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Elliott Wave Counting with EG

  • #201
  • Aug 5, 2007 3:26pm Aug 5, 2007 3:26pm
my weekly
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  • #202
  • Edited 6:41pm Aug 5, 2007 6:05pm | Edited 6:41pm
On the 1 hour chart.....

Although price went down a little at market opening Monday in Asia, then is currently up at 2.0440 now.... I think this will still go down to 2.0350 upto 2.0330 from here for this wave 4.

Just my thoughts on Cable now.
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  • #203
  • Aug 5, 2007 9:27pm Aug 5, 2007 9:27pm
Please note that even though I see price possibly going down to 2.0330 at most for what I think is the corrective wave 4, I will not trade short for this pair.

I will either place my long trade now and be willing to accept the potential drawdown to 2.0330 or I can wait till it gets to that level before I place my Long trade for this pair.

It is all about your Risk Tolerance.

I already entered a trade at 2.0414 and currently up 8 pips now. I see this now as just the sub-sub wave 5 of a sub wave 1 of this wave 5 up.

Meaning, I see price to be in a sub wave 1 of the wave 5 up. I would need to see price breaking the level of 2.0460 to confirm my sub wave 1 of the wave 5 up.

If this develops as I see it, I expect to see a retracement towards 2.0370 for that subwave 4 before it goes higher than 2.0652 again.

once a 5 wave impulse subdivision is observed with its end going higher than 2.0652, That may signal the other sub wave 1 up a higher degree for that wave 5 up on the 4hour chart.

We would expect that wave 2 retracement which could go as low as the starting point of this Wave 1 up @ 2.0181 which is the end of that big wave 4 down.

Then it goes up again for that bigger sub wave 3 inside this big wave 5 up. however, another major retracement is expected for the sub wave 4 up which coud go as low as the end of this sub wave 1 @ a little above 2.0652.

then it finally goes for that 2.1200 level. I would be looking at the 1st week of September for the 2.1200 price level to be achieved. +/- 5 days.

I am just rumbling here and letting out my thoughts as I am also testing ways of forecasting the time element in price projection.

Very ambitious.... Yes it is. So many tools abound on these forums and so many people willing to help. With some time on our side, we can set forth to test them.


EG
  • #204
  • Aug 6, 2007 1:23am Aug 6, 2007 1:23am
10 minutes and there is one news on the way

It's good price to me to sell GBPUSD at 2.0432 as we stated before

my first target is 2.0184 , second target 2.0050

Stop loss = 2.0461

Many thanks
  • #205
  • Aug 6, 2007 3:45am Aug 6, 2007 3:45am
Good count Clusterwise. Now you are in profit.

I got 16 pips on my first long then exited. Went in again just a few pips lower and hesitated to exit at a new +21pips..... and it was all downhill from there. Currently stuck with my long at -125pips.

EG
  • #206
  • Aug 6, 2007 5:34am Aug 6, 2007 5:34am
Quoting el grande
Good count Clusterwise. Now you are in profit.

I got 16 pips on my first long then exited. Went in again just a few pips lower and hesitated to exit at a new +21pips..... and it was all downhill from there. Currently stuck with my long at -125pips.

EG
Thanks for your comments the larger time frames I will look at them in a bit more detail later.

Are you going to close that Long? Or ride this (what I believe is a C wave down) out? possibly hedge till the end of C? May be a long ride though. After the second attempt at 61.8% around 460 failed, I closed my long (from 350) at 421. At this point I maintain we are in a 5 wave C correction down to about 2.0150 before carrying on with the major trend up.

What you think?
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #207
  • Aug 6, 2007 6:06am Aug 6, 2007 6:06am
Quoting el grande
Good count Clusterwise. Now you are in profit.

I got 16 pips on my first long then exited. Went in again just a few pips lower and hesitated to exit at a new +21pips..... and it was all downhill from there. Currently stuck with my long at -125pips.

EG

Thanks el grade, we still at the middle of the high way, 138+ now

by the way I am at the office now , as soon as I can enter again I will lead you to a very nice and effective way how to make sure from where to start your count, it is a critical issue

Many thanks
  • #208
  • Aug 6, 2007 7:02am Aug 6, 2007 7:02am
Quoting Clusterwise
Good day Eliotticians

We have very nice setup here, here is my count

I am going to sell from a good price but I can't tell unless we see the open candle

sell GBPUSD around 2.0430

by the way SL: 2.0460 ( High of 03/08/07 )

TG: 2.0184 ( the lease targeted area which is the start of wave A )

I agree with that ABC count and having finished the B, being in C down now. My targets are weak, normal and strong C. These correspond to 2.0170, 1.9990 and 1.9700. I am most definitely looking for 2.0 once we break 2.0180.

Posted my charts before as well but I don't think many people took notice
Have the same entry as you, stop is now at +0

Good luck!
Trust price. Know yourself.
  • #209
  • Aug 6, 2007 10:33am Aug 6, 2007 10:33am
Can someone help me verify what wave we are in with USDJPY?

I think we just finished wave 5 and now we're into corrections?
  • #210
  • Aug 6, 2007 11:20am Aug 6, 2007 11:20am
Quoting s3padrian
Can someone help me verify what wave we are in with USDJPY?

I think we just finished wave 5 and now we're into corrections?
Post your chart, let's have a look at what you've got.
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #211
  • Aug 6, 2007 4:35pm Aug 6, 2007 4:35pm
IT seems everyone except me is on the SHORT Trade Ride.

Currently stuck on my Long Trade. I had 3 Long Trades at different Points. Closed 1 at -46 before I went to sleep to reduce exposure as I still thought there were signs of reversal.

Still holding 2 Long trades @ - 120 and -100. I decided against hedging them early this morning.

After reviewing my charts again this morning when I got back to my computer, I think that there is a possibility that this would still revert to the Long trade now based on my 4 hour chart. I have revised my counts on the 15minute and 1 hour charts.

I would totally agree that my count up to the 4hour chart is wrong if the 2.0181 level is broken as this is end of my wave 4.

At this point, I will have to close all my long position and take this loss on 2 trades more. I will then have to catch that Short Trade Ride for its last leg.

Chart I am attaching shows potential levels if my wave count works out.

Hey africanpip, clusterwise and seekinglight. Thank you for presenting your counts. I do not mind if I am on the otherside of your trades. Because you may all be right and I am wrong. Others like me will learn from your counts as they visit this thread.

Clusterwise... I look forward to your lead...

Have a profitable trade evryone.

EG
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  • #212
  • Aug 6, 2007 9:45pm Aug 6, 2007 9:45pm
For the abc's of forex challenged - US$ is US$ index.

US$ is not every pair that has a US$ in it.

+ + +

Now, no self respecting EW watcher but more importantly trader, tries to pin a number or letter on every swing. X's and Y's and Z's are gimmicks. OK maybe the occasional X, but not to stretch and continue a count that just isn't there.

The markets don't move in EW form 100% of the time.

These comments are general and not pointed at any one particular chart. Just my thoughts - so don't take offense.
  • #213
  • Aug 7, 2007 12:11am Aug 7, 2007 12:11am
Anyone have any idea about the DJI?
Considering the rejection and power at the "e" I think we just might go go go if this is indeed an expanding triangle.


Would also put the carry trade back alive and so forth. I've also tried being bearish on this one, but support kept holding ;p

Loss of 13100 and I'm bringing the bear fangs back out
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Trust price. Know yourself.
  • #214
  • Aug 7, 2007 2:51am Aug 7, 2007 2:51am
the 3 wave is expected....
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  • #215
  • Aug 7, 2007 6:07am Aug 7, 2007 6:07am
Quoting SeekingLight
Anyone have any idea about the DJI?
Considering the rejection and power at the "e" I think we just might go go go if this is indeed an expanding triangle.


Would also put the carry trade back alive and so forth. I've also tried being bearish on this one, but support kept holding ;p

Loss of 13100 and I'm bringing the bear fangs back out

You have a bad tick on that wide range bar on 7/26/07 - high is only 13783.45 which is only 33 basis points above open. Expanding triangle is doubtful imo. Look at the bars themselves without trendlines. Consolidation in late May into June, then a pop to 14000, now back to consolidation area. Question is where to next? Don't know myself.
  • #216
  • Aug 7, 2007 7:03am Aug 7, 2007 7:03am
Hey EG,

I really hope you went short like you said you would...but if not no worries, plenty more pips in the sea.

The question that starts to arise now is TP point..
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #217
  • Aug 7, 2007 7:12am Aug 7, 2007 7:12am
Quoting africanpip
Hey EG,

I really hope you went short like you said you would...but if not no worries, plenty more pips in the sea.

The question that starts to arise now is TP point..
That's the good question
  • #218
  • Edited Nov 5, 2024 1:07pm Aug 7, 2007 12:50pm | Edited Nov 5, 2024 1:07pm
Quoting el grande
IT seems everyone except me is on the SHORT Trade Ride.

Currently stuck on my Long Trade. I had 3 Long Trades at different Points. Closed 1 at -46 before I went to sleep to reduce exposure as I still thought there were signs of reversal.

Still holding 2 Long trades @ - 120 and -100. I decided against hedging them early this morning.

After reviewing my charts again this morning when I got back to my computer, I think that there is a possibility that this would still revert to the Long trade now based on my 4 hour chart. I have revised my counts on the 15minute and 1 hour charts.

I would totally agree that my count up to the 4hour chart is wrong if the 2.0181 level is broken as this is end of my wave 4.

At this point, I will have to close all my long position and take this loss on 2 trades more. I will then have to catch that Short Trade Ride for its last leg.

Chart I am attaching shows potential levels if my wave count works out.

Hey africanpip, clusterwise and seekinglight. Thank you for presenting your counts. I do not mind if I am on the otherside of your trades. Because you may all be right and I am wrong. Others like me will learn from your counts as they visit this thread.

Clusterwise... I look forward to your lead...

Have a profitable trade evryone.

EG
Thanks el grande for your post

as long as you look forward for my lead

here is it, it's an indecator and you might wondering what's the realation between waves and indecators!

okay , If I draw the waves for you, do you think it would help you on your count???

the indector designed by Dr. Hazem ( his nickname is FX ) a friend of mine on another arabic forum, the indecator based on Nelly method

Please attach the indecator to your Metatrader and let me here from you and i am going to answer any question you may ask.

you are going to see waves in different color which refer to different degree

yellow one represents 15 min waves

blue one represents daily waves

green one represents weekly waves

Blueviolet represents monthly waves

There is one thing, I am not asking you to study his way of analyses but if you do you can make a very less mistakes and this statment based on a personal experiance, I never understand the market before nelly method.

Many thanks

{ copyrighted attachment deleted by staff }
  • #219
  • Aug 7, 2007 1:00pm Aug 7, 2007 1:00pm
I actually just ordered the Neely mastering elliot wave book, it should be here in a few days, How do I attach the indicator to metatrader?
Thanks
Just Trade It
  • #220
  • Aug 7, 2007 1:05pm Aug 7, 2007 1:05pm
Quoting Big Wave Rider
I actually just ordered the Neely mastering elliot wave book, it should be here in a few days, How do I attach the indicator to metatrader?
Thanks

close Metatrader program

go to C: then go program files folder then search for the folder of your metatrade then go to expert folder then go to indecator folder then copy the indecator to that folder

close the folder then open your metatrader program

then go to custom indecator, and you will see it there just click on it two times and wait for the waves unfolding

Many thanks
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