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Elliott Wave Counting with EG

  • #221
  • Aug 7, 2007 3:54pm Aug 7, 2007 3:54pm
Many thanks for the indicator, however I dont get all wave periods on all time frames, They are not on my weekly and monthly charts. and I dont get the blue voilet wave on any. is this normal?
Just Trade It
  • #222
  • Aug 7, 2007 4:20pm Aug 7, 2007 4:20pm
Quoting Big Wave Rider
Many thanks for the indicator, however I dont get all wave periods on all time frames, They are not on my weekly and monthly charts. and I dont get the blue voilet wave on any. is this normal?

on the daily chart you can see the monthly waves in blue viloet, don't go to weekly or monthly chart

on the 4H you can see the weekly waves, as it's based on Nelly method you will know better if you study the first two chapters of Nelly method as he take the high and the low of each interval and connect them using the start of interval and the middle of it with a line

Many thanks
  • #223
  • Aug 7, 2007 10:00pm Aug 7, 2007 10:00pm
Suntrader

"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."

----- No problem with me there Suntrader. I like to work on probabilities. It is just that not all people work the same way. What would be wrong is sticking to something that is already a mistake. I believe it is important to be alert andbe willing to admit a mistake in counting EW and be quick to re assess and have a new count.

africanpip

Nope, I have not closed my 2 Long trades yet. However, I have hedged them. I think I can hold out this long until it moves North again. Actually, I have been trading the smaller waves as price has been moving south. And have been trading Cable and Euro against the USD.

Clusterwise
Thank you for sharing the indicator to all of us here. Color coded "Waves" on a time frame basis is a great help. I have just tested it on my MT4 charts and they attached well.

I was saving the Neely book for last. I have been reading on EW using several references which provided an over view. I got intimidated with the thick book of Neely and the very detailed presentation in the book. I have gone thru the book almost halfway , but I had to stop. My head was swirling with all that was in there.

But now, I think I am ready to get back into it.

Current trades
Long GBPUSD SL @ 2.0000
Short GBPUSD SL @ 2.0300 TP 2.0150 TP 2.0100

Short EURUD SL @ 1.3800 TP 1.3650 TP 1.3600

This just my general view. Often, I can exit a trade when I see that price has a potential significant retracement coming. I then get on back when it continues its ride and in this case going south.

Will try to post charts later. just busy with a number of things here now.

Good Trading Everyone
EG
  • #224
  • Aug 8, 2007 2:52am Aug 8, 2007 2:52am
GBPUSD price took a deep dive at Euro open.

I just got back to my computer after a siesta only find out that my broker's quote which was not on MT4 Platform was not moving. It was about 60 pips off from giving me what would have been a nice harvest on my short trades.

Missed that whipsaw for the long trade which could have given me opportunity to make file new Short trades.

For now, probably leaving my trades as is to continue its ride down south. 2.0181 was broken. Price came down t 2.0156.

My EURUSD too was affected. But leaving them as is for now for the continued journey down south.

EG
  • #225
  • Aug 8, 2007 3:02am Aug 8, 2007 3:02am
Hi EG,

I have closed all short trades .0185. That was the target I set myself from .0421 so I am satisfied with the outcome. It maybe premature to call the end C now but I have labelled it non-the-less. I am quite happy to sit out until the outcome of the inflation report from the UK.
Attached Image (click to enlarge)
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Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #226
  • Aug 8, 2007 4:02am Aug 8, 2007 4:02am
Quoting Clusterwise
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



hi Clusterwize , were can we read about Dr.Hazem method ???
  • #227
  • Aug 8, 2007 4:05am Aug 8, 2007 4:05am
Congratulations africanpip with your harvest.

That dive to 2.0156 has whipsawed up to 2.0250 almost a hundred pips....

How about you Clusterwise.....? I think your target of 2.0181 was your minimum.. or do you think Wave C has finished too?

This C Wave down from 2.0461 seem to have subdivided in just 3 distinct wave for now on my chart. If I remember it right, C waves normally subdivide into 5 unlike Wave A which can subdivide into either 3 or 5.

I am wondering if this Whipsaw is the sub wave 4 in a wave 3 inside the Wave C.......

So it looks like SeekingLight's Targets may soon be reached.

"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."

That is if price falls lower than 2.0156 from where it is now @ 2.0230.

EG
  • #228
  • Aug 8, 2007 7:28am Aug 8, 2007 7:28am
Price did not get down to 2.0156 any more so back to the bull ride.

Looks like a sub wave 3 now @ 2.0347

EG
  • #229
  • Aug 8, 2007 5:11pm Aug 8, 2007 5:11pm
Quoting hunky
hi Clusterwize , were can we read about Dr.Hazem method ???
It's Nelly Method, Dr. Hazem only made the indicator

There is one book called Mastering Elliott by Glenn Nelly

El grande

the senario of today was expected as the market extend his correction

Sp3 I hope you have figure what I was pointing to yesterday

Many thanks

http://www.c23c.com/uploads/3d4eff3b77.jpg
  • #230
  • Aug 9, 2007 4:41am Aug 9, 2007 4:41am
Quoting Clusterwise
It's Nelly Method, Dr. Hazem only made the indicator

There is one book called Mastering Elliott by Glenn Nelly

El grande

the senario of today was expected as the market extend his correction

Sp3 I hope you have figure what I was pointing to yesterday

Many thanks

http://www.c23c.com/uploads/3d4eff3b77.jpg

Wave 5 has been truncated, and we start the big C now

Many thanks
  • #231
  • Aug 9, 2007 9:08am Aug 9, 2007 9:08am
Nice call Clusterwise!

I'm still trying to digest Neely's book myself!

So if it continues to decline - normally Wave C and A tend to equality - possibly meaning a target of 1.9926. Or C could be 1.382 of A (1.9751). Or very aggressively 1.618 of A (1.9642)

Am I reading this right?
Primum quærite regnum Dei, et ómnia adjiciéntur vobis, dicit Dóminus.
  • #232
  • Aug 9, 2007 10:50am Aug 9, 2007 10:50am
Hello, everyone. This is my first post, but I have been reading a few threads for past couple weeks.

Clusterwise, thankyou for your posts. I know I could learn a lot from you. I am interested in learning Elliott wave, and will continue to watch your posts and learn.

May I ask you a couple of questions?

Where would you suggest a good start for learning Elliott wave properly begin? The Neely book?

Do you still see the USD/JPY heading way down?

Thanks!

Best,
Presto
  • #233
  • Aug 9, 2007 11:17am Aug 9, 2007 11:17am
Quoting el grande
That dive to 2.0156 has whipsawed up to 2.0250 almost a hundred pips....

I am wondering if this Whipsaw is the sub wave 4 in a wave 3 inside the Wave C.......

So it looks like SeekingLight's Targets may soon be reached.

"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."

That is if price falls lower than 2.0156 from where it is now @ 2.0230.

EG

Hey,

just wanted to say I did not expect the weak C end to be the end of the C and this has completely thrown me off. I had then expected only a shallow retrace to around 2.0315 today for a 4 end of a 12345 up, but that in turn was off. My last resort currently is pretending this drop to 2.0210 is the 2 after 2.0155 - 2.0392 was 1.
But then we would have to see a 3 up next in a strong impulsive rise....not seeing it yet...

After the C was only weak my count is out the window as I had expected a surge up after a NORMAL C (1.9990) and not this early weak C abort at 2.0155. I would have then assumed an end of a 4 and a final 5 push up to near or slightly above the 2.0650 high which didn't come.

So really? No idea now. The old C targets are no longer applicable.
Trust price. Know yourself.
  • #234
  • Aug 9, 2007 11:44am Aug 9, 2007 11:44am
Hey Clusterwise....

The wave ride has been 1 smooth ride even though this is a corrective wave .

Thank you for leading the way.

From your chart, Wave count for the cable is currently on a Big Wave B structure 3-3-3. And specifically, this is now the sub-wave c up going to the area of 2.0652 Wave 5 High.

Am I correct to assume that this corrective wave 4 will be surfing the range of Wave 5.3 high ( 2.0652 ) and Wave 5.1 ( 2.0132 )High?

Wave 5.4 end is not supposed to go lower than Wave 5.1 end. So I think we are stuck in this range until it finishes by 1st week of September ( 09-02-07 ).

This assumption is based on the fact that Wave 5.4 is complex and that supports another assumption that Wave5.4 is equal to Wave 5.3 time-wise.

I know Clusterwise has commented that 5th wave is truncated.

Maybe.... and that is just maybe..... that was just a Wave 2.

Look at how it has retraced by 78.6% of what I think is wave 1 in this sub wave c.

Just another of my assumptions ....

EG
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  • #235
  • Aug 9, 2007 11:48am Aug 9, 2007 11:48am
Down or UP

Could it be that Cable is in a FLAT Corrective Wave?

EG
Attached Image (click to enlarge)
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  • #236
  • Edited Nov 5, 2024 3:07pm Aug 9, 2007 11:49am | Edited Nov 5, 2024 3:07pm
Quoting Presto
Hello, everyone. This is my first post, but I have been reading a few threads for past couple weeks.

Clusterwise, thankyou for your posts. I know I could learn a lot from you. I am interested in learning Elliott wave, and will continue to watch your posts and learn.

May I ask you a couple of questions?

Where would you suggest a good start for learning Elliott wave properly begin? The Neely book?

Do you still see the USD/JPY heading way down?

Thanks!

Best,
Presto

Try this for starters.....

{ copyrighted attachment deleted by staff }
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #237
  • Aug 9, 2007 12:42pm Aug 9, 2007 12:42pm
Thanks, Africanpip.
Looks like a good, short summery I can study.
  • #238
  • Edited 1:02pm Aug 9, 2007 1:00pm | Edited 1:02pm
Well an interesting day and an interesting chart forming.

Fortunately my counts have been good to me the last week or so and I have been getting some...(pips, that is). I am not so sure about whats forming or what it will turn into I am just carrying on with my count until I see it differently and as long as my RR ratio is good I shouldn't get into too much trouble if it goes wrong. but no trades open at the moment, just listening to the reed buck whistling in the bushes.

But here is my 4hr count which has luckily worked lately. It may all change as the future reveals itself.....but as our good friend EG illudes us to, its all about probability!
Attached Image (click to enlarge)
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Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #239
  • Edited 1:31pm Aug 9, 2007 1:20pm | Edited 1:31pm
Good day all

el grande

I have post one chart the explain why I take that count on consedration

zpe618

C failure ment the the strengh of the bear market so we expect more than equality and your reading is correct with some different of pips


Presto

you should learn the wave eliott princeple first, like africanpip attachment or you can read a book titled " Eliott Wave princeples by FROST and PRECHTER

even if you are a biggener you can read his book and bulid a very solid understanding of waves

I have another subject about USDJPY and I am calling 115 then 109 then 101.69 if no truncation

Many thanks

http://www.c23c.com/uploads/e894b83058.jpg

http://www.c23c.com/uploads/45117a9ae9.jpg
  • #240
  • Aug 9, 2007 2:17pm Aug 9, 2007 2:17pm
Thanks, Clusterwise.
I'll get that book -- and continue to follow this thread.
I've been short USD/JPY based on my moving average cross on the 4HR. Almost crossed back up yesterday -- glad I stuck to my guns. Very interesting stuff.

Best,
Presto
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