Gbp/Usd
Price Action ..........
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Can Price break below 9645 this week ?
Price Action ..........
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Can Price break below 9645 this week ?
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DislikedMarketwavez
Gbp/Usd
Price Action ..........
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Can Price break below 9645 this week ?
Let me ask two questions:
1) Why have you chosen an impulsive pattern [wave 1-5] rather than a corrective pattern [wave a-c]?
2) Assuming Wave 1-5 why have you counted Wave 3 as completed?
Ignored
DislikedAnybody using the Neely system and his indicator?
I havent quit figured it out yet, I am still reading the book which is pretty damm complicated. I havent found the indicator in his book so I was hoping some one could explain it. I see that it makes waves and zig zags but how do I count these?Ignored
DislikedNeely - will only confuse you .....
I've got some files that do a better job at explaining ..............
and I've got some links if you need them , just send me a PMIgnored
DislikedSuntrader
I don't think following EW has to be broken down to the lowest and highest levels of wave counts unless one is trading all the different timeframes. Just one level above and below the timeframe one is trading. In other words if someone is trading the 60min chart watch the 240min and the 15min. Wave counts all the way out to monthly are not needed unless they are trading weekly charts.
I tend to agree about many timeframes as I mainly use the daily chart but I also dip into the hourly chart. My long term analysis was based on a daily chart, which is the timeframe I mainly use for analysis/trading. [Personally, I am not keen on using monthly/weekly charts as I think it can all be obtained from daily charts - on longer timeframes! :-)]
Africanpip
Agreed, however it is good to know what the bigger picture is. It doesn't change all that quickly but to reference the large time frames from time to time, to keep in mind the larger trends is a good practice.
This is the key point as far as I am concerned as it gives current price action context. That context is useful in forming a view as to the larger price directions and as a consequence the probable limits of current moves. I think we are all tending to produce similar analysis of wave counts following the 20655 peak, however, dependent on your view of what wave finished at 20655 [my very first question on this forum] that will influence your expectations about future price patterns.
Of course I am simply expressing a preference here as it is entirely possible to trade from hourly charts with 4 hourly charts providing context and to be guided by price action on a short-term basis. I like to use longer timeframes [2-30 years] on daily charts using less detail to provide the context for more immediate [3months - 1 year] daily charts using more detail [as well as hourly charts].
What I would be interested in hearing is what type of trading plan you guys use with your Elliott Wave analysis, although El Grande if you would like that question asked in a separate thread then I am happy to do that to keep this one on focus - counting.Ignored