hi guys, a possible count peat is an ending diagonal unfolding, with overlapping 3 3 3 3 3
so one more wave in the diagonal then the abc correction.
http://iforce.co.nz/i/ljvxidkx.jpg
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hi guys, a possible count peat is an ending diagonal unfolding, with overlapping 3 3 3 3 3
so one more wave in the diagonal then the abc correction.
http://iforce.co.nz/i/ljvxidkx.jpg
a hammer and a bullish engulfing on the hourly chart here for USD/CHF so I'm short Euro$ tonight
might be a silly question but is the reason you shorted euro$ instead of long usdchf to do with the size of the spread?
that would be the logical explanation although I dont actually worry too much about spreads myself.... its just that I am also following Elliot Wave Internationals thoughts on the Euro and this was a candle pattern confirmation that I identified. I dont like to post ideas directly from subscription services as thats a breach of copyright.
and as a postscript, just for anyone else curious I got a PM asking why I shorted Euro on a Swissy long signal , its because they tend to be perfect opposites of one another as of course determined by the Eur/Chf pair (which is also a major pair, with high volumes). Even arco says so in his blog so it must be true.
Anyone, please feel free to discuss or ask anything at any time so as to help keep these forum pages alive... I'm no guru but I'm happy to contribute what I can
Hi Peat
I was going to PM again but my next question will probably contribute if someone is wondering the same thing.
When you say the two pairs are you meaning the USDCHF mirrors EURUSD or the EURCHF?
From what I gather from your post you are meaning EURUSD and the EURCHF confirms this. Is this thinking right?
Thanks for sharing with us
Razor
(PS I join Arco's blog last week :))
The Eur/Usd and USD/CHF almost always move in exactly the opposite direction to one another. And this will be absolutely true unless there is some change in Eur/Chf. In currencies there are always three pairs that are linked in an eternal triangle and if the maths gets out of kilter then there will be someone arbitraging it to get it back in line.
Think of it this way, if you shorted the Eur/Usd and at the same time shorted the USD/Chf (with the same size trade) then your positions are 1/ long Euro, short USD and then 2/ long USD and short CHF. So the USD positions would cancel out and you'd be left with what is effectively a short Eur/Chf position
If Eur/Chf stays the same the Eur/Usd and the Usd/Chf MUST move exactly opposite otherwise some computer or very fast human will re-align them making a buck in the process.
Thats how I see it anyway and arco has made comments that would support what I'm saying.
I guess volatility in Eur/Chf could upset this thinking.
I see what you mean. Not a lot of movement lately in the EURCHF is there.
I watched the two pairs tonight - very interesting seeing them both mirror each other in opposite directions. Thanks for sharing Peat.