Elliott Wave Counting with EG

Quoting pips4life

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P.S.

That was a risky short (! oops, I said "long" before editing) trade for Wave 4 just before big rate news, but it did play out well.

*** Actually I placed 2 opposite trades during the early asian session as an experiment after calculating potential top and available capital to protect acount for SL. But I exited my 2 Long trades early and got stuck waiting for a retracment for a new Long trade. That is why the short trade loss ballooned to about 200 pip loss.

I did not add a short trade to trade that wave 4. but instead placed a Long trade. I made a mistake though about my SL as it was too tight for this pair PLUS I should have noted the 23.6% potential retracement.

For the life of me, when I saw a cut of 0.50 on FF web site, I could not fathom why GJ was tanking so far. Yes, I've seen some news announcements which are bullish, and the very first prices spike downwards, but it's very short lived and moves steadily upwards.

Here we had supposedly very bullish news but the market went down???

*** I got into the mindset that NEWS does not really influence the long term trend of EW Counts. It could expand a wave develpment though and take longer to develop. But eventually it gets back in line with the EW Count. That is why I was still thinking Bullish on this pair even before the news.

Honestly though , it helped reading that majority of the traders I was scanning were expecting a rate cut except that they were not unanimous as to the actual rate cut.

But then, when I learned it was only 0.25 cut, then while that would ordinarily be bullish also, it had been priced in, and the EW count ruled! It was time for a retrace, and the news was in line with expectations, so while it was volatile, it did go down. But it also makes sense it only hit the first (higher) retrace target, because of course, it is bullish.


Having said that it's bullish... it's very strange to me that UJ and GJ are still more or less tracking each other the same. It seems to me if the draw is as a "carry trade", then the interest differential is what makes it work. The GBP interest is growing higher than the USD rate which would argue that GJ would have more of an upside than UJ. Therefore, so would GU, I guess...

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Quoting pips4life

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Hi EG,

I modified a great little utility just for you. I use Fibo Retracements all the time, including for projection purposes as well. Therefore, the original utility from Waddah Attar was just fine for my purposes. However, you use Fibo Expansion objects, so I enhanced the utility to handle those as well.

The utility? Set_Fibo_Price_Any_V2.mq4 is downloadable from:
http://forexfactory.com/showthread.php?t=54134

Check out the thread for a picture, but basically, it automatically adds price levels to your Fibo lines (either Retracement or Expansion objects). You won't have to manually label prices anymore (unless you want to have bigger labels).


So then, in exchange, can you, um, tell me how to use Fibo Expansion objects? I haven't a clue where to put the 3 coordinates that it means anything to me. As I said, I use regular Fibo Retracement objects to project prices, but I figure I ought to know more about Expansion objects to figure out if there's any advantage. I could use some chart which says "First click here", "Second click here", and "Strech 3rd point here"... and of course, some hint as to WHY I'm doing those 3 points.

Thanks in advance, and if you like my script... you're welcome.

Pips4life

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