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Elliot Wave Trading

  • #1,201
  • Nov 23, 2006 11:14pm Nov 23, 2006 11:14pm
Quoting clam61
I just bought

Elliot Wave Principle (Hardcover)
by Robert R. Prechter, A. J. Frost

is this a good book? Is it advanced or juts basics.
It is considered the definitive book on EW. It is the first book that you should read on the subject. That was the best choice. It is a complete book on EW theory. Other books may have more examples or trading ideas, but you would need to read the one you bought first to learn everything there is to learn.
  • #1,202
  • Nov 24, 2006 12:28am Nov 24, 2006 12:28am
Clam61,

which edition of the book did you order and which edition is th ebest if anybody knows ?

If I look at amazon.com I see multiple:
http://www.amazon.com/s/ref=nb_ss_gw...&Go.y=11&Go=Go

Can you advice a EW book hungry forexer ?

Thanks.

Krkvak

Quoting clam61
I just bought

Elliot Wave Principle (Hardcover)
by Robert R. Prechter, A. J. Frost

is this a good book? Is it advanced or juts basics.
  • #1,203
  • Nov 24, 2006 12:58am Nov 24, 2006 12:58am
EuroUSD seem to be in dangerously overbought conditions and has been there for a while now.

A retracement is due soon. The Euro should break the 1.2885 level to close for the week to make it bearish. Take caution when going long yah. On the H4 it is currently making its last move on Wave B, which then moves in to Wave C (downwards).
  • #1,204
  • Nov 24, 2006 1:37am Nov 24, 2006 1:37am
so you're saying its going to retrace below 1.2885 and then go back up?

Quoting Hope
EuroUSD seem to be in dangerously overbought conditions and has been there for a while now.

A retracement is due soon. The Euro should break the 1.2885 level to close for the week to make it bearish. Take caution when going long yah. On the H4 it is currently making its last move on Wave B, which then moves in to Wave C (downwards).
  • #1,205
  • Nov 24, 2006 2:09am Nov 24, 2006 2:09am
Quoting Hope
EuroUSD seem to be in dangerously overbought conditions and has been there for a while now.

A retracement is due soon. The Euro should break the 1.2885 level to close for the week to make it bearish. Take caution when going long yah. On the H4 it is currently making its last move on Wave B, which then moves in to Wave C (downwards).
keeping my fingers crossed for the down move....went short quite early @ 1.2935.....but this pair betrayed me yet again
  • #1,206
  • Nov 24, 2006 2:56am Nov 24, 2006 2:56am
ouch! hope you had some stops in place...if not, you'd probably be opening up a bottle of johnny walker right about now to drown your sorrows lol. eur/usd was on crack for a little while there after 3am est.



Quoting Shazzz
keeping my fingers crossed for the down move....went short quite early @ 1.2935.....but this pair betrayed me yet again
- nick andre -
  • #1,207
  • Nov 24, 2006 3:04am Nov 24, 2006 3:04am
Quoting Nick_likes_pips
ouch! hope you had some stops in place...if not, you'd probably be opening up a bottle of johnny walker right about now to drown your sorrows lol. eur/usd was on crack for a little while there after 3am est.
damn right!....the margin saved me tho.....started off with a small account so it stopped out automatically.....had to take a bitter -45 pips with me....but later made some pips off the spike
  • #1,208
  • Nov 24, 2006 9:35am Nov 24, 2006 9:35am
Quoting krkvak
Clam61,

which edition of the book did you order and which edition is th ebest if anybody knows ?

If I look at amazon.com I see multiple:
http://www.amazon.com/s/ref=nb_ss_gw...&Go.y=11&Go=Go

Can you advice a EW book hungry forexer ?

Thanks.

Krkvak

I have the paperpack edition published in 1999. I think all editions are the same, except that they update their general idea of the market, but the stuff on EW is all the same.
  • #1,209
  • Nov 24, 2006 9:56am Nov 24, 2006 9:56am
Quoting thelongsoul
Jjenkin,

do you use Netdania charts?

If yes how is possible to insert a text on them?

Thanks
I am using the FXPower charts that are free at Dailyfx.com. They do not have a text feature but they do have all indicators I need and lines. I have to take a screen snapshot and copy it into my Paint program. That is where I add my EW lines and text. I am sure there are better programs than Paint to do this kind of editing in but I am cheap.

Jeffrey
  • #1,210
  • Edited 5:13pm Nov 24, 2006 10:24am | Edited 5:13pm
I would not sell pound right now, I believe we are on impulse w3 of one larger degree than previously being followed. In addition, it broke out of an expanding triangle today where the price objective would be the width of the triangle at the largest width from point of break out. It might take a temporay rest, but it is going higher as w3 is usually the longest. Too dangerous to short here.
Larger image at
http://members.aol.com/f8222/gbpusd11-24-06.jpg
Attached Image
  • #1,211
  • Nov 24, 2006 10:53am Nov 24, 2006 10:53am
Okay wwin, I've come to the same conclusion that price will continue to rise, I have a projection around 1.9550-1.9580, based on my trading method. I also have an extremely long term price projection of 1.9800 if I'm looking at a 161.8% move from my fib 1-100% points. The 3rd target based on Triangular breakouts and the method I trade is approx 2.000.

Sorry can't post any pics but theoretically she should be moving higher.
  • #1,212
  • Nov 24, 2006 10:59am Nov 24, 2006 10:59am
Quoting Donadoney
Okay wwin, I've come to the same conclusion that price will continue to rise, I have a projection around 1.9550-1.9580, based on my trading method. I also have an extremely long term price projection of 1.9800 if I'm looking at a 161.8% move from my fib 1-100% points. The 3rd target based on Triangular breakouts and the method I trade is approx 2.000.

Sorry can't post any pics but theoretically she should be moving higher.
I don't know about 2.000 just yet, but I would say that the MINIMUM price objective is 1.9600.
  • #1,213
  • Nov 24, 2006 1:33pm Nov 24, 2006 1:33pm
hey fixme, what are your predictions for AUDUSD now?
  • #1,214
  • Nov 24, 2006 6:52pm Nov 24, 2006 6:52pm
http://static.flickr.com/33/56825707_a86db5b55e_s.jpg natural spiral
  • #1,215
  • Nov 25, 2006 6:13am Nov 25, 2006 6:13am
Quoting wwwin
I would not sell pound right now, I believe we are on impulse w3 of one larger degree than previously being followed. In addition, it broke out of an expanding triangle today where the price objective would be the width of the triangle at the largest width from point of break out. It might take a temporay rest, but it is going higher as w3 is usually the longest. Too dangerous to short here.
Larger image at
http://members.aol.com/f8222/gbpusd11-24-06.jpg
Wave Y of the primary degree inverted zig zag will probably continue to 1.9385 - 1.9758 .
It would be suicide to short the cable soon.
This is trendy pay back time in the Forex, the snow ball is rolling from the Euro blow and now the Fed reserve is going to sell some Euro's but not the cable since its insigificant .

Wave Y will probably continue to a triple sharp pattern, so I wouldnt short it soon. This is expected to last until December and even further.


Thre may be a broker false retracement for 30-40 pips before a leap up again. Look out people, UK broker are looking for your short stops.
  • #1,216
  • Nov 25, 2006 11:10am Nov 25, 2006 11:10am
Quoting Pip-Gandalf
Wave Y of the primary degree inverted zig zag will probably continue to 1.9385 - 1.9758 .
It would be suicide to short the cable soon.
This is trendy pay back time in the Forex, the snow ball is rolling from the Euro blow and now the Fed reserve is going to sell some Euro's but not the cable since its insigificant .

Wave Y will probably continue to a triple sharp pattern, so I wouldnt short it soon. This is expected to last until December and even further.


Thre may be a broker false retracement for 30-40 pips before a leap up again. Look out people, UK broker are looking for your short stops.

I also had one chart showing the low of 10-11-06 as ending an X wave. Which agrees with your view.
  • #1,217
  • Nov 25, 2006 5:38pm Nov 25, 2006 5:38pm
would anyone tell me the difference between these leverage?
1:200
1:100
1:50
1:25
if i want to open 1pip=$1 lot, which leverage is meant for me? i am a bit confuse on leverage here.
  • #1,218
  • Nov 25, 2006 6:13pm Nov 25, 2006 6:13pm
Although I won't be looking to short too soon, it should be pulling back early next week. And then maybe move higher later in the week with line in the sand at the 1.9450-1.9500 area comprising fib projections of 1.9451 / 1.9495 / 1.9518 and highest closing price of 1.9463 from 12/20/04 last pivot high.
  • #1,219
  • Nov 25, 2006 6:20pm Nov 25, 2006 6:20pm
Quoting SunTrader
Although I won't be looking to short too soon, it should be pulling back early next week. And then maybe move higher later in the week with line in the sand at the 1.9450-1.9500 area comprising fib projections of 1.9451 / 1.9495 / 1.9518 and highest closing price of 1.9463 from 12/20/04 last pivot high.
Yes, it may take a breather, but this is not the highest it is going to go
  • #1,220
  • Edited 7:07pm Nov 25, 2006 6:24pm | Edited 7:07pm
Quoting nurhazeerah
would anyone tell me the difference between these leverage?
1:200
1:100
1:50
1:25
if i want to open 1pip=$1 lot, which leverage is meant for me? i am a bit confuse on leverage here.
Leverage and a pip's worth have nothing to do with each other. 1:200 means that you can buy up to 200 with 1 in the account, and so forth.

If you want 1 pip to equal $1, then you buy 10,000 worth of the currency where the counter currency is the dollar. Example:

Buy 10k of EURUSD then 1 pip is equal $1

If the $$ is the base currency, such as USDJPY, the calculation is different b/c your profits or loss would be in YEN, which you would have to divide by the current rate ($1=115.00 or whatever) 115.00 in this example, to get a $$ amount. So if the YEN is at 115 vs $$, you would buy $11,500 worth of yen, or 1,322,500 yens, then every pip would be about $1, more or less, depending on the YEN at the time you close the position.
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