Elliott Wave Counting with EG

Yesterday was Great.

Got my 64 pips on 1 Long Trade and 74 pips on another trade based on the 2 early bird trades I made the other night. That wave 4 turned out to be a triple zigzag..... I think

Had to leave my trades to attend to other business so was away for nearly 8 hours. And when I came back.... that wave 4 played out so well.

Yes I exited both my trades instead of moving my SL. Too bad i missed an additional 20 pips per trade. However I was too tired to do some analytical work after that big move so I thought it best to exit at a profit.

As they say, better bank your profits. It is not that bad to leave some pips on the table. There will always be a new day to make new profits.

EG

GBPUSD Support and Resistance

S1 = 2.0458
S2 = 2.0410
S3 = 2.0386
S4 = 2.0351
S5 = 2.0303
S6 = 2.0226

R1 = 2.0520
R2 = 2.0542
R3 = 2.0569
R4 = 2.0647

Still see us in a wave 5 of bigger wave 5 in wave 5.5.3.3

EG

An Experiment on Micro Counting for Re-entry and Additional Long Trades

Many are asking or wondering when this Cable rally will end.....

Let us see where we are currently.

Based on my counting

1. My current target for 5.5.3 on my last chart would be 2.0498 and 2.0617

2. I am still looking at finishing this 15minute wave 3.3.4 wave to go to 3.3.5

3. After this, we will see a minor correction 3.4 in those Aqua numbers on the last chart.

4. Then we move on to end of this wave 3.5 = wave 3 = 5.5.3

5. Here we get a bigger wave 4 correction = 5.5.4 before proceeding to 5.5.5 whose end I see as the top of MY.z.3.3

6. Then we get to the MAJOR Correction for the Year. = MY.z.3.4


Let us see how this plays out.

Bottomline is that Cable is still in a Major Bull Trend. This is how I see Cable on EW counting . If you are wondering if I am trading this live, the answer is I am trading LIVE with this but I exit at each correction when I am on my computer and I see that correction on EW Count would mean that my spread of 7 is covered and I will have additional pips in the bag when I re-enter. In short, retracement must be more than the spread I pay my broker to make it worthwhile.

Earlier I was trading using Micro EW Count on the 15m chart. I got 5 and 8 pips on 2 successive trades. First one made me miss an additional 20 pips. Still okay as I was on a positive even at just 5. the second trade I made missed another 5. Still okay with me.

Now I think we are in a minor w4 correction.

Update : I place a new Long trade looking at 2.0600 as the end of this small wave 5.

Happy trading everyone.

EG

Micro EW Counting

Entry @ 24% retracement would have been ok with good SL.

Still hoping this plays out as a complex wave so can have a better entry point.

You've made only cable wave analysis? May be you have wave analysis on othere pairs?

Sorry Serega. I am still honing my skill in EW. I can't spread myself too much to other pairs. Although I am planning to work on other pairs too later.

Which pair were you aiming at?

EG

Getting into a complex corrective wave

Cable to go up to 2.0535 area but will probably get down to 2.0470 area and at the lowest would probably be in the area of 2.0430

Cable suddenly went down to 61.8%

You will see were I placed my live trades for the 1st, 2nd and 3rd trades.

PS. Note the GAP that needs to be refilled. I expect Cable to go up very soon

How long have you been working with help of Elliot Wave ? And what about USDCAD?

El_grande, you can turn off the MT4 gridlines by pressing CTRL+G while having a chart selected.

Might make your charts more readable.

Also the forum will resize charts bigger than 600x600 I believe.

Thats just my opinion

as a variant

Now I learned something new from SeekingLight. Thank you.

As soon as I pressed the submit icon from my last post when I mentioned GAP had to be filled like a vacumm, I saw price shoot up on my chart. I was hesitant to take advantage of that because , I suddenly thought it would continue going up like it did yesterday when I exited a rally. Besides I had to leave earlier this afternoon so I decided to let the trade run.

I should have maintained the thought that the time factor has not been satisfied yet so there was still possiblity of if going down again. That surge / rally could be counted as the X wave then it has to come down again for the Y wave or we could also label it as ABC instead of wxy.

To: Serega.... Not that keen yet on the USDCAD as I got burned with it last year. And I have not been paying that much attention to it for EW Counting. I do look at it from time to time looking for Harmonic Patterns.

EG

Holding on to my seat.

I wonder if others viewing this have the same experience.

Is it because this thread is an old inactive thread for almost 4 months?

I do not mind if others do not view this because they are not interested. I just wonder about why I have to keep refereshing my browser or have to search and specify the page to go to for the last post.

Sometimes I know I have posted 4 posts already but the page only shows as last post the post made 4 posts earlier.

That z wave sent some cold shots thru my spine and tested my _____ for stability.

I would be a bit wary about this 3.5 now as it could be truncated. 3.4 has surpassed 61.8% retracement. will be watching my trades.

EG

Bigger Chart

I don't know the technical background and stuff but updating my journal works fine. After I finish pressing submit the new post appears at the bottom of the page and all others with it. Using Firefox 2.xx.
Or do you mean navigating to the end of the posts when reading? Then you just need to press the "Last" link under your subscribed threads and you get to the end directly. New posts always are added to the end of threads either way.

Does this help?

If not just shoot Merlin a message, I'm sure he's glad to help

Thank you SeekingLight. Looks like it is fixed now.

I have to make good here. I need to buy a new laptop. This old one I am using cannot handle my MT4 platform and my Broker's Java Based Platform. I keep running out of memory.

Then my MT4 platform crashes and my browser stops functioning and worse, it takes so long to shutdown and restart.

Anyway........ I just woke up and I could not believe my eyes. First that I had to revise my count again (although, that should have been expected as I am no expert in this really to get it perfect) and how the price has actually performed in the market.

I assume, that nose dive again was because of Mr B although at 10 when I turned in.... price was hovering at the 15m candle that saw the succeeding candles dive.

Currently, I am watching for this price to to go beyond 3.3 on its way to 3.5 and face a much bigger correction than this 3.4 for that wave 4 in 5.5 = 5.5.4


Looking at potential tops for this 3.5 at 2.0565 and 2.0617

EG