Daily Forex Analysis with Elliott Wave (03.30.2018) - USDJPY, AUDJPY, GBPNZD
Dear Steemians, welcome to Wave Analysis...
Today, we have 3 new trade setups. Then I will update the Hotlist.
New Trade Setups
USDJPY
I think up move was reversal impulse and now, a correction is in the making. The down move can be the whole correction or wave A in bigger structure. It is not clear at this point, but putting an entry order looks like a good idea. My plan is taking breakout trade. If I can find any entry after the breakout, I will take it and remove the entry order.
AUDJPY
I'm expecting either daily X wave and one more down move or totally upside, which will break the previous top. I believe taking a long trade will be a good idea in both cases. As you can see, a correction is in the making. So, I put an entry order. Minimum target is the completion of daily X wave.
GBPNZD
Like all other GBP charts, this one is making a big corrective structure for weekly down impulse. The correction could be over at the previous top. It is not clear yet, but I want to take short trades if I can find any good trade setup, because of the potential of down move. In 1H, it looks like a flag is in the making. That's why I put an entry order.
Updating of Hotlist Items
Active Trades
EURUSD: Just wait, a correction is in the making.
USDCAD: Just wait, a correction is in the making.
CHFJPY: It suppose to go up quickly after breakout, but there is no momentum so far. I decided to to do, but closing this trade can be good idea.
** USOIL**: It made a correction, if you don't have any trade, you can sell after breakout. If you have one, move stop loss to breakeven, when it breaks the previous bottom.
SPX500: The structure between blue lines can be an expanding flat, but last section can be a correction for more down side. So, it is not clear at this point. Just wait.
Waiting for Correction or Breakout
GBPUSD: Wait for a correction and take short trade.
GBPJPY: Wait for a correction and take short trade. No need to rush, because the structure between green lines can be a running flat for more upside.
XAUUSD: Wait for a correction before sell it.
Removed from the Hotlist
DOW JONES: It went up like I said yesterday. Trade is closed.
You can visit the published idea page on Tradingview by clicking the name of the asset. If you like to see more details and explanations about this trade setup and updating of Hotlist items you can watch today's video on DTube by clicking the following image.
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Until next time, trade with care.
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What is Hotlist?
Hotlist a short list, which contains charts that were shared in previous days. So, today's new trade setup will be in the Hotlist tomorrow, and I will update its status every day until I remove it from the list. Each chart will be in the Hotlist as long as we have an active trade or a pending order or its trade setup remains valid.
Disclaimer:
Don't invest more money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.