday Support
    131.39 - 131.47 - Supply area | Intraday Resistance |
    131.36 - Black Bullish Count Invalidation Line
    131.26 - Weekly Pivot
    131.09 - 131.21 - Intraday Support
    130.75 - Intraday Support
    130.29 - 130.51 - Demand Area | WS1 |

    Trading Recommendations:
    For intraday scalpers: Going long in the last stages of wave five is the way to go with SL below intraday support @ 131.81 and TP1 @ 132.50 and TP2 @ 133.20. Please be carefull with all longs - there is still a possibility for further advance but if golden TL is broken it is more likley that top is in.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:



    ---------- Post added 07-26-2013 at 07:50 AM ---------- Previous post was 07-25-2013 at 09:58 AM ----------

    EUR/JPY H1 Update on 26/07/2013
    General Overview on 26/07/2013 07:00 CET:

    As I have mentioned yesterday two scenarios were in play and market has decided to follow alternate scenario: wave v has finished with an Expanding Ending Diagonal pattern and now first stages of the larger decline are in developing.
    Golden corrective channel is in play with DEMAND area lows as a first off target.
    Please notice that there is a possible technical pattern of Head&Shoulders and the question is if the right sholder has been made. If price will break out below 130 level chances are small that it will go back to complete the right shoulder.

    Support/Resistance:

    133.22 - WR1 | Wave v Target |
    132.72 - Swing High
    132.07 - 132.23 - Supply Area
    131.81 - Intraday Support
    131.39 - 131.47 - Supply area | Intraday Resistance |
    131.36 - Intraday Resistance
    131.26 - Weekly Pivot
    130.75 - Intraday Support
    130.29 - 130.51 - Demand Area | WS1 |

    Trading Recommendations:
    If this is the wave (b) top then very nice in terms of Risk/Reward ratio SWING TRADE can be initated: shorting any price below the key level (like Weekly Pivot) with SL above wave (b) high and TP1 @ 125.00 level would give a minimum 5:1 R/R trade.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:


    USD/CAD H1 Update on 26/07/2013
    General Outlook on 26/07/2013 07:30 CET:

    Price has made wave (iii) green low and now corrective cycle is in progress. Ideally golden tren line would hold and level of 1.0285 would stop the futher price advance as well.
    In case of a golden TL breakout, next resistance is previous wave iv area @ 1.0320: Key Level for bears to continue with impulsive decline.
    Only a price movement above the 1.0357 level would invalidate the count.
    Otherwise a target level of 78%Fibo/WS3 level is expected.

    Support/Resistance:

    1.0494 - WR3
    1.0467 - WR2
    1.0407 - WR1
    1.0354 - Invalidation Line
    1.0381 - Weekly Pivot
    1.0330 - 1.0325 - Previous Wave Four Area | Intraday Resistance |
    1.0320 - WS1 | 61%Fibo |
    1.0293 - WS2
    1.0285 - Wave four area of a smaller degree | Golden TL Resistance |
    1.0234 - WS3 | 78%Fibo |Target Level for wave (iii) Bottom

    Trading Recommendation:


    First entry for bearish impulsive continuation is @ 1.0285 with tight SL and target @ 1.0234. Otherwise level @ 1.0330 should be sold as price should continue lower. SL is just above this level and TP is 1.0234. Please be aware that this is the last wave down before a larger cycle correction will take place.

    RIGHT MOUSE CLICK TO ENLARGE PLEASE:

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    EUR/JPY and USD/CAD Daily analysys is now on instaforex.com web site:
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