Hello and welcome to my thread!
The purpose of which will be to highlight trade ideas using a combination of Elliott Wave together with Fibonacci ratios and channel lines.
EW on its own has very limited merits. Yes we know it works in cycles; 5 wave advances and 3 wave counter-trends, but it is only by using common Fibonacci levels that we can determine likely wave counts...
I have no idea what kind of following this thread may attract. Hopefully this can be a decent EW thread, with people welcome to share their own analysis.
When using EW, it is essential to try to come up with an alternative count. Most of the time it requires a rethink as you go along, so we must bear in mind that there is nothing wrong in having an incorrect count, so long as you learn a little from it each time!
Please post your charts along with analysis. We can all learn from one another. Above all, keep it clean!
Link to my website HERE
Link to introductory special offers on selected brokers, upto 100% initial deposit bonus HERE
I'm going to start by posting a couple of examples from earlier in the year... firstly; when Cable (GbpUsd) was in its downtrend. We needed to know when it would likely finish its 5w decline and start its corrective move;
The count works like this; Wave 3 was 100% of wave 1, Wave 4 retraced exactly 23.6% of wave 3 and wave 5 hit its 38.2% fibonacci extension.
I highlighted two possible likely paths for the following ABC corrective move and we chose the lower (irregular) path (in green).
A little later;
This indicated Cable's weakness and thus, down we go in our 3rd wave;