How we traded EURJPY recently

The following charts are reproduced from what I sent a client who consulted with me. He has been trading EURJPY quite regularly and understands the intricacies of that market well. The objective was to figure out the near term outlook for the cross.

The first chart below lays out my hypothesis, that we were tracing a double three pattern, and we were in wave C of the second set.

This next chart shows how I looked at the sub waves of wave C in the second set.

Then I established where wave 4 of C ended.

Then I figured out the likely targets for wave 5 of wave C as below.

But all of this was merely establishing a framework. I was aware that there were some key levels that could make a difference along the way. In order to trade in the short term, I had to focus on those levels. So I went into the intra-day chart and this is what I sent my client.

The key level was where sub wave (3) will likely end. And that came at 117.44 as shown here.

Finally, I sent this last chart to my client that suggested he sell in stages from 118.15 upto 118.60. 

You can check what happened later. The low was 117.44 and we got a recovery to 118.34 after which we came down to 117.01.

This is just another example of how one can use Elliott Waves to trade in the short term. All of my wave counts are work-in-progress. I use them and then discard them!

 



8 Comments

  • Fredrik Jensen

    Hi sir. i have a problem With understanding something With the elliott wave from you book. I have understand the rules and wave 1,2,3,4,5 but dont understand the i, ii, iii, IV.

    • Ramki Ramakrishnan

      Fredrik, Quite simply, every impulse wave is made up of 5 sub waves, i.e 3 impulse waves and 2 corrective waves. In other words, if you take Wave I, you can see that it is made up of wave i, wave ii, wave iii, wave iv and wave v. Of these waves i, iii and v are the impulse waves, and each of these impulse waves will also have its own wave (i), wave (ii), wave (iii) wave (iv) and wave (v) and so on.

      • Fredrik Jensen

        Thanks for the answer sir. I was also wondering how much Your course costs? is the 380 usd fee only one time or do i need to pay 380 usd every month in 12 months. is the final price 380 usd or 4560 usd?

        • Ramki Ramakrishnan

          Fredrik
          You are the third person to ask me this question! I will make it clear on the website now:) There is a one time payment that will allow you to access the course for 12 months from the date you make the payment. Those of you who wish to renew the subscription will get a substantial discount for the subsequent 12 months. Remember, I will keep adding videos as we go along, although not at a regular pace. For example, I have posted a new video just a few minutes back.

  • james

    Hi. How much does Your course costs. does it cost 380 usd or do i need to pay 380 usd every month for 12 months. is the final price 380 usd or 4560 usd?

    • Ramki Ramakrishnan

      James, As your question is identical to the previous comment, I suspect you are the same person! Anyway, the response appears above. Thank you for posting!

  • Fredrik Jensen

    Hi sir thanks for answering my question. i finally understood the subwave concept after Reading you books and watching you videos on the course. but i was wondering another thing about the elliott wave. im looking at a tesla chart right now 1-minute. i can Count the Waves, 1,3,4,5 and also abc. and i can also Count the subwaves on the wave 3. but i dont see any subwaves for the other Waves. is it okay in elliott wave to Count subwaves in some of the Waves?

    • Ramki Ramakrishnan

      Fredrik, Some of the practical issues are explained in the online program. But looking at 1-minute chart often leads to errors in counting and analysis.

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