Forex Daily with Elliot Wave Analysis (04.12.2018) - GBPCHF, GBPJPY, XAUUSD
Dear Steemians, welcome to Wave Analysis...
Today, we have 2 new trade setups. Then I will update the Hotlist.
New Trade Setups
GBPJPY
!!IMPORTANT: Before I publish this post, it went up and broke the previous top. So, the trade setup is not valid anymore.
It looks like a correction is in the making for more downside. I have put an entry order. If it goes up and breaks previous top I will keep looking for short trade setups because of my higher degree forecast. If it comes down impulsive, I will be in the trade.
XAUUSD
I hope this time is the starting of down impulse. I haven't put an entry order yet. I'm waiting for an up move as C wave inside of correction. Then I will place my order.
Updating of Hotlist Items
Active Trades
EURUSD: If it makes a correction for more down side, I will move my stop loss to previous top. On the other hand, the up move is still more likely scenario in my opinion.
USDCAD: If it makes a new correction, I will take another short trade. When it breaks previous bottom, I will move the stop loss to breakeven.
USDJPY: Just leave it alone. It's probably making a bigger correction for more upside. In this case it will stop me out, but the current profit is too small to worry about it and my risk is tiny.
AUDJPY: Just leave it alone.
CHFJPY: Just leave it alone.
SPX500: The structure is still not clear. I'm leaving it alone, because I'm still expecting down move inside of correction. If you want, you can close your trade.
Removed from the Hotlist
EURGBP: Stop reached.
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.