The Elusive Elliot Waves | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Elliot waves & Harmonic Patterns for MT4 4 replies

Elliot Waves musings 13 replies

Elliot Waves/Demark Waves 2 replies

the best Elliot Waves book? 2 replies

Elliot Waves 1 reply

Attachments: The Elusive Elliot Waves
Exit Attachments

The Elusive Elliot Waves

  • #21
  • Feb 25, 2021 4:52am Feb 25, 2021 4:52am
Im off to bed but I'll be around if you need more help. You can also look at my trade journal to learn more. Cheers!
  • #22
  • Feb 25, 2021 5:02am Feb 25, 2021 5:02am
Quoting klm1011
{quote} ........thanks TaoTrader .............. when you say higher TF is it H4 to Wkly set .............. lower TF will be a nightmare i guess............... i think pips are in higher TF movement anyway..........
Sorry I forgot to answer you here LOL......ummmmmmmmm.......ideally you start looking at the patterns on the Monthly, then you look inside for the weekly patterns, then on down to the 4 and 1 hour charts. Anything lower and you are looking at a lot of noise. It's less reliable. These charts don't require a method or system, you can just trade however you want because it's too unpredictable. But there are systems for these lower time frames that a lot of people use. They're quite tedious though LOL. Anyway a PIP for the EUR/USD is when the market moves one hundredth of a cent. So if the price is 1.1050 and it moves to 1.1051, it moved 1 PIP. Cheers
  • #23
  • Edited 5:44am Feb 25, 2021 5:09am | Edited 5:44am
Quoting TaoTrader
{quote} I'm a little confused about all the 3's on your chart. Not sure what they mean LOL. But yes here is an example for you starting on the Daily chart, and using your 4 hour chart. Your larger chart above(the one I responded to first) started on Feb 4th, and you counted the 3 waves correctly. But you want to start on the weekly and the daily first. The weekly chart is harder to see right now in terms of the waves, but the daily chart is showing the same info. This image I have here shows a 3 Wave pattern which started on Nov 3rd of last year....
........ those magical 3 numbers are from an indicator called Semafor which i believe is based on Zigzag indicator......... i have attached it as mentioned to be helpful by HRTrading ,trader who pointed out to try to use it to decipher wave structure.............i believe.......... i don't know yet if Semafor is going to be helpful but will keep an open mind about it .......


.......trying to figure out where ABC component would fit into this ............. my confusion can only get better ... don't worry ...
  • #24
  • Feb 25, 2021 5:14am Feb 25, 2021 5:14am
Quoting klm1011
{quote} .......trying to figure out where ABC component would fit into this ............. my confusion can only get better ... don't worry ...
I'll come back tomorrow and help you with it some more. I've got you covered
  • #25
  • Feb 25, 2021 6:11am Feb 25, 2021 6:11am
........i guess the main question is .............. how to identify the beginning of wave pattern ............... is this possible ....... or .......... this approach needs to be modified?...............
  • #26
  • Feb 25, 2021 6:52am Feb 25, 2021 6:52am
Quoting TaoTrader
{quote} Sorry I forgot to answer you here LOL......ummmmmmmmm.......ideally you start looking at the patterns on the Monthly, then you look inside for the weekly patterns, then on down to the 4 and 1 hour charts. Anything lower and you are looking at a lot of noise. It's less reliable. These charts don't require a method or system, you can just trade however you want because it's too unpredictable. But there are systems for these lower time frames that a lot of people use. They're quite tedious though LOL. Anyway a PIP for the EUR/USD is when the...
.........next question..................... how do we incorporate trendlines effectively into wave counting .............. can this give us clues at turning points into the beginnings of ABC & then ABC going into new Wave 1.....................?
  • #27
  • Feb 25, 2021 3:19pm Feb 25, 2021 3:19pm
Quoting klm1011
........i guess the main question is .............. how to identify the beginning of wave pattern ............... is this possible ....... or .......... this approach needs to be modified?...............
Yes you always want to start at the beginning of a wave. Later tonight I'll be back with some demonstrations for you.
  • #28
  • Feb 25, 2021 3:28pm Feb 25, 2021 3:28pm
Quoting klm1011
{quote} .........next question..................... how do we incorporate trendlines effectively into wave counting .............. can this give us clues at turning points into the beginnings of ABC & then ABC going into new Wave 1.....................?
When you lay out your trendlines you will observe where price actions breaks the line, depending on whether it's a trendine from swing high to swing high, or swing low to swing low. That means you draw a trendline below AND above the candlesticks.....Yes this can be useful when counting Elliot waves.......if you mean an ABC wave after a 5 wave pattern has completed, yes trendlines can help. It's really just about observing where the price breaks above or below the trendline. More info tonight!
  • #29
  • Feb 25, 2021 3:47pm Feb 25, 2021 3:47pm
.....lets hope we can learn this new trick of the trade.................
..... i guess it's all about practice , practice , practice by demonstratable examples now...................to break the word Elusive here.............if it's an achievable goal.............
  • #30
  • Feb 25, 2021 5:18pm Feb 25, 2021 5:18pm
For sure
  • #31
  • Feb 26, 2021 2:31am Feb 26, 2021 2:31am
Quoting TaoTrader
For sure
........did we get the count right ? on eurusd ...............what are yr views...................
  • #32
  • Feb 26, 2021 3:33am Feb 26, 2021 3:33am
Quoting klm1011
{quote} ........did we get the count right ? on eurusd ...............what are yr views...................
On which chart? To answer your question from yesterday, to count Elliot Waves from the beginning, look at the chart I posted here for you yesterday. The one that has all the wave counts on it. To identify the start of a Wave pattern, you start with the most recent candlesticks on your chart, and you look for ANY wave formation. Then you see if this formation is included in any larger wave pattern. I hope this is not confusing. I apologize if it is. The image here is the chart I showed you yesterday. So, using my wave counts, WAVE 3 is one full wave, WAVE 2 is one full wave, and WAVE 1 is one full wave. Each of these waves is part of a larger wave, which starts on November 3rd of 2020. Let me know if this explanation makes sense. I will try to find a video that explains it.
Attached Image (click to enlarge)
Click to Enlarge Name: fccf41a4d0900cf675bc89869eca1466.png Size: 310 KB
  • #33
  • Feb 26, 2021 3:45am Feb 26, 2021 3:45am
Quoting klm1011
{quote} ........did we get the count right ? on eurusd ...............what are yr views...................
Trying to find a good tutorial for you on youtube, but they all suck they're too complicated for a beginner LOL.
  • #34
  • Feb 26, 2021 3:51am Feb 26, 2021 3:51am
Quoting klm1011
........i guess the main question is .............. how to identify the beginning of wave pattern ............... is this possible ....... or .......... this approach needs to be modified?...............
Here's a decent turorial.

https://www.babypips.com/learn/forex...elliotts-waves


Baby pips.com is the best site to learn Forex trading for free, in my opinion. Also.......in reference to your question about ABC waves, you want to make sure you measure them using Fibonacci levels, so if they are a 1-2-3 wave after a 5 wave pattern, or a corrective wave 2 or 4......you have to measure them so you know they are actually ABC waves. Make sense?
  • #35
  • Feb 26, 2021 3:57am Feb 26, 2021 3:57am
Quoting klm1011
...............first tentative attempt at wave counting ....but we must try try again ............. ? 3 wave formation in progress.................... .............. hawkeye critic welcome.................. .............. i put on semafor ( 3 numbers only ) as one trader ( HRTrading ) responded it is helpful.............i guess will see if it does or not .................. .............. i could be wrong and just seeing shapes in the sky............. {image}
........so i am refering to this snapshot............ which we thought was in wave 3 (current price at the time )............. however if we look at current price now ........... i am not sure if it is wave 3 after this significant price drop..............................
  • #36
  • Feb 26, 2021 4:04am Feb 26, 2021 4:04am
Quoting klm1011
{quote} ........did we get the count right ? on eurusd ...............what are yr views...................
Are you talking about the current movement on the EUR/USD chart? It's still too early to tell if the trend is up or down. For a scalper it would be down. But I look at the larger trend, so it's too early to tell on the daily and weekly charts.
  • #37
  • Feb 26, 2021 4:12am Feb 26, 2021 4:12am
The 4 hour and 1 hour charts are showing oversold stochastic indicators (the indicator at the bottom of these images). This is a sign that the market could be reversing soon. I'm waiting to see. The weekly is not in a downtrend, and the daily only has one bearish candle. Just too early......
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 348118da85055e13cafd14eb0b28d13c.png Size: 79 KB
Click to Enlarge Name: 1bd86c9da75513a5fc96acecc65c9aaa.png Size: 78 KB
  • #38
  • Feb 26, 2021 4:18am Feb 26, 2021 4:18am
......so this is current price ............. we agreed that wave counts might be like this ..........1-2 done & wave 3 is developing ..........do you think wave 3 is still ongoing ......... so a question would be ....when would we say wave 3 has not taken off?....................
Attached Image (click to enlarge)
Click to Enlarge Name: 15 wedge 1.PNG Size: 52 KB
  • #39
  • Feb 26, 2021 4:22am Feb 26, 2021 4:22am
Quoting klm1011
......so this is current price ............. we agreed that wave counts might be like this ..........1-2 done & wave 3 is developing ..........do you think wave 3 is still ongoing ......... so a question would be ....when would we say wave 3 has not taken off?.................... {image}
The answer to that questions depends on each person's system. For me, with the current chart, if I see several candles close on the daily as bearish, and if I see the weekly candle turning bearish, that's an indication that the trend is officially down. I use my overall system to evaluate the trend though, not just the candlesticks themselves.
  • #40
  • Feb 26, 2021 4:41am Feb 26, 2021 4:41am
.......will continue to follow eurusd on this quest for waves ......................i still feel these might be like those Gravitational waves that astronomy scientists are looking for..................elusive and subjective ............. the truth is out there...........
...........if anyone has any other pairs displaying features & symptoms of Eliott waves ... please post ........................
0 traders viewing now