Elliott Wave Counting with EG

you can post all you want in here -
I met Elgrande in another thread
and I'm sure he doesnt mind if you post a chart question .....

still wondering which one is the real one....either el grande or marketwavez...

can i know where did you learn about elliot wave both of you two..dont tell me that you just learn from the book. because this elliot wave cannot being learn by the books...

tq..

I have same count waver

mayoryusa....

like marketwavez has stressed so many times, there is no real right or wrong here but basically we are dealing with probabilities. ( i know that is very difficult to accept ). marketwavez, please correct me if I am wrong here.

I started learning EW from Fixme1too's thread (boy do I miss those days when he would post his analysis and even conduct chats and webinars). Then I encountered a number of marketwavez' posts. Between me and marketwavez, definitely, you will learn more from him than from me at this point.

I am not yet a true blooded elliottician. I still dabble with a number of other disciplines like Wolfe Waves, Harmonic Patterns, Gartley's, Gann and technical indicators. I have stopped following the news and basing my trades on News. It has just made me too emotional in my trades. Take marketwavez' advice. When you trade, trade with Elliott Wave Theory and do not listen to the news. You will actually do well with that. I have no proof to back that up yet. But I believe him. I am just engrossed with other factors that I do not have something to back that up. Still I know he is right.

Then I found more discussions and reading materials in different forums. Then I later tried a 1 month subscription getting signals from EWI which came with a free copy of Robert Prechter's book, " Elliott Wave Principle, Key To Market Behaviour. I tried reading the book, but I found it too "dense" for my sub par brain.

And guess what, ( I was supposed to leave this story for a later date, but since you asked, I felt it is a nice anecdote to tell you ), my son in December 2006 last year and who turned 6 last February layed a claim on that book as his own when I received it and had been reading it more often than I did since then.

Believe it or not !!!!! I let him be as I thought I could not really understand it that well from that book. So I concentrated on other materials.I did not mind him so much whenever he asked me or would tell me about motive waves and corrective waves.

Not until about just last week when I realized that he actually made more sense now with identifying patterns than I did. I just realized after reading a lot of other materials that my son actually absorbed more about impulse waves and corrective waves reading Prechter's Book compared to my ability and length of time that it took me to understand it and its sub intricacies from various materials.

Anyway, Robert Prechter's book is a good one to start with. Believe me, even a 6 year old can read it and even understand at least the basics of impusle waves and corrective waves. From there,you will have a much easier time understanding the rest of the stuff/topics. My son is stil oblivious as to how this patterns are related to price on the chart. For now it is best that it stays that way. The emotional factor that plays a detrimental role in hindering EW Analysis like in my case will still be absent.

I am just sharing this as an anecdote because like many beginning traders like me, their girlfriends and wives probably hate them for getting into forex due to the large losses that we incurr engaging in it. My wife hates me so much whenever I do forex because of the amount I have lost and the condition I have put my family into now.

It is my son who keeps holding that light for me.

My advice is to first really be good at demo then when you do get good at it, start small with your live trades. And do not forget to learn Money Management and Position Sizing. You have to believe me in these. I should know. I got burned so many times busting my accounts. Discipline is very important.

If you go thru this journal, you will get a glimpse of my experiences using EW and combining it with other indicators. We may experience quick great profits unimaginable, but it is much quicker to lose them.

Learning EW is great. But learning candlestick patterns, chart patterns, support, resistance and pivot levels would be helpful too. Harmonic patterns, Gartleys and Wolfe Waves would be great for visual heads up also. Most of this are really visual and do not necessarily need an indicator.

So you can use it on paper or any platform not only on MT4. Plus you can apply it on other commodities, metals, stocks and probably the futures market too.

EG

As an add on to the stuff I mentioned above, I think when you go through most of the topics I mentioned that I deal with aside from EW, you will probably see how and where they all blend.

Isn't that just amazing? Systems or strategies built by various people to help understand how prices in the market will react or move maybe be very different in their ways. But they almost all converge to the same results.

I have on my list the following People:
1. Fibonacci
2. The Japanese for the Candlesticks
3. RN Elliott
4. Larry Pesavento
5. HM Gartley
6. Bill Wolfe
7. Scott Carney
8. And of course Robert Prechter for Organizing the Subject on EW Theory

And without metaquotes, it would have been really difficult for me to learn and study forex trading.

Of course, I have to thank the various forums that are available on the net as they have served as a very fruitful venue for people allover the world to come into 1 place and learn to share and help one another learn forex trading.

There has been no other place that I have seen where sharing of knowledge and expertise has been shown so many times.

I have a long list of IDs of people I would surely thank for all the things they have shared directly to me and to everyone on the net.....

Ok... eneough of my rambling.

I meant to post an update on my Cable count thru a chart but will do that later. Just for me, I think we reached the end of Wave 4 down @ 2.0181.

If you will notice, it is the 3rd Wave C target inside the Wave 4. This is 161.8% of Wave A.

My next target for the Wave 5 will be a 61.8% of the Wave 1 from end of Wave 4. from there 2nd target is 100% of Wave 1 and 3rd 161.8% of Wave 1.

Another way to project possible end of Wave 5 up is by using Wave 3 as reference. I still use the same percentage as 61.8%, 100% and 161.8% of Wave 3.

to marketwaves abc correction with adding a few lettered phase such as wxyz is not a problem. If you really study about pure ew theory u will see the "numbered phase" and "lettered phase". find the meaning. keep it up guys.

al yaqen

fellow traders...

at first EW Analysis can be very intimidating. but if you really set your mind into it, i think you will be amazed at how it helps you analyze price direction.

very few really post their EW thoughts because they fear that their counts are not correct.

i have taken that risk of getting ridiculed by posting what i thought was the EW Count from my end. because I believe that by laying my cards on the table aside from studying EW on my own, I can improve my analysis. others will be able to help me learn it. Just like in class, we need to participate to learn and share what we learn.

I opened this thread in the discussion area hoping to generate discussion on this particular subject. it is not for making calls but for setting out to show where I see price going and WHY.

unless we show where we think price is going ( potential levels ) and explaining or showing why we think price is going a particular way, then we will never understand EW Theory.

This procedure is seldom discussed so it was very difficult for me to follow developments in EW Theory applied in actual charts.

others may explain their current position yet leave out the bigger picture. It is very important that we know were price level is in terms of EW Analysis in all timeframes so we may know the overall picture. small waves we are in on the shorter time frames are part of bigger waves on the next level of time frame. these are further on part of another bigger wave up another timeframe and so on.

I do encourage the rest of you to post your charts so we can discuss them if you have questions.or need to verify something about your analysis. This is not a journal to which many think should only hold their own charts. This is a discussion thread and I am glad that marketwavez is willing to support this thread and share with us his expertise in EW Analysis.

I may not be able to answer everything. You may need to have some patience until someone knowledgeable like marketwavez could reply to your query.

Maybe as guideline or priority, we will focus on the USD Major crosses. I initially started with just the GBPUSD. until I started toying with AUDUSD and NZDUSD. I have not focused so much on the last 2. But I believe marketwavez is willing to help on the rest of the major USD crosses. To me , EW is not a walk in the park and it needs a lot of focus and concentration. I am not sure if someone out there has focused or is doing EW Counts on the Euro and the GBP secondary crosses.

Anyway, try to post your charts and we will try to reply to them. But do not be angry if they are not answered at once or never answered at all. there is no harm in trying.

posting takes up so much time as many who do post will admit. so patience my friends.

remember there is really no right or wrong in projecting price using EW. There are only percentages in probabilities. join me here in generating more discussion in EW Counting.

EG

Hi EG,

this is my count on gbpusd, chart is H4. what do u think?

ps: i'm a newbie :

check this link-post money...
http://www.forexfactory.com/showthre...=34254&page=87

bohebolo i think that you have point 5 to low,couse wave 5 should be shorter than wave 3,but on this picture is not. i think that it should go down to 2,0130.
nice day

Posted about my attempt at GBPUSD here
http://forexfactory.com/showpost.php...8&postcount=15

Big picture is in
http://forexfactory.com/showpost.php...1&postcount=13


and USDJPY
http://forexfactory.com/showpost.php...&postcount=729

I'm just not sure what we're in NOW. It's clear to me the last lows we made finished a structure, either abc-A on GPUSD or a 123 and now the 4 chop sideways before a last 5 down, but then we'd not be doing a correction but an impulse down, to be followed up?

Neither am I sure whether what we finished on USDJPY...ANY input would help

Hi Money,

1 of 3 EW rules is "wave 3 can't be the shortest".
But it doesn't has to be the longest.

hope this helps...

A,B,C correction on NZD/USD 4 hr. still waiting for more signals to go long but this looks good.

Just a thought....if you were wondering what to label that little wave after 4 you would not be wrong to label it as the 5th wave, wave 5 doesn't have to go past wave 4. It is refered to as a truncated 5th. Only occurs on the 5th wave.

So that would be the end of your larger wave A. You may find we are up part of the way on the B wave now.

Regards.

If you're looking for a simple correction in the form of an ABC then B must be smaller than A and C at least .618 of A(weak) or equal (normal) or greater than A (strong C).

At least as far as I know. Not that I know much of EW

I just realized that after I posted, I just started to learn about EW and I am quite amazed by it. Thats why I posted to see if someone would correct me if I was wrong, which I was, and thank you for correcting me.

All of Technical Analysis is Subjective !
including Elliott Waves , Wolfwaves , Gann , Gartleys , Butterflies

Take yor pick ......All are Subjective !....... Nothing is 100% Reliable !
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It does'nt matter what you think is happening in the charts -
- because there is always a difference of opinion !
That's why there is no Right or Wrong wave-count !


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There is no such thing as an Elliott Wave expert....
Wave counts are going to vary based on who's counting and the time frame being used.

What is important is understanding of Risk to Reward and what's called Position Sizing!

and then you can apply the Trading Method of your choice .This is what keeps you l

Plan your Trade - Trade your Plan .....

that's right africanpip. actually it's my alternative count, a failure 5th wave.
but until gbpusd break up 2.0420 (my red horizotal line), i won't change my count yet. at least for this moment

hey, can u post some chart? it will help a lot, thanks...

100% agreed...

Heres a thread devoted to learning Elliott Waves Basics

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http://www.forexfactory.com/showthread.php?t=10323

Elliott Waves is contraian method of trading
that is rooted in Fibonacci Retracements ......

but more importantly , Elliott Waves is just like any other form of
Technical analysis out there ....... It is very Subjective ....
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It is not cast in Stone .... It is not 100% Reliable

Thats why when a wave- count that you think is happening
moves against you .... YOU should not be discourged ...

Because in the end - It's all about your Averages - This is what's Important !

Your Averages ! coupled with Sound Money Management .

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Always Remeber ,

Professionals - are concerned wit th Risk to Reward

Amateurs - are concerned with being right all the time !

Which one are you ?................