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Elliot Wave Analysis

  • #1,501
  • Apr 7, 2022 3:07am Apr 7, 2022 3:07am
My silly times x 2 wave count. Let's see if wedge formation holds if not i will quit exposing my EW fantasies for good...
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  • #1,502
  • Apr 7, 2022 7:38pm Apr 7, 2022 7:38pm
This seven fractals structure on EURUSD 15 minutes timeframe looks like an impulse wave. Fibo relation between waves 1 and 5 is 0.618.
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  • #1,503
  • Apr 9, 2022 3:41am Apr 9, 2022 3:41am
Quoting hanzohas
My silly times x 2 wave count. Let's see if wedge formation holds if not i will quit exposing my EW fantasies for good... {image}
You are heading in the right direction........
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Elliott Wave for optimum entry, exit and risk management of trades
  • #1,504
  • Apr 9, 2022 11:31am Apr 9, 2022 11:31am
Quoting skyhok
{quote} You are heading in the right direction........ {image}
I usually take EW analysis with a bucket of salt to be honest. I could make 10 different counts which all are valid, but after several years in the fx market, I have three key takeaways from EW.

1) Always do a simple count and avoid too much nesting.
2) Satisfy the rule of alternation for both impulse and correction waves.
3) Expect support/resistance when price is back to wave 1 area (this one is the most useful point).

All conditions are satisfied in below example, but even in this case, I rather count on PA confirmation before buying.

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  • #1,505
  • Edited 8:10pm Apr 9, 2022 7:42pm | Edited 8:10pm
Quoting hanzohas
{quote} I usually take EW analysis with a bucket of salt to be honest. I could make 10 different counts which all are valid, but after several years in the fx market, I have three key takeaways from EW. 1) Always do a simple count and avoid too much nesting. 2) Satisfy the rule of alternation for both impulse and correction waves. 3) Expect support/resistance when price is back to wave 1 area (this one is the most useful point). All conditions are satisfied in below example, but even in this case, I rather count on PA confirmation before buying....
Same for me, I had rough times figuring out which Elliott Wave guidelines really works in markets or which interpretation of EW works.
Now, I only use the ones that work in all time frames.
Elliott Wave for optimum entry, exit and risk management of trades
  • #1,506
  • Apr 10, 2022 1:42am Apr 10, 2022 1:42am
Quoting skyhok
{quote} Same for me, I had rough times figuring out which Elliott Wave guidelines really works in markets or which interpretation of EW works. Now, I only use the ones that work in all time frames.
And what are these working all time?
  • #1,507
  • Apr 10, 2022 1:44am Apr 10, 2022 1:44am
Quoting hanzohas
{quote} I usually take EW analysis with a bucket of salt to be honest. I could make 10 different counts which all are valid, but after several years in the fx market, I have three key takeaways from EW. 1) Always do a simple count and avoid too much nesting. 2) Satisfy the rule of alternation for both impulse and correction waves. 3) Expect support/resistance when price is back to wave 1 area (this one is the most useful point). All conditions are satisfied in below example, but even in this case, I rather count on PA confirmation before buying....
In this count isn't wave3 the shortest one?
  • #1,508
  • Apr 10, 2022 2:26am Apr 10, 2022 2:26am
Have a look at my EW analysis on Gold H4 chart and let me know what u think or how u may draw ur count
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  • #1,509
  • Apr 10, 2022 6:19am Apr 10, 2022 6:19am
Waves a Statistical approach
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  • #1,510
  • Apr 10, 2022 6:34am Apr 10, 2022 6:34am
Quoting Merka
{quote} In this count isn't wave3 the shortest one?
how dare you I think there are some exceptions when the wave is ending with an expanding triangle, but I am not sure.

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e.g. you could also claim that we had a 5th wave failure and that part is just a correction. It is very easy to bend the rules in EW, which adds a lot bias into my analyses to be honest. I am not saying anything on behalf of others, but thats the case me.

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I still like EW, and I believe it is the best theory, I just never became much profitable using it.
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  • #1,511
  • Apr 10, 2022 6:36am Apr 10, 2022 6:36am
Quoting TheScorpS
Have a look at my EW analysis on Gold H4 chart and let me know what u think or how u may draw ur count {image}
nice, you see how resistance appeared near wave 1/2 region..
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  • #1,512
  • Edited 3:57pm Apr 10, 2022 7:57am | Edited 3:57pm
May test last limit 1877.10 for decision. Take care
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Not understand?better not follow my analyses!doubt clearer first, risks ++
  • #1,513
  • Apr 10, 2022 9:02am Apr 10, 2022 9:02am
Quoting hanzohas
{quote} nice, you see how resistance appeared near wave 1/2 region..
yes nice to know that 2 , thx

So support and resistance with the wave theory great
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  • #1,514
  • Apr 10, 2022 9:02am Apr 10, 2022 9:02am
Quoting fontu
May test last limit 77.10 for decision. Take care {image} {image} {image}
Thx for the gold chart and analysis
I Have Learned to Take Some Losses to Make Profits
  • #1,515
  • Apr 10, 2022 12:19pm Apr 10, 2022 12:19pm
FYI
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  • #1,516
  • Apr 10, 2022 12:58pm Apr 10, 2022 12:58pm
Quoting TheScorpS
Have a look at my EW analysis on Gold H4 chart and let me know what u think or how u may draw ur count {image}
I think this one could break 61.8% retracement, but some patience is needed. A double top or even a new top. Depends a bit on how next week closes. I know w2 and w4 does overlap in my count, but it looks like an ending diagonal to me.

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  • #1,517
  • Apr 11, 2022 1:33am Apr 11, 2022 1:33am
Quoting hanzohas
{quote} I think this one could break 61.8% retracement, but some patience is needed. A double top or even a new top. Depends a bit on how next week closes. I know w2 and w4 does overlap in my count, but it looks like an ending diagonal to me. {image}
U are right as I have this plan too - unless this push up starts to trend into 5th wave of the previous Corona epidemic wave 3 on Gold

As this can be wave B of the last A off wave 4 correction down otherwise this also can be the start of wave 5 and wave 4 can become a single zigzag

good luck and thanks
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  • #1,518
  • Apr 11, 2022 4:46am Apr 11, 2022 4:46am
Quoting TheScorpS
{quote} U are right as I have this plan too - unless this push up starts to trend into 5th wave of the previous Corona epidemic wave 3 on Gold As this can be wave B of the last A off wave 4 correction down otherwise this also can be the start of wave 5 and wave 4 can become a single zigzag good luck and thanks
H4 ending in 15 minutes and looks promising. You in for this?
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  • #1,519
  • Apr 11, 2022 10:49am Apr 11, 2022 10:49am
Quoting hanzohas
{quote} H4 ending in 15 minutes and looks promising. You in for this?{image}
Wish I was in on the bull run todays, issue is sometimes I get to be blurred by the vision of the trend might have ended and when I take my setup I could be the last of the herds, missed 2 trades today long based on that thinking which am trying to solve

So how was ur day today ?

Also any idea of how to deal with the possibility that the trend is still intact even if the wave seems to be ending with 5
I Have Learned to Take Some Losses to Make Profits
  • #1,520
  • Apr 11, 2022 11:07am Apr 11, 2022 11:07am
Quoting TheScorpS
{quote} Wish I was in on the bull run todays, issue is sometimes I get to be blurred by the vision of the trend might have ended and when I take my setup I could be the last of the herds, missed 2 trades today long based on that thinking which am trying to solve So how was ur day today ? Also any idea of how to deal with the possibility that the trend is still intact even if the wave seems to be ending with 5
I am locked in. Normally would tp around 1965 but, this EW fantasy made me stay.
Unfortunately, I don't have any solution to your issue

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