Elliott Wave Stock Trading - Chegg on Watchlist

The Chegg wave count and technical setup is appealing from a bullish perspective. I am simply waiting for bullish confirmation to get long a call option or call spread.

On a sour note, my gut was right in knowing I would regret re-entering the EURAUD trade as I was stopped out last night for a loss of 113 pips.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Trading - EURAUD Trade

I'm probably going to regret this but the setup is too appealing. The wave count suggests a sustained move higher and there is an inverse head shoulders bottom that may have formed. So I'm jumping back in long. Here is the trade:

Long now at 1.4800

Stop Loss at 1.4690

Profit Target at 1.4980

Elliott Wave Forex Trading - USDCAD Trade Update

Closing the remainder of this position.  This price action looks like an ending diagonal which means a top and sharp reversal is coming soon. It's not worth risking that for a mere 25 more pips.

USDCAD trade made a total of 104 pips.

Elliott Wave Forex Trading - USDCAD Trade Update

The USDCAD wasted no time following my analysis and projection for higher levels this morning allowing me to close half the position at about a 70 pip profit and move my stop to break even. As the wave count suggests, the pair appears to still have higher to go. I'm looking at taking profits at the 3rd wave extreme I'm projecting at around the 1.618 Fibo extension level of wave ((i)) at 1.3460.

I'm gonna tighten the sandwich on this trade and move the:

Stop Loss to 1.3365
Profit Target to 1.3445



PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Trading

EURAUD hit my adjusted stop for an 89 pip loss. I still like this pair long but will look for a better time to enter.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Elliott Wave Index Futures

I reworked the count a little bit to make it fit better with the degree of trend most likely playing out. I am counting the pullback today as a small wave (ii) correction which should be reaching an end soon. Once that is complete, the market's strong upward move should continue.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Elliott Wave Forex Trading

Moving SL on EURAUD to 1.4745

I don't like the struggle this pair is going through to hold gains so I want to aggressively reduce risk at every opportunity.

Closing half USDCAD Position, Stop to Breakeven

EURAUD Update

The EURAUD is far off the level I entered and so on the surface it appears the trade is failing.  But when counting the waves, it actually looks like a very successful trade as last night it completed a beautiful impulsive rally, and the current pullback is just a wave ii correction.  I expect the pair to find its footing in the American session and resume its uptrend soon.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Going Long USDCAD

My proprietary indicators show that the USDCAD may be coming back to life and a sharp rally is near.  I'm going to try getting long the pair with the following setup:

Long now at 1.3321
Profit target is 1.3450
Stop loss is 1.3250


PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Going Long EURAUD Now

I like the action off the bottom to signal that wave 2 is potentially over and a large rally phase is getting underway.  This pair is significantly oversold so at least a short term pop is due.  Either way, I just want a piece of the rally.  I'm going to attempt a long here.  If it doesn't work out, I will retry again when another long signal arises.  Here is my setup:

Long now at 1.4835
Profit Target 1.5030
Stop Loss 1.4685


PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Elliott Wave Index Futures

Today's market action quite boring and uneventful. Most likely the market is just taking a breather
before marching higher. The one thing to watch for is if the continued divergence between new highs in the S&P not matching the higher risk indexes. Usually I'd be more worried if the higher risk indexes were not following the major S&P and Dow so since this is the opposite where the S&P failed to make a new high with the Russell 2000 and S&P MidCap indexes, I'm not as concerned.

However, the longer the S&P goes without confirming the highs in the higher risk indexes, the more likely selling pressure will enter he market. So, just something to be mindful of.

In addition, a break below 1998 in the S&P futures will confirm a head and shoulder top as well, and therefore signal a sell off fairly quickly.

Elliott Wave Forex Trading

EURAUD is looking ripe for a major rally phase to get underway. 2nd waves can go quite deep so I need to remain patient and disciplined.  once I see the desired bullish action I will hit this pair long.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

USDCAD on my Radar

USDCAD has become severely oversold in its 3rd wave and so I'm looking for some strength in order to get long soon.

S&Ps Should Target 2100 Before Meaningful Correction

The 4hr S&P futures chart shows a strong impulsive rally that is incomplete after a Minor ABC correction.  The bottom line is that the S&P will move higher as long as 1943.75, the wave ((i)) extreme, is not broken.  But where does that leave us for the short term?

Drilling down a little further to the 2hr chart I can get an idea of the short term wave count and projected movement.  The ES is wrapping up wave ((iii)) that might end around the 127% or 138% Fibo extension of wave ((i)).  I do not want to trade a top for a 3rd wave here as that would be fooling.  3rd waves notoriously extend and extend, and then extend some more.  But the 2066-2082 is a good area to look for the market to perhaps take a breather before resuming the uptrend.  I'm looking for the 2100 area to cap off this Minor wave 1 higher, but I'll get more certain and specific as the waves unfold.

In about a week and a half the Fed will do their thing they do, and the markets will be crazed about it.  So perhaps this count will remain intact to where wave ((iv)) occurs the week of the Fed as it consolidates waiting for the news.  Then after the Fed news the market rallies in a terminal wave ((v)).  Just a guess for now, but something to be mindful of.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.