Elliott Wave Counting with EG

Following the Fib Extention for the C0_C1_C2, following targets are in sight:

Similar to debtfreedom
1st is 222.79 but could go lower still like towards 221.00 up to
2nd is 219.84

That would be the end of sub wave 3 insiide the C5 wave down. But I would actually look forward to this subwave 3 finishing of lower than previous C3 Low at 219.31

So... waiting for price to dip lower than 219.31 before retracing for the sub wave 4 UP towards 228 before it resumes its Plunge which could initially go as far down as 215.12.

Please note that EW Counts can be very dynamic interms of target levels due to the counts nature taking into consideration Price that has already developed.

EG

GBPJPY

"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."

My short trades continue to be on the negative side for now. It would have been nice if I was able to enter my long trades too.

Current high on my chart is 234.41 instead of 234.14 initial target. It still has some more room to go up to 234.55. But then again it may not ....

IT was stopped at near 234.37 which is still a major resistance area.

Earlier.... ( well ... that was my last night early morning here now 0516am asia ) Price bounced off and UP at the weekly Pivot. Now.... Bounced off and down at a major resistance level.

EG

PS.

I had an aditional Short trade that went positive last night @ 233.85 .... but I dozed off before I could Take it out. Now nursing it. I will be forced to pay roll over fee if it does not get positive before my 6am here.

So, I am still A Bear.

GBPJPY

"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."

234.82 on my Chart....

Bracing mytrade now.....

Let us do the PLUNGE. That would have been a very nice entry point.

But I was already in too deep. I would rather nurse the current trades. I think this is wwhere the value of a Big SL comes in. Of course, one must have a basis or multiple basis for placing those big SLs.

Besides, my brokers leverage is 65 points to double a base trade plus I have the 20 pip spread. So I must accumulate 85 pips inorder to have 100% increase on my base trade.

However, my strategy here is I put approximately 8x more than my base trade then apply multiple systems with my Basic EW Counts. Of course , info shared by a lot of people in other threads have also come in very valuable. There are things i may overlook which other traders point out in the discussions.

Unlike in most MT4 based Brokers, you probably need 100 pips to inc your base trade 100%.

Anyway, 234.17 now. I hope this is the beginning of the plunge.

I will be out most of the day today for my other business so I can only monitor from my PDA.

Happy Harvest Everyone.
EG

PS
next target

222.18
219.04 preferred then expect a substantial retrace which could be 50-61.8% of this plunge from 234.82 then further plunge towards 213.95 or deeper.

GBPJPY

My apologies to everyone who follows my EW Count. Although I have ndicated above that my targets are at 222 and 219 areas, I still reserve the right to exit halfway when I see that price pattern on my chart is getting into what I think would be a nice retracement.

It is basically trying to maximize or keeping pips in the bag when it is laready there. Long Term EW count remain Bearish.

I take note of this which I can gain more confidence in , in the future. When I do progress fro an intraday trader to a position trader, then I definitely can use EW counts with a lot of confidence.

Right now, I do micro EW and have been observing it work with a number of other systems for comparison.

I have already exited all my Short Trades and have entered Long and short trades since late yesterday afternoon. As many who try and post know, it takes a lot to post charts and write about the trades you take whie still browsing through FF Threads. That is why I admire a number of peole here at FF who are dedicated in trying to help new and old traders alike by posting and explaining things on their threads.

I will not be discussing all the time the number of pips gained or lost in my trades. But , maybe i can just provide idea as to the % gained in Capital. I usually vary my trades from 1 to 3 mini lots down to a fourth or eighth of a minilot.

Yesterday, I entered both long and short trades trying to make a quick scalp but ended closing them for a loss because I had to leave my trades to have dinner with my friends. Except for 1 long which I left open since I had more confidence in that direction.

Well, last night I dozed off while witing for price to go up and missed to take profit at 233.25 So currently I am still at a negative from where I entered my Long trade @ 232.98

Still holding it because I think this is still going up.. will not be opening any short for now.

EG

GBPJPY

WHy am I still Long?

Option Count 1 is Aqua. - Notice that a 5 wave secquence may have been finished . But it has not gone lower than the previous low at 232.35 Then this could be a sub wave B of a corrective wave 2.

Option Count 2 is Yellow. - Either way, this is bound for a retrace. SO I will try to reduce loss here by exiting on the end a next retrace.

EG

GBPJPY

Watching my charts now.... it seems that the BULLS may be getting ready to make another run for this.

Not that I am maintaining a Long trade right now ( or maybe I am just biased...) but that is how I see my chart it.

EG

PS.

Could be another short plunge and attack at 232.10 weekly pivot then a bounce up by 61.8% to 78.6%.

By the way, chart now shows price lower than 232.35. SO I am looking at a wave 2 retrace up very shortly.

Looking at my chart from a far as I step away from my table......

I have this view of what looks like the development of a biger scale corrective wave.

This means that
1. Low of 232.09 going up to high of 233.36 is just a Big A wave (3 wave A)
2. High of 233.36 down to 232.33 down to 232.10 area maybe the Big B wave

Then we would expect a higher retrace for the Wave C up in this Wave 2 Corrective Wave.

....... just another of my ramblings when I get up to check my charts.

EG

Getting ready to take this Bull by its horns and get him to ride like a Bull this time. Not giving it any rest except till price goes down to 232.10.

Or I could change my mind and just prod it to go on its way again. Letting the Bears enjoy the sun first while taking my Bull for a ride UP

EG

PS. Long term is still Bearish. However, today or till tommorow may still be for the Bulls. I hope to get a better entry for my SHort trades again.

Still hooked to my Long GBPJPY. Currently on a large drawdown.

But scratching my right hind borrowed Bull hoof and getting ready for a Bull Run...

Added another Long trade at 232.09..... still optimistic for the Bulls

Missed a better chance because my computer froze.

This could be a Wave C UP for the corrective Wave 2

EG

PS.

231.88 lowest on my chart now

Directions?????

hhhmmmm...

I think we have found the so called "Holy Grail"......

minimum target for this wave c is 233.35

beyond that is up to you.

be greedy and take your profit out even before you reach 233.35 then wait on the sideline till you see me switch back and put on my BEAR shoes.

then let us all enjoy the nice Bear ride together from a new high point.

Will be out in the market looking for my other things a little later this morning ..... stil need to do my other business and satisfy my clients.

EG

GBPJPY

Looking at my chart again..... if this is wave 2 then retracement could be in the following levels.

233.35
234.26
up to 100% retracement towards 234.82 High

That would really be nice.

Unfortunately, I will not be able to watch my charts that long.

something to watch out for.

again.... this are all probabilities that I see and they are not exact.

I am not the only one manning the switches out here.

EG

ok....

Last call for more Bull Riders..

EG

I see.....

Very few takers for this invitation...

Bulls.... we better be on our way...

that is of course on the assumption that I am right on this because I can still be wrong.

Best done on DEMO

EG

ok.. you can call me GREEDY.

I took out my long trade from this morning when I saw that Bullish Opportunity near the Low point where it bounced off from 231.88

Got my net 65 positive pips on that one.

Maintaining my Long trade from yesterday afternoon which went red then green then red again till this morning.

I am still Bullish for now and waiting for a new level to enter a new Long trade.

EG

PS.

I really am starting to get convinced, it is not really in the news. All you have to do is watch out your EW Counts.

GBPJPY

Price stalled at 233.03.... Could be a Pivot Level to watch.

Took out my remaining Long trade for a loss of 12 pips.

Still positive overall .

No more trades on the table. Just waiting for a new Long trade entry level opportunity.

EG

GBPJPY

Placed a short trade at 232.70..... just my style for multiple Short entries.

But This Bull is still going up. Currently no Long trades yet as I still see no good entry level for a new long.

Besides, I might have to leave very soon so better that I set myself up for the Bear ride now. SL should take care of it.

EG

GBPJPY

Tentative Targets for my Short Trade

230.39
228.56
225.63

EG

Eg, What happened. You stop posting Cable EW charts.

My apologies to you multiplatnum and the others looking forward to seeing EW Counts for Cable.

I got hooked to GBPJPY these past weeks as I found it to my liking with its terrific volatility. It kept me on my toes all the time with my Counts.

But now that IO am starting to get the feel of it, I will slowly get back and put in my counts for Cable.

But in the meantime, Others have been kind enough to post their Cable Counts here.

Check on africanpip and money. You can study their charts.

EG