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Elliott Wave Counting with EG

  • #401
  • Aug 27, 2007 2:19am Aug 27, 2007 2:19am
GBPJPY

abandoned my long at a few pips gain because I already saw 5 waves form on my 15m chart.

Will not be adding any short trades unless this still continues to retrace towards 61.8%

just now... I was proven wrng to have exited my long trade. price went back to the top.

will sit it out and get ready to place my short trades at 61.8% and 78.6% retracement

EG
  • #402
  • Aug 27, 2007 2:51am Aug 27, 2007 2:51am
GBPJPY

Barely done with 50% retracement but is looking like it wants to resume its bear move already.

EG
  • #403
  • Aug 27, 2007 2:55am Aug 27, 2007 2:55am
GBPJPY

Bear run is back

wait for a wave 4 pull back on the 15m chart

Update:

once we go lower than 233.88, that is a second confirmation that the BEARS are back. IMO
  • #404
  • Aug 27, 2007 2:58am Aug 27, 2007 2:58am
Quoting el grande
GBPJPY

Bear run is back

wait for a wave 4 pull back on the 15m chart
hi el grande,how do u tell abt the bear run? how do u use elliot wave anyway? thanks
  • #405
  • Aug 27, 2007 3:05am Aug 27, 2007 3:05am
Quoting fxnewbie 71
hi el grande,how do u tell abt the bear run? how do u use elliot wave anyway? thanks

Hi

Just apply the EW Principles / Theory on your chart of Choice Currency Pair.

EG
  • #406
  • Aug 27, 2007 3:08am Aug 27, 2007 3:08am
GBPJPY

Have just seen a 38.2% retracement which is common for Wave 4 .

Here we goooooooo
  • #407
  • Aug 27, 2007 3:08am Aug 27, 2007 3:08am
Quoting el grande
Hi

Just apply the EW Principles / Theory on your chart of Choice Currency Pair.

EG
do u have indicator for that or u just count them physically? do u use more on daily chart or? i am always lost on using elliot wave??? can u pls share,thanks el grande
  • #408
  • Edited 3:34am Aug 27, 2007 3:20am | Edited 3:34am
Quoting fxnewbie 71
do u have indicator for that or u just count them physically? do u use more on daily chart or? i am always lost on using elliot wave??? can u pls share,thanks el grande
Believe it or not, you will soon findout that you can do your wave count on a naked chart just using fib retracement and fib extention tools on MT4.

Learn the EW Principles and Theory then find the best way to label your waves on your chart color and size coded and Practice shifting between time frames.

There are indicators you can use like the one Clusterwise was kind enough to share. just go back to the previous pages. You will find it.

However, it takes my antiquated low RAM computer to shift between time frames so I had to learn to reduce my reliance on it.

But that would be good to use for starters for as long as you trade the 1hr and higher TF.

EG

PS. I am not saying I am good at this. I am just sharing what amazes me with constant watching my charts and studying the EW Theory.

Yes it is complex. But you need to put your heart into learning it then tha would help make learning it easier.

GBPJPY

ySOrry it was not a sub wave 4 but a sub wave 2 which made a 78.6% retracement. Potentially a nice set up for Shorts on My DEMO.

Not to be traded on Live Accounts
  • #409
  • Aug 27, 2007 3:27am Aug 27, 2007 3:27am
Quoting el grande
Believe it or not, you will soon findout that you can do your wave count on a naked chart just using fib retracement and fib extention tools on MT4.

Learn the EW Principles and Theory then find the best way to label your waves on your chart color and size coded and Practice shifting between time frames.

There are indicators you can use like the one Clusterwise was kind enough to share. just go back to the previous pages. You will find it.

However, it takes my antiquated low RAM computer to shift between time frames so I had to learn to reduce my reliance on it.

But that would be good to use for starters for as long as you trade the 1hr and higher TF.

EG
thanks for the infor,can u tell me which page is clusterwise's indicator? thanks
  • #410
  • Aug 27, 2007 3:55am Aug 27, 2007 3:55am
Hi Money, could you pleas post your charts no larger than 600 x 600. these are great, but they really messup the screen display.

Thanks much,
  • #411
  • Aug 27, 2007 3:55am Aug 27, 2007 3:55am
Quoting money
hello evreyone in new week with new pips (i hope)!!
i made another analysis on cabl. if i have right then should achieve my target in next 2 days, if will trend go to my way.couse i think that cabl has went down enough.
nice day

http://www.trading-fx.si/forum/privatslike/fx01.gif
Target 3 was reached. So trend should move to the point 5 around (2,0264), if is my theory correct

http://www.trading-fx.si/forum/privatslike/fx107.gif
  • #412
  • Aug 27, 2007 4:15am Aug 27, 2007 4:15am
Hey money.

Thank you fpor sharing your charts with us. It may not be the same as my wave count but it sure helps to have different views so that we can learn from each other.

My current view now is still GBPUSD to go down.

1. the diagonal triangle 5th wave of the wave 4 Up from this morninghas seen a breakout to the down side.

2. top was at 2.0191and you will see a 5 wave structure going down in your 15m chart. This is follwed by what looks like a Zigzag which had a high at 2.0189 which is just 2 pips below the high of the wave 4 up. I would consider this as the sub wave 2 up whose termination point is the resumption of the trend downwards now for the sub wave 3.

That is just my view for now. I will continue to watch my charts.

EG
  • #413
  • Aug 27, 2007 4:20am Aug 27, 2007 4:20am
Quoting fxnewbie 71
thanks for the infor,can u tell me which page is clusterwise's indicator? thanks

Come on fxnewbie 71, tak ethe time to go back and skim thru the pages there aint a hundred pages here. You will probably get to it before the 10 pages are up.

Patience my friend and diligence..... Otherwise you will have difficulty learning and understanding EW.

EG

PS. Fastest way to get to it though is by clicking the paperclip icon at the top page where the page numbers are lined up. You scroll the list that comes up and will find the Neely Wave Indicator. But I still suggest that you go to the page where it is located so that you will see how Clusterwise uses it.
  • #414
  • Aug 27, 2007 4:29am Aug 27, 2007 4:29am
Quoting el grande
Come on fxnewbie 71, tak ethe time to go back and skim thru the pages there aint a hundred pages here. You will probably get to it before the 10 pages are up.

Patience my friend and diligence..... Otherwise you will have difficulty learning and understanding EW.

EG
i agreed! thanks EG,i will be following your thread...
  • #415
  • Aug 27, 2007 4:35am Aug 27, 2007 4:35am
GBPJPY

It is taking this pair to proceed with its descent.

I am now entertaining the possibility that it will re visit the high or 235.5 or just below it.

Retracement for what was supposed to be sub wave 2 up barely reached 50%. I am thinking that it might still go for the usual 61.8 to 78.6% retracement before really going down.

EG

PS.
This is what I have learned so far.... and that I have to be flexible enough and willing to accept or reconsider evry possibility of the wave count for as long as no rules are yet broken.

it is kind of challenging as there are so many possibilities all the time. But it will be an enjoyable challenge once you get the hang of it.
  • #416
  • Edited 5:28am Aug 27, 2007 4:45am | Edited 5:28am
Quoting el grande
Hey money.

Thank you fpor sharing your charts with us. It may not be the same as my wave count but it sure helps to have different views so that we can learn from each other.

My current view now is still GBPUSD to go down.

1. the diagonal triangle 5th wave of the wave 4 Up from this morninghas seen a breakout to the down side.

2. top was at 2.0191and you will see a 5 wave structure going down in your 15m chart. This is follwed by what looks like a Zigzag which had a high at 2.0189 which is just 2 pips below the high of the wave 4 up. I would consider this as the sub wave 2 up whose termination point is the resumption of the trend downwards now for the sub wave 3.

That is just my view for now. I will continue to watch my charts.

EG
hi eg, i agree with you!
i think that it should go down, but first i am waiting to reach point 5, couse if look to the future you know that should trend follow to wave A to wave B and than DOWNNN to wave C. we will see!

tnx, wish many pisp to both

http://www.trading-fx.si/forum/privatslike/fx108.gif
  • #417
  • Aug 27, 2007 4:58am Aug 27, 2007 4:58am
GBPJPY

I am cancelling the scenario that this pair is in wave 2 corrective wave towards 235.5.

234.02 has been attained and this is lower than the low of my wave 1 count.

I am more inclined to believe that we have finished sub wave 2 now and that we are in the development of sub wave 3 down.

Still bearish for me for this Pair.

EG
  • #418
  • Aug 27, 2007 5:03am Aug 27, 2007 5:03am
GBPJPY

Initial Wave 1 target completion at:

233.49
232.89
231.77
230.49 favoring this one to exhibit going past the previous swing from the sub wave of the corrective wave that just finished.

EG
  • #419
  • Aug 27, 2007 5:21am Aug 27, 2007 5:21am
GBPJPY

Looks like I spoke to early about cancelling scenario that price towards 234.64 will be revisited.

Price just shot up to 234.60

Looking forward to it descent now

EG
  • #420
  • Aug 27, 2007 5:32am Aug 27, 2007 5:32am
My apologies to all following this thread.

Looking atthe 15m chart for GBPJPY now, I have jsut realized that if this is going to be a Zigzag like most wave 2 then long trades should be looking at a minimum profit exit level of 234.83

This is a 100 FE for C= A of this Zigzag wave.

This would finally make it to the 61.8% retracement common for Wave 2.

I am still holding my short trades. if everything goes well should this scenario play out, those with shirt orders will have nothing to worry about. Specially because this should have been tried and tested on DEMO first.

EG

PS. Even if it is to the advantage of the BULLS right now for this scenariom I am maintaining my short positions with a widened SL.
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