Elliott Wave Counting with EG

C1 down of the Big ABC after 251.07 was 236.27

This CC4 must not enter price territory of CC1 and CC2 @ 236.27. Otherwise this wave count needs revision.

CC4A = CC4C projects end of CC4 @ 235.61

Currently, CC4 has retraced UP to the 61.8% area of CC3. A bearish reversal candle is about to be formed on the 1 hour chart and also on the 4h chart.

So let us see how this develops.

EG

mini and micro wave 2 pull backs I think have already happened.

Time for some nice short trades. Entered at

Entered at
234.35
234.41

Is GBPJPY reeady to drop like a bombshell???

AUDUSD looks like it still has some pips up to go.

GBPUSD seems to have started.

EG

GBPUSD

Waiting for a pull back now for micro wave 2 up. then will enter short trade for GBPUSD

Can you post your chart on GJ with your count, Thanks

1st TP for GBPJPY must be a complete 5 wave structure that ends lower than 230.39

Tnen expect a retracement toward 232.11. Probably a nice level to add to short trades for medium term.

Expecting to fall towards the previous low @ 219.31

If this becomes a truncated 5th wave then it will stop a little above that previous low of 219.31

But if it does continue to fall for this pair.... target will be towards 209.14.

These are all probabilities. Not advised on your live trades. Preferred to be tested on DEMO account only

May you all harvest good pips with this trend.


EG

Potential entry for Short on GBPUSD @ 2.0076

EG

Sorry can't post any charts right now. computer memory is almost full. If I take a shot of my charts, the whole system will freeze and hang.

Can't risk a freeze right now.

EG

PS. I think I already posted an earlier chart on Auslanco's thread.

MW,

That is how I see the short and long term although I like the 240min chart. I'd post charts but have to do later.

Sun

Potential retracement of 38.2 up to 50% between 232.94-232.52

Not worth it for me to exit as my broker's spread is at 20pips. potential for adding Short trades on MY DEMO Account.

EG

GBPJPY

retraced at 233.03 probably till 233.77

GBPJPY

If I had long trades on this pair earlier, I would prbably close it bby now at a loss or since it is on demo... then I can let it ride till past 230.33 then wait for it to retrace.

However looking at the potential retracement level for a wave 2 of 61.8%, 78.6% and up too 100%, I might be better off exiting at a smaller loss now than take my chances later.

It is so stressfull holding a losing trade if we are not sure where it is going.

EG

Well I'm holding short hoping this is the start of the 5th wave but I thought it might of came a lil early...

AUDUSD seems ready for the first free fall of mini wave 3

Welcome to GBPJPY's freefall now.

Not advisable to enter short trades now unless you can stomach a retracement later.

I would suggest that you wait for the next retracement to enter your short trades.

Those who took the short trade with me earlier could scalp this around the area of 230 level or higher. LOWER will be riskier.

But you can leave this trade for the next 2-3 days

EG

What do yout hink about GBPUSD? Good entry point is where and do you believe this is also the 5th wave?

Congratulations , you probably have your pocket full of pips now.

Theres almost 300 more to come .... I think.

EG

Well I've been waiting for the 5th wave down.. I thought it would get a lil higher, but no complaints if it starts now. I'm trying to get a good entry on GBPUSD and USDJPY.

Waiting for a retrace towards 2.0092 probably in the vicinity of 2.0076 to enter my short trade


Look for a 5 wave structure on your chart then wait for that retrace before you enter the short trade. That is what I would do. However you have to check that with your own count too.

I am but human and I can make mistakes too.

EG

This GBPJPY pair is too volatile...

One moment it drops from 233.76 down to 232.65

Then the next moment it shoots up and within minutes Shoots down again.

I could have a heart attack if I was trading like I used too with high margins....

That has too change now that I am getting older )

It just gets whacky out here...

Soon I will need to get to my bed....

EG