Elliott Wave Trade Ideas Performance Update

We bought EUR/JPY in early part of last week at 112.85 and the single currency found renewed buying interest at 112.54 and rallied from there throughout rest of the week, easily met our indicated upside target at 114.20 (with 135 points profit) and price eventually surged to as high as 116.00 on Friday before retreating.

We sold the EUR/GBP after seeing the retreat from 0.8593, however, last week’s rebound from 0.8461 turned out to be stronger than expected and in view of the strength of the bounce from there,  we exited our short position entered at 0.8540 at 0.8550 and euro then rallied to as high as 0.8632 today.

In aussie, we sold the pair at 1.0170 last week and price did retreat from 1.0189 to as low as 1.0075, however, the currency pair jumped again from there today, our lowered stop at 1.0160 was hit and the position was closed with 10 points profit.

No position was entered in USD/CAD.

In short, 3 positions were squared among the 4 currency pairs last week with a total profit of 135 points and the positions are listed below.

1 Mar: EUR/JPY -  Long at 112.85, exited at 114.20  (+135 points)
2 Mar: AUD/USD - Short at 1.0170, exited at 1.0160  (+ 10 points)
3 Mar: EUR/GBP - Short at 0.8540, exited at 0.8550  (- 10 points)

            AUD        EURJPY      EURGBP       CAD
Jan        -110           -65           +45         +162
Feb         -12         +220           -17           +54    
Mar         +10         +135          -10
Apr
May                 
Jun       
Jul       
Aug       
Sep       
Oct       
Nov       
Dec                                                                 
Y-T-D      -112         +290         +18          +216

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Daily Forex Update: GBP/CHF

GBP/CHF is continuing the prevailing downtrend inside the high Quality Descending Triangle chart pattern, identified by Autochartist on the daily charts. The Quality of this chart pattern is rated at the 7 bar level as a result of the low Initial Trend (measured at the 1 bar level) and near maximum Uniformity and Clarity (both rated at the 9 bar level). High Uniformity and Clarity describe a well-formed chart pattern developing smoothly in accordance with the prevailing down-trend visible on the daily and the weekly charts. The first and the second connecting points of the lower support line of this chart pattern stand at the B level of the preceding ABC correction to the previous longer-term downward impulse. This level should be broken for the down trend to continue

Autochartist has also identified another high Quality chart pattern, Flag, on the 240-minute GBP/CHF chart. The Quality of this Flag is rated at the 8 bar level. The upper resistance trend line of this chart pattern can be used for opening sell entries in accordance with the prevailing downtrend, protected with a close stop-loss above.

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