Hello everyone,
In addition to being a big fan of Fibonacci price projections, I am also a huge fan of Elliott Wave analysis. Why? Because one will tell you potential reversal points, while the other will tell you the position of the market. Combining the two is a killer combination.
But, as we all know, MT4 does not come with an EW indicators and it will most likely will not, but that should not be a problem. You really don't need a super indicator to do the count for you since having a specific count isn't really the issue. You can do well with simply understanding the basics of the Elliott Wave principal and just trade when the count is clearly visible, other wise just stay out of the market.
To that end, I have found an indicator on the MQL code base that is just fantastic (thanks to whomever created it). I am experimenting with it right now and would like to open this thread for discussion on currency forecasting using that indicator. I have attached the indicator to this thread for others to use.
So, attached it to your favorite instrument and let us discuss our forecasts to the market.
Here is mine:
In the figure below you will see two degrees of forecasts, the larger degree shows waves 3 and 4, with a projection for wave 5. In addition, you will see the projection of the lesser degree for waves 1 and 2 of wave 5. So, my analysis is forecasting a continued uptrend to the 1.31000 range. So, I took a long trade at 1.29804 with a stop loss set at the low of wave 4 pivot. I used this point since if my count is correct, price should advance beyond wave 1 of the lesser degree. I set my profit target at 1.30790, which slightly lower than than the target area (to be conservative).
Now, even though I am bullish on the EURUSD cross, I do realize that we are nearing the end of the bullish trend, since wave 5 of the larger degree is commencing and it will be followed by a corrective move higher in magnitude in time and price than all previous corrections in the bullish trend preceding the correction. That is also why my profit target is lower than the anticipated price target for the larger and lesser wave 5 and wave 3, respectively.
Also, please note that I have take this trade relying solely on EW analysis and with no supporting indicator because I want to sharpen my skills with EW analysis without influence of any other indicators. I am in practice mode right now.
I would really love it if other Elliott Wave enthusiasts to join me in using this indicator and participate with me in forecasting the markets.
Note: I am only allowed to start threads in this category of the forum. If the moderators believe the thread should be moved, please do so at your discretion
Cheers,
In addition to being a big fan of Fibonacci price projections, I am also a huge fan of Elliott Wave analysis. Why? Because one will tell you potential reversal points, while the other will tell you the position of the market. Combining the two is a killer combination.
But, as we all know, MT4 does not come with an EW indicators and it will most likely will not, but that should not be a problem. You really don't need a super indicator to do the count for you since having a specific count isn't really the issue. You can do well with simply understanding the basics of the Elliott Wave principal and just trade when the count is clearly visible, other wise just stay out of the market.
To that end, I have found an indicator on the MQL code base that is just fantastic (thanks to whomever created it). I am experimenting with it right now and would like to open this thread for discussion on currency forecasting using that indicator. I have attached the indicator to this thread for others to use.
So, attached it to your favorite instrument and let us discuss our forecasts to the market.
Here is mine:
In the figure below you will see two degrees of forecasts, the larger degree shows waves 3 and 4, with a projection for wave 5. In addition, you will see the projection of the lesser degree for waves 1 and 2 of wave 5. So, my analysis is forecasting a continued uptrend to the 1.31000 range. So, I took a long trade at 1.29804 with a stop loss set at the low of wave 4 pivot. I used this point since if my count is correct, price should advance beyond wave 1 of the lesser degree. I set my profit target at 1.30790, which slightly lower than than the target area (to be conservative).
Now, even though I am bullish on the EURUSD cross, I do realize that we are nearing the end of the bullish trend, since wave 5 of the larger degree is commencing and it will be followed by a corrective move higher in magnitude in time and price than all previous corrections in the bullish trend preceding the correction. That is also why my profit target is lower than the anticipated price target for the larger and lesser wave 5 and wave 3, respectively.
Also, please note that I have take this trade relying solely on EW analysis and with no supporting indicator because I want to sharpen my skills with EW analysis without influence of any other indicators. I am in practice mode right now.
I would really love it if other Elliott Wave enthusiasts to join me in using this indicator and participate with me in forecasting the markets.
Note: I am only allowed to start threads in this category of the forum. If the moderators believe the thread should be moved, please do so at your discretion
Cheers,
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