Elliott Wave Counting with EG | Page 19 | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

EUR/USD, GBP/USD

Similar Threads

Automatic Elliott Wave Counting & Analysis 10 replies

Can anyone help me with counting Elliott waves 1 reply

The Basics of Elliott Wave Theory 128 replies

Is there any website show the elliott counting? 8 replies

Elliott Wave Counting DJIA 0 replies

Attachments: Elliott Wave Counting with EG
Exit Attachments

Elliott Wave Counting with EG

  • #361
  • Aug 23, 2007 3:28pm Aug 23, 2007 3:28pm
Thanks EG....Carolyn
  • #362
  • Aug 23, 2007 5:48pm Aug 23, 2007 5:48pm
GBPJPY

This pair for me has a high chance of really going down.

However, based on the wave formation now as seen on 15m chart, what I thought was going to be a Zigzag may now develop a sideways movement and turn this into a flat corrective wave prior to going down.

For a flat, I would expect price to reach 233 to 234 or a little higher stil but not more than 234.86 to end the corrective Wave.

I will be going out soon so I will not be able to watch my chart.

Outstanding trade is is just the short trade I carried the whole night up towards 234.86. Extended my stop loss... hoping to regain it back when this goes down again..

Probably back around US Open.

I am afraid I will miss that nice move which starts this pairs descent again. So if I can,t have it.... I hope many of you profit from it.


EG
  • #363
  • Aug 23, 2007 5:59pm Aug 23, 2007 5:59pm
GBPJPY Price projection now @
234.27
235.43
236.21

FE of probably a Zigzag

Unless this really develops into a Flat, then projections above will change as they are based on Fib Extentions using termination points of Wave a and b.

EG
  • #364
  • Aug 23, 2007 11:28pm Aug 23, 2007 11:28pm
Quoting el grande
Hey AP..

I forgot to ask.... what made you think that Cable will not go past the termination point of Wave 3 and result to a truncated Wave 5?

EG
Looking at the channel's narrow range and the fact that 3 was so steep with a spike, but then again anything is possible, looking at it after a decent kiep it looks as though it could sneak past end of 3 and within the channel.....
Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #365
  • Aug 23, 2007 11:46pm Aug 23, 2007 11:46pm
Quoting africanpip
Looking at the channel's narrow range and the fact that 3 was so steep with a spike, but then again anything is possible, looking at it after a decent kiep it looks as though it could sneak past end of 3 and within the channel.....
Thanks AP

That adds a different view to support or propose a count that would show Cable temprarily falling to previous low but will ultimately recover for a renewed uptrend.

EG
  • #366
  • Aug 26, 2007 2:07pm Aug 26, 2007 2:07pm
Quoting el grande
I often find myself going back to Elliot Wave Counting when I embark on analysing Cable Position. I basically trade the Cable so I will focus on this pair for analysis using Elliot Wave Theory.

I do not pretend that I know a lot. But I will attempt to post my EW analysis at least 3 times a week. There used to be a broker with a comprehensive EW Analysis from which I used to refer to. Now that they have stopped this section, I find myself forced to do it on my own.

You are free to point out details which may be discrepant in terms of the original rules. One think I have learned to accept when using EW, it is never always definite. It only provides a potential direction. And it is very important that it is done often to be able to adjust counts if halfway thru the count we discover that it has broken some rules forcing us to adjust the counting.

I will be posting charts with some details on them. I start of with the weekly chart. You will notice that I employ my own sub numbering or labelling to help me identify from where the wave count is based. This is evident on the smaller time frame of 1H.

I try to determine the wave counts on lower time frames when ever possible.

EG
nice one buddy
i admire yur effort

i am still a super newbie in forex

From my point of view

Cable can reach these level

1st Target: 2.0164

2nd Target: 2.0177

What do you think bro?


 THIS IS NOT A TRADE RECOMMENDATION, JUST AN ANALYSIS
{ Link Removed }
  • #367
  • Aug 26, 2007 2:41pm Aug 26, 2007 2:41pm
Quoting el grande
GBPJPY

This pair for me has a high chance of really going down.

However, based on the wave formation now as seen on 15m chart, what I thought was going to be a Zigzag may now develop a sideways movement and turn this into a flat corrective wave prior to going down.

For a flat, I would expect price to reach 233 to 234 or a little higher stil but not more than 234.86 to end the corrective Wave.

I will be going out soon so I will not be able to watch my chart.

Outstanding trade is is just the short trade I carried the whole night up towards 234.86. Extended my stop loss... hoping to regain it back when this goes down again..

Probably back around US Open.

I am afraid I will miss that nice move which starts this pairs descent again. So if I can,t have it.... I hope many of you profit from it.


EG
I must admit I made a mistake in my count above.

I thought that 234.88 High was the end of my C4. I had assumed that Price reversed from there. I assumed that a sub wave 1 down was in progress and that a complex corrective wave was in the process.

However, while reviewing ,my charts again, I think I made a mistake in my wave countingm.

I am attaching a series of Charts to show you why I think I made the earlier mistake..

EG
  • #368
  • Aug 26, 2007 2:54pm Aug 26, 2007 2:54pm
1 hour over view
Attached Image (click to enlarge)
Click to Enlarge Name: 001_1hr overview.jpg Size: 56 KB
  • #369
  • Aug 26, 2007 2:58pm Aug 26, 2007 2:58pm
next one
Attached Image (click to enlarge)
Click to Enlarge Name: 002_correcting my final targets.jpg Size: 64 KB
  • #370
  • Edited 3:16pm Aug 26, 2007 3:01pm | Edited 3:16pm
Micro Wave Count on the Diagonal 5th wave

A throw over to the Upside is possible. But opefully it does not invalidate my count by going higher than 236.27
Attached Image (click to enlarge)
Click to Enlarge Name: 003_ the diagonal triangle.gif Size: 26 KB
  • #371
  • Aug 26, 2007 3:14pm Aug 26, 2007 3:14pm
diagonal wave count
Attached Image (click to enlarge)
Click to Enlarge Name: 004_ the diagonal triangle micro count.gif Size: 22 KB
  • #372
  • Aug 26, 2007 3:22pm Aug 26, 2007 3:22pm
Quoting shaz_rog
nice one buddy
i admire yur effort

i am still a super newbie in forex

From my point of view

Cable can reach these level

1st Target: 2.0164

2nd Target: 2.0177

What do you think bro?



THIS IS NOT A TRADE RECOMMENDATION, JUST AN ANALYSIS



If you apply EW Rules by the book...

this upward movement at sunday opening ( 2.0141 ) must not go higher than 2.0152 so as not for this wave 4 up to enter price teritory of wave 1 down.


If this is higher than 2.0152 then my count is wrong.

EG
  • #373
  • Aug 26, 2007 3:47pm Aug 26, 2007 3:47pm
GBPJPY

Waiting for Price to Jump up soon for what should be the final leg of the Wave 4 up to 234.67 for C = A
  • #374
  • Aug 26, 2007 6:01pm Aug 26, 2007 6:01pm
next target is 235.67 for GBPJPY which is the upper side of the diagonal triangle.

could be the point at which a throwover could occur.

EG
  • #375
  • Aug 26, 2007 6:20pm Aug 26, 2007 6:20pm
GBPJPY

235.36 low of 1 minute bar was the mini micro wave 4

235.46 high on the 1 minute bar seems to be the end of this rally.


EG
  • #376
  • Aug 26, 2007 6:24pm Aug 26, 2007 6:24pm
el_grande thanks for your generous work.

I am not elliot wave fan, but looks like in the medium term GBPUSD will test 1.9650 or a bit higher before resuming it is uptrend. Can you confirm or reject this statement with your EW count please?
Forex is not easy!
  • #377
  • Aug 26, 2007 6:48pm Aug 26, 2007 6:48pm
After the plunge to 235.06 and making a low on 2 consecutive 1 min bars from the high of 235.46

then a pullback to 235.42 and not making any other high... (invalidated with new high )

wait ..... it can still be C554 forming a symmetrical triangle which could indicate another burst upstream for the C555?
  • #378
  • Aug 26, 2007 6:53pm Aug 26, 2007 6:53pm
235.5 double top on the 5m chart

surpassed the 235.48 C=A Fib Extention
  • #379
  • Aug 26, 2007 7:16pm Aug 26, 2007 7:16pm
Quoting el grande

If you apply EW Rules by the book...

this upward movement at sunday opening ( 2.0141 ) must not go higher than 2.0152 so as not for this wave 4 up to enter price teritory of wave 1 down.


If this is higher than 2.0152 then my count is wrong.

EG
My Count has been invalidated when price went higher than 2.0152 as this was the low of my Wave 1 in the C wave down.

Alternatives:
1. If my wave 1 low is moved to 2.0209 low instead, then my original count will still be valid. But I think that will be the last straw for the scenario that we will stilll see 1.9977 vicinity or lower.

But as AP has pointed out it is possible that we could see a truncated 5th wave down and will see a trend reversal for a Bullish market again before we reach 1.9977

If this is invalidated again.... honestly, I am not yet sure what the wave count should be... I will look more into it later when I can put in more time for this pair.

EG
  • #380
  • Aug 26, 2007 7:22pm Aug 26, 2007 7:22pm
GBPJPY

Could that be a consolidation at the top on the 15m chart for this pair???
0 traders viewing now