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jamko

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About jamko

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  1. Hi Zero Its the XJO I posted the chart at around 11 am when it was at 5193.3 and trying to rise it fell back to 5177 a half hour later Looks like Hopeful was on the money with that one cause it broke support again at around 4pm dropping just short of the 5160 target Hope that makes more sense Cheers jamko
  2. Hi Hopeful Could be a while before it gets back down to 5177 but if your looking for a quick short then there may be something in that as well. I was actually thinking more long term as in a drop to between 5117 & 5100 if it is a wave c of iv Or down town around 4826 before any serious resistance if the trend has changed. On the other hand it could break through resistance at 5222 and complete wave v up. So we have support at 5177 and resistance at 5222 - a clear break of either should give us our signal Cheers jamko
  3. Any suggestions on this ASX situation ? I have used the hourly chart with no clutter to get a better reading on the current price action Do we have a truncated wave v at the 5222 double top indicating a trend reversal ? Or is this wave b of iv completing leaving us with wave c down to complete wave iv ? Either way the candlestick pattern along with resistance gives us a sell signal. Problem is that the daily chart seems to be indicating more upward movement possibly early next week Cheers jamko
  4. Thanks Welshman Re EWI yes I have access to some of Elliot Wave International's services and even with a reasonable grasp on EW I find that you really have to read it at face value. EWI states that they are not there for specific trade advice as with IG or Saxo where you can recieve particular trade positions but to analyse the market in general leaning heavily on market ( human ) sentiment. To those who use the EW principle it can be used as a very good market indicator as long as you remember that no one is perfect and their reading of a particular market could be mistaken which would be wh
  5. Hi Welshman, I dont know if this helps at all but Elliot Wave International seems confident that wave A is complete & wave B has begun. With the consolidation that we have seen in gold recently it is difficult to feel secure with a short position. I agree with Mercury in regards to being more confident when gold is in a long position. A further consideration may be the relationship between gold and the USD they most often work as opposite indicators for each other. Of course this is not to be taken as gospel just an indicator of trend movements. Cheers jamko
  6. Good stuff Mercury couldn't agree more. You seem to have pegged me pretty well there and of course the part about the risk management is quite true. With a small budget it is difficult to get any worthwhile positions on and yes 3% is ample if the funds are there. I have found that patience & constant monitoring of a position once opened is paramount to my risk management. Initially I relied far too much on my stop positions but a few bad losses soon put an end to that line of thought. I now use a preservation of capital mentality where I carefully monitor the position I have opened for any
  7. Yes mate EUR/USD it is, you may be onto it with the 76.4% I have trend lines in place that put it around there but I am hard pressed to find a strong enough resistence line, perhaps I'm not looking hard enough ? By the way have been watching the DX ( US dollar basket ) for the exact opposite of this ? Cheers jamko
  8. Nice work Mercury I fully agree but being the cheapskate I am I hope to wring the last few points out of this wave before I go short just to save a couple of dollars on my stop Cheers jamko
  9. Thanks Zero It's still a work in progress but the more I trade with it the more confident I become. It is always difficult when its your own cash at stake. I've been lucky to have a mentor to explain a lot of the trading methods but being old school he hasn't really gotten into EW specifically, that has been my own research. I think the most important thing we have discussed is that it doesn't really matter what style you feel is best for you it's the mental approach to that method that counts. Cheers jamko
  10. Hi Zero Yes I guess you are right with that I have only just started with this community so I suppose I am just sounding out how different people approach the market. Elliot wave probably isn't much use to someone trading intraday there is other more workable tactics to employ for that. I usually trade medium to long term and have found EW to be very usefull because it employs a large variety of methods into 1 workable package. Quite handy for confirming price action on the longer term positions. I have taken short term & intraday positions in the past but I must be too lazy for this bec
  11. Hi Zero The most likely explination for the ASX is the recent selling was part of wave 4 down. Elliot wave principle requires an upward wave 5 to complete before a trend change The tricky bit here is that the buyers now have their chance to prove a point and the length of the wave will depend on how confident they are in this market. Usually a rise to the previous wave peak at around 5222 on March 12 can be used as a guage for the minimum target range of the wave. Hope this helps Cheers jamko
  12. Hello everybody, I have been using the IG platform for almost 12 months now and only just noticed the community platform this morning while looking for info following the FOMC announcement. I noticed the post by Mercury in reply to ramji and thought might be a good way of introducing myself. Here is my reply to the questions posed in that post, bearing in mind that it is only my personal outlook not advice. 1) For me position size is dependant upon financial risk and must be calculated to suit each case, whether it be the amount of fund's you are prepaired to risk or the length of the wa
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