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Elliot Wave and Fibo for the Newbies

  • #21
  • Jan 5, 2009 9:16am Jan 5, 2009 9:16am
Ok so partial profit taking out at the 1.4625 level.
We have caught 69 pips.
Now move sl to 1.4540.
Whatever happens we made profit.
If price closes below 1.4570 close all positions because it invalidates the move.
Next target is 1.4670.
  • #22
  • Jan 5, 2009 11:39am Jan 5, 2009 11:39am
Hit target of 1.4670. Another 45 pips.
Total = 114.
Now move stop to around 1.4565.
I expect a retracement now to around 1.4660.
If it breaks 1.4660 then next reversal shud be around 1.4585.
However if a candle closes below 1.4575 then close position.
Next upside target is =1.4775
You cud place a short about now but its not in favour of the trend direction.
I think there will be too much power for it to retrace by to much so probably not worth the risk.
  • #23
  • Jan 6, 2009 12:09am Jan 6, 2009 12:09am
Overnight price did find small support around 1.4645 but broke through and hit the stop at 1.4565. So another 9 pips was made.
Minus the spread of 4 pips = 5 pips.
Total pips made 119.
If price breaks 1.4660 I will enter another two positions with first target at 1.4855. Second target of 1.4930. This is for the 5th wave.
SL set at 1.4530.
  • #24
  • Jan 6, 2009 1:06am Jan 6, 2009 1:06am
Entered at 1.4682.
SL at 1.4540.
TP1 at 1.4840.
  • #25
  • Jan 6, 2009 1:08am Jan 6, 2009 1:08am
I do however see strong resistance at 1.4730 so may have to close out if this level is too strong.
  • #26
  • Jan 6, 2009 5:23am Jan 6, 2009 5:23am
well that 1.4730 resistance was too strong and price reversed, so the 5th wave ended very early. Lost about 62 pips including spread, closed at 1.4624.

EDIT: I do stil see prices going higher as it has hit another support zone around 1.4500.
Heres a chart showing what Im looking at:
  • #27
  • Jan 6, 2009 5:26am Jan 6, 2009 5:26am
Here
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd15mfib.gif Size: 24 KB
  • #28
  • Jan 14, 2009 6:44pm Jan 14, 2009 6:44pm
hay buddy, do you have another trading sytem that quiet profitable and consistent? coz elliot is like art, so still make me confusing to know where is there first wave? can you explain that things? if u dont mind, may i know your pm so i can ask from the first to know how to make elliot wave? tHanks bro
  • #29
  • Jan 15, 2009 12:39pm Jan 15, 2009 12:39pm
Hey dashboard. U can send me a pvt message if you wish.
I do have a profitable strategy im using, I am not 100% sure on whether it is consistent, but so far so good. Trust me on this though the key to a profitable strategy is NOT the strategy so to speak. Its about your judgement, experience and interpretation of the market, and a big part is money management and physcology. I am still making mistakes in my trading that i perhaps shudnt be.
Yes elliot wave is an art, it takes time to see where price is in the elliot wave pattern.
Here are some tips to help you identify the various waves.

 

  1. Tip 1: Find a wave, this is where price has gone in a consitant direction. Pull the fibonachi tool from the bottom to top. Now wait for price to 'retrace', ie it is going in the opposite direction. So if your wave was going up, you are now watching price come down. Now wait untill price stops, and changes direction again. Look at where price has stopped. Did it hit the lower 23.6 fib level or maybe 38.2 level? if it did, this is potentially a wave 1. Now wait till price continues past the 76.4 level. If it clears this level, there is a greater chance this is a wave 1, however not fully confirmed. If price goes past the 100 level, then there is a strong chance it being wave 1 and should at least reach the 1.382 extension.

  1. Tip 2: So now price is continuing up. Again wait for price to stop and reverse. Where does it stop at? If it has re-entered the area of wave 1, then this is not wave 4. It could be a smaller wave 2 of the bigger wave 3.
    Good tip if you think you see a wave 4 but price goes into area of wave 1, this is NOT a wave 4. For a wave 4 to be valid it cannot enter the area of wave 1 and 2. Just to clear it up slightly.

  1. Tip 3: Wave 3 is never the smallest of wave 1 and 5. The smallest wave will always be wave 1 or 5. You can have a big wave 1 but must have a small wave 5, vice versa. Usually though wave 3 is the largest wave.


It is difficult to get accross the ideas, if you are interested try a search engine and type elliot wave. You will get better information there and explained a lot better than I can.

Hope this was helpful.

  • #30
  • Sep 8, 2017 2:08pm Sep 8, 2017 2:08pm
Quoting fry2010
Hi, I thought I wud post a strategy I have been looking at for the past couple of weeks. Just fort I wud share it in the new people section cause i doubt the experienced wud be interested. Its a very good strategy, its just being able to identify where the price is in the Elliot Wave, that is the slightly tricky part. So first things first. Just gona go over a few basics of elliot wave. You have two main types of waves: Impulsive Corrective The impulsive wave is the biggest move, also knows as the 'trend'. Just think that price is moving on 'impulse'....
counting waves is very important
  • #31
  • Sep 14, 2017 6:29am Sep 14, 2017 6:29am
Well, fibo is useful for all kind of traders including news traders! I use this technical tool for identifying major swing points of market! On the other hand, my news trading knowledge is my core point of success.
  • #32
  • Sep 14, 2017 6:58am Sep 14, 2017 6:58am
I am so afraid of trading the news,but I like news trading,im wondering if u r using the strategy of drawing fib tool on spiked candle and then enter from 50 or 61 levels? plese share your news trading strategy because these days the move gose against the technical at the time of news release,that makes trading the news very dangerous
  • #33
  • Sep 14, 2017 7:32am Sep 14, 2017 7:32am
I don't touch news trading at all. I have an almost irrational fear of it, because as a newbie I got very badly burned when I tried to do it. Nowadays I probably know more and I think I might do better, but I still prefer to avoid it.
  • #34
  • Sep 14, 2017 9:00am Sep 14, 2017 9:00am
Quoting mlawson71
I don't touch news trading at all. I have an almost irrational fear of it, because as a newbie I got very badly burned when I tried to do it. Nowadays I probably know more and I think I might do better, but I still prefer to avoid it.
exactly I blew my first account,so lessons learnt but sometimes greed takes over and I trade safe n small lots news trading.your fear is very much rationale.
  • #35
  • Sep 15, 2017 8:18am Sep 15, 2017 8:18am
Quoting T4Trade
{quote} exactly I blew my first account,so lessons learnt but sometimes greed takes over and I trade safe n small lots news trading.your fear is very much rationale.
Ah, I see now. I hope that your trading will be very successful in the future.
  • #36
  • Sep 15, 2017 12:41pm Sep 15, 2017 12:41pm
Quoting mlawson71
{quote} Ah, I see now. I hope that your trading will be very successful in the future.
thankyou ,yes it was eye opener and I learnt so much after that,i have improved a lot.i am happy now,i did some news trading today and got 100 pips but with small lots ,being very careful.

wishing you a luck as well
  • #37
  • Sep 16, 2017 6:52am Sep 16, 2017 6:52am
Quoting T4Trade
{quote} thankyou ,yes it was eye opener and I learnt so much after that,i have improved a lot.i am happy now,i did some news trading today and got 100 pips but with small lots ,being very careful. wishing you a luck as well
Thank you!
Did you use the Bank of England's announcement about the interest rate?
  • #38
  • Sep 16, 2017 12:53pm Sep 16, 2017 12:53pm
Quoting mlawson71
{quote} Thank you! Did you use the Bank of England's announcement about the interest rate?
I am using technical more than fundamentals for trading,just read the fundamentals for the sake of trading. last week there were couple of news on bank interest rates.we will see new lows n highs coming week.i follow the waves after the market moving news.
  • #39
  • Sep 17, 2017 1:00am Sep 17, 2017 1:00am
sometime I use the Bank of England's announcement about the interest rate
Call me Red
  • #40
  • Sep 18, 2017 6:16am Sep 18, 2017 6:16am
Quoting T4Trade
{quote} I am using technical more than fundamentals for trading,just read the fundamentals for the sake of trading. last week there were couple of news on bank interest rates.we will see new lows n highs coming week.i follow the waves after the market moving news.
I am not sure I understand. How does one use technical analysis to trade news? Aren't they more understandable through fundamental analysis?
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