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Elliott Wave Counting with EG

  • #1,081
  • Nov 6, 2007 9:36am Nov 6, 2007 9:36am
who's watching the 15 min charts now?

could finish the wave a down of the wave 4 down very soon. then expect a wave b up then a wave c down to finish wave 4 then off and up we go for the next wave 5 target .

EG
  • #1,082
  • Nov 6, 2007 10:05am Nov 6, 2007 10:05am
exited all 3 short trades I had for a total of 104 pip loss.

I entered them prior to my coming up with the charts.

also exited much earlier a Long trade for a loss of 50 pips.

all are inclusive of the 18 pip spread per trade.

I had to cut my losses to consolidate my new position.

Right now I have 2 trades. a Long trade which I had been nursing since yesterday and a new one.

Point of entry for Long trades are ( forward Trade which is 100 pips less than what you have on your MT4 Platforms ):

238.58
237.70
EG
  • #1,083
  • Nov 6, 2007 10:09am Nov 6, 2007 10:09am
Bro you mean it is going to go up again towards 240?
thanks
Quoting el grande
exited all 3 short trades I had for a total of 104 pip loss.

I entered them prior to my coming up with the charts.

also exited much earlier a Long trade for a loss of 50 pips.

all are inclusive of the 18 pip spread per trade.

I had to cut my losses to consolidate my new position.

Right now I have 2 trades. a Long trade which I had been nursing since yesterday and a new one.

Point of entry for Long trades are ( forward Trade which is 100 pips less than what you have on your MT4 Platforms ):

238.58
237.70
EG
  • #1,084
  • Nov 6, 2007 10:18am Nov 6, 2007 10:18am
Quoting kenneith
Bro you mean it is going to go up again towards 240?
thanks
there are 2 possible scenarios here.

1. Because we are supposed to be in a wave 4 which normally is a complex or a sideways moving wave as in expanding, then it is likely that price will range till tomorrow ( 239.54 - 238.42 ).

2. Alternatively, we could also be in a new Wave 5 going up towards 240.07 or 240.30.

Do not rely on this for your trades. validate with your own system.

Preferably advised to trade on DEMO account only.

EG
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  • #1,085
  • Nov 6, 2007 10:27am Nov 6, 2007 10:27am
Thanks mate. but according to indicators it is supposed to go down, but what do i know? i could be wrong as well.
thanks
Quoting el grande
there are 2 possible scenarios here.

1. Because we are supposed to be in a wave 4 which normally is a complex or a sideways moving wave as in expanding, then it is likely that price will range till tomorrow ( 239.54 - 238.42 ).

2. Alternatively, we could also be in a new Wave 5 going up towards 240.07 or 240.30.

Do not rely on this for your trades. validate with your own system.

Preferably advised to trade on DEMO account only.

EG
  • #1,086
  • Nov 6, 2007 10:29am Nov 6, 2007 10:29am
retrace to 238.53 possibly prior to p[roceeding towards 240.

EG
Attached Image
  • #1,087
  • Nov 6, 2007 10:41am Nov 6, 2007 10:41am
Price Action
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  • #1,088
  • Nov 6, 2007 10:53am Nov 6, 2007 10:53am
For as long as it does not go lower than 238.39, next target is wave 33 Yellow @ 242.61.

EG
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Click to Enlarge Name: 032_truncated 5th_33.gif Size: 25 KB
  • #1,089
  • Nov 6, 2007 11:12am Nov 6, 2007 11:12am
i am curious, do you ever use any indicators to validate EW count?
Nihil Sine Deo.
  • #1,090
  • Nov 6, 2007 11:12am Nov 6, 2007 11:12am
3 Long Trades now:

Point of entry for Long trades are ( forward Trade which is 98 pips less than what you have on your MT4 Platforms ):

238.58
237.70 exited for 16 pips net of 18 pip spread
237.88
237.87

EG
  • #1,091
  • Nov 6, 2007 11:12am Nov 6, 2007 11:12am
hi please i trade usd/jpy and gbp/usd what can we expect for that in the next 25mins
  • #1,092
  • Nov 6, 2007 11:21am Nov 6, 2007 11:21am
Looks like our charts will come thru for us.

Asian Time:
Friday Plunge happened and by Friday night it recovered towards Monday or your Sunday Open.

Asian Monday saw a slight move up during the opening but saw GBPJPY falling for teh rest of the day which went into Asian Tuesday.

As forecasted, Wednesday in Asia will see GBPJPY start to Rally.

If this charts work out and we do see GBPJPY climbing to 242.61, Then I would say Elliott Waves do help us pinpoint potential set-ups for a currency pair.

At least this is how we are seeing it on GBPJPY.

EG
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 032_truncated 5th_33.gif Size: 25 KB
  • #1,093
  • Nov 6, 2007 11:32am Nov 6, 2007 11:32am
Quoting noble
hi please i trade usd/jpy and gbp/usd what can we expect for that in the next 25mins
I am sorry noble. I have mainly focused on GBPJPY which I do Micro EW count on till the 1 min chart.

I have not done a very extensive count on GBPUSD and USDJPY. So it would not be fair to you for me to come up with an analysis at once.

I would actually suggest that you focus on 1 pair to trade and master that pair. GBPJPY though is not the pair for most people to start with as it is very volatile.

EG
  • #1,094
  • Nov 6, 2007 1:52pm Nov 6, 2007 1:52pm
Quoting Scrat
i am curious, do you ever use any indicators to validate EW count?
An Oscillator woud do.. like RSI, Stochastics, Momentum

EG
  • #1,095
  • Nov 6, 2007 1:54pm Nov 6, 2007 1:54pm
Quoting el grande
3 Long Trades now:

Point of entry for Long trades are ( forward Trade which is 98 pips less than what you have on your MT4 Platforms ):

238.58
237.70 exited for 16 pips net of 18 pip spread
237.88 exited for 14 pips
237.87 exited for 15 pips = total 29 pips

EG
exited and waiting for new re entry level.

EG
  • #1,096
  • Nov 6, 2007 2:05pm Nov 6, 2007 2:05pm
gggrrrrr...... exited too early.

waiting for a retrace to 238.75

EG
Attached Image
  • #1,097
  • Nov 6, 2007 2:13pm Nov 6, 2007 2:13pm
Or Price could be in for a retracement towards 238.56 (78.6%) or to 238.51 ( 85% ) for a sub wave 2down of the wave 5 UP.

EG
Attached Image
  • #1,098
  • Nov 6, 2007 2:21pm Nov 6, 2007 2:21pm
too bad. it is probably not comimng back down now.

most typical of a potential strong wave 3 when we see our oscillators turning over bought and expecting a turn back yet price keeps on going up.

Have entered , just one new trade at 238.38 ( forward trade which is about 98 pips less than what you get for your values on the MT4 Platform).

EG
  • #1,099
  • Nov 6, 2007 2:47pm Nov 6, 2007 2:47pm
Here is what I think I over-looked.

So I am leaving my 2 current Long trades to run now.

And will try to get some sleep. almost 5 am here now and things will probably start moving again when Asian Markets Open.

Good Trading to all of you. I hope you made good pips with our Elliott Wave Counts for today.

I think we basically traded against what many were thinking.

Let us see how much more our EW Counts will turn out to fit the actual Price Route.

EG
Attached Image (click to enlarge)
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  • #1,100
  • Nov 6, 2007 2:59pm Nov 6, 2007 2:59pm
Note that :

Weekly R1 is @ 242.37.
Murrey Math Level (8/8) @ 243.75
Weekly R2 and Murrey Math Level ( +1/8 ) @ 245.37 Looking nice for my Long trades But may not be that fast. I will need to re-work some of my counts though later because of the truncated 5th wave we have ( I think). We will se if it has affected the overall count.

Let us see where the Daily S and R will be later and also the the Fibonacci Breakout Levels from a Daily Range later.

EG
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