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Elliott Wave Counting with EG

  • #501
  • Sep 3, 2007 1:03am Sep 3, 2007 1:03am
For today

http://www.trading-fx.si/forum/privatslike/fx03.gif
  • #502
  • Sep 3, 2007 3:09am Sep 3, 2007 3:09am
Difficult time for trading lately..below is possibly where I see cable going, unless I have my count wrong but I seem to be following the rules. Interesting to see what the market decides to do from here.
Attached Image (click to enlarge)
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Eish! If you don't fly with the eagles you'll scratch with the turkeys
  • #503
  • Sep 3, 2007 5:17am Sep 3, 2007 5:17am
Quoting el grande
Bears bracing ourselves for this Bull ride.

EG

PS
There are risks jumping in and out. Take responsibility for your decisions. Must have a solid basis for engaging in a jump in and jump out scenario. JI/JO is strongly not recommended. JO is better specially for losing Positions. But NEVER a JI in A RUSH.

Still holding my shorts on GBPJPY.

Will do my counts now as I just arrived back at my place here.

This is a bit squeeky as I could have exited at a small profit this morning when price went down. BUt anyway, I made my decision based on what I was looking at on my chart and on my counts. I will see again later after I finish my count for the day.

EG
  • #504
  • Sep 3, 2007 7:04am Sep 3, 2007 7:04am
hhhmmmm..

I just noticed that huge Vote of No Confidence.... Not that I am aiming for the Positive Votes.

But it sure does tell when people do not like what you write.

Well, I can not please everyone. I only write what I see and what I think my charts are telling me.

The decision to trade is not mine except on my own trades. I decide on my trades and the scenarios I present here are my opinion and other people's opinion that I too see But may not necessarily trade.

I still welcome criticisms ( hopefully, constructive ). I must admit I am not perfect. That is why I am willing to learn.

GBPJPY..


still bearish for me. although was a bit nervious the last 12 hours.

Possible early targets at
230.04
227.25

EG
  • #505
  • Edited 11:08am Sep 3, 2007 10:48am | Edited 11:08am
Something to add to the EW Bearishness.

Looks like many of the bears have jumped ship and switched sides.....

Here inside the box is what I consider as the iverted head and shoulder.

Then a lower high.

Also Support trendlines broken.

Major Resistance at 234.38. Next to watch for is the Weekly resistance at 232.10

All these are used to supplement my EW Count.

EG
Attached Image (click to enlarge)
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  • #506
  • Sep 3, 2007 5:38pm Sep 3, 2007 5:38pm
EW Count UNDERFIRE and Challenged.

Let us see if it withstands the bombardment.

Will these trendlines ( Support and Resistance ) hold?

EG

PS. Stil holding my shorts
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  • #507
  • Sep 3, 2007 6:09pm Sep 3, 2007 6:09pm
Trendline Broke..

The herd must have gotten bored and let go of their guard.

Time for the Bears to Pounce and Race this.....?

Watching this retracement now.

Waiting to break lower than 231.28

First Support is @ 233.27

Mid-Primary and Secondary Support @ 233.03

Secondary Support which could be strong is @ 232.91

Going lower than 232.91 could see price attacking 232.10 towards 231.87

Lower than these.... Following Levels to watch for:

231.50
231.25
230.47
229.69
228.71
224


EG
  • #508
  • Sep 3, 2007 6:23pm Sep 3, 2007 6:23pm
Culd be a valid breakout.
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  • #509
  • Sep 3, 2007 6:33pm Sep 3, 2007 6:33pm
GBPJPY Possible Micro EW Count
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  • #510
  • Sep 3, 2007 7:24pm Sep 3, 2007 7:24pm
Price down to 233.35 . That went lower than my 233.37 level borderwithout finishing a 5 wave impulse wave.

Could really be an impuse wave now. Just retracing for a new attempt at the plunge continuation.

EG
  • #511
  • Sep 3, 2007 8:01pm Sep 3, 2007 8:01pm
GBPJPY

Retracement has pierced and overlapped 233.87 by going up to 233.93

Could be just wave 2 now inside C5333. This means that IF this is truely a continuation of the Bearish move, then this is nearly 78.6% retracement for a Wave 2.

EG
  • #512
  • Sep 3, 2007 8:19pm Sep 3, 2007 8:19pm
Honestly... I am stressed.

Still stuck with my trades since Thursday.

Trying to exercise patience and sticking to what my chart and System is telling me.

EG
  • #513
  • Sep 3, 2007 8:35pm Sep 3, 2007 8:35pm
Quoting el grande
GBPJPY

Retracement has pierced and overlapped 233.87 by going up to 233.93

Could be just wave 2 now inside C5333. This means that IF this is truely a continuation of the Bearish move, then this is nearly 78.6% retracement for a Wave 2.

EG

was experimenting and checking on Linuxtroll's Scalping procedure and noticed that if I use a line graph which is an average price of the candlestick, Wave 4 inside the C5333 may still be valid up to 233.97.

EG
  • #514
  • Sep 3, 2007 9:08pm Sep 3, 2007 9:08pm
Another poke at the yellow trendline.
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  • #515
  • Sep 3, 2007 9:23pm Sep 3, 2007 9:23pm
Quoting el grande
was experimenting and checking on Linuxtroll's Scalping procedure and noticed that if I use a line graph which is an average price of the candlestick, Wave 4 inside the C5333 may still be valid up to 233.97.

EG
Got penetrated to 234.00 so it can't be wave 4 inside C53331.

But could be a Wave 2 now.

EG
  • #516
  • Edited 3:36am Sep 4, 2007 3:16am | Edited 3:36am
Quoting el grande
Trendline Broke..

The herd must have gotten bored and let go of their guard.

Time for the Bears to Pounce and Race this.....?

Watching this retracement now.

Waiting to break lower than 231.28

First Support is @ 233.27

Mid-Primary and Secondary Support @ 233.03

Secondary Support which could be strong is @ 232.91

Going lower than 232.91 could see price attacking 232.10 towards 231.87

Lower than these.... Following Levels to watch for:

231.50
231.25
230.47
229.69
228.71
224


EG
I say, Praise the Lord. Patience pays off. The EW Counts somehow paid off with the supplemental help of the various systems.

Closed al my shorts for now.

Entered a Long Trade at 232.75. WIll be nursing this.

Got out with profits and I am very happy.

Looking for a retracement towards 233.09 before continuing its move down.

EG

PS.
Added a 2nd Long @ 232.65
  • #517
  • Sep 4, 2007 7:49am Sep 4, 2007 7:49am
GBPJPY

Awaiting for end of this Sub wave 1 of C5 down.

Around area of 231.79 I would probably place my Long trades.

SL? mine is at 600

TP around 234 or lower.

EG
  • #518
  • Sep 4, 2007 10:04am Sep 4, 2007 10:04am
GBPJPY

Missed an opportunity to enter my Long at 231.92. This laptop needs a back up . it starts to freeze during important periods.

Anyway, based on my EW Count, this pair was already due for a retrace. I was just hoping that it would still go down some more so I could get a nice entry point.

Target is up to 234.14

But could still go to 234.55. Both could be the end of a wave 2. higher value as end will mean a bigger breadth of wave 2 which could result to a deeper plunge for the wave 3 down inside the wave C5.

Let us see how this develops.

I did not counter trade the Bearish Main trend based on my EW Count.

If it went down to 231.79 area, then I would have placed my Long trades. However, even the 231.92 dip ... I missed to catch that for a Long trade set up. So I decided to just wit for an opportunity to set multiple Short trades as price went up for the retracement.

Entered my SHORT Trades at

232.38
232.71
232.68
233.19

SL @ 600 each

All are currently on a drawdown.....but if the EW continues as per the original count, then the Bearish trend should continue.

EG
  • #519
  • Sep 4, 2007 10:06am Sep 4, 2007 10:06am
Quoting el grande
I say, Praise the Lord. Patience pays off. The EW Counts somehow paid off with the supplemental help of the various systems.

Closed al my shorts for now.

Entered a Long Trade at 232.75. WIll be nursing this.

Got out with profits and I am very happy.

Looking for a retracement towards 233.09 before continuing its move down.

EG

PS.
Added a 2nd Long @ 232.65
By the way, I had already closed all my previous short term Long trades from that initial plunge. Profited some pips there. Partly made up for lack of trades since Thursday last week due to drawdown which I got stuck in.

EG
  • #520
  • Sep 4, 2007 10:09am Sep 4, 2007 10:09am
Hey debtfreedom.

Thank you for posting your chart here.

I saw your other charts which yu posted last week in the other thread. Quite impressive with the amount of time you spent on them and posting them.

I have been finding it cumbersome to post charts. Yours are much more organized.

Thank you again for sharing your charts.

EG
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