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Elliott Wave Counting with EG

  • #1,261
  • Dec 1, 2007 3:30am Dec 1, 2007 3:30am
Quoting daytek
We have similar counts on that Tf

But, how can you label that as sequence of 1-5 if 4 came into the 1 area...you are breaking one of the most important guidelines...
Having said that, i believe that this is a correction therefore we should label it as abcde.

I'm curious to see your opinion guys.
I agree with Kevin about considering an overlap of wave 4 into wave 1 as sometimes acceptable specially for this volatile GBPJPY pair. Some consider a 20% intrusion into wave 2 as still acceptable.

There was a time that I was successful even with that but later vowed not to consider that anymore. Then lately slid back to it again while considering volatility specially if it was because of the pins or just the long wicks of the candlesticks but not the body. Then keep a close watch on the development in the lower timeframes.

But on the other hand, we must note that a wave 4 overlap into wave 1 territory is legally acceptable in a Triangle.

EG
  • #1,262
  • Dec 1, 2007 3:48am Dec 1, 2007 3:48am
This is what is nice about the weekend.

One or I get to relax and see a non moving price chart

I am attaching some more charts to support the view that GBPJPY will see a slight downward move this Asia Monday Open then Develops into an EXTENDED WAVE 5 going up for the minimum @ 238.67

But because GBPJPY is a very volatile pair, IMHO, 238.67 is just the minimum which is the 161.8% of the wave0 to wave 3 length, I expect it to go much higher.

Beyond 238.67, do a trailing stop.

But if you follow Elliott Wave Structures, then you will have a better chance of seeing a wave terminate.

May we all have a Wonderful Christmas

EG

PS. Note that I set my SL from 300 to 600 pips for this Pair.
Attached Image(s) (click to enlarge)
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  • #1,263
  • Dec 1, 2007 10:30am Dec 1, 2007 10:30am
Quoting el grande
Hello Everyone.

I hope everyone made money this past week.

Kevin., thank you for sharing your charts here.

niceguy777... yes EW is a bit complex and it may not be for everyone. I almost gave up on it had it not been for my 6 year old son.

I was so immersed with trading this past days that I did not see the actual pattern developing yesterday on the GBPJPY.

But after seeing Kevin's chart on EURJPY, I pulled up a GBPJPY chart to see if I can duplicate it. And what do I see on a blank chart?.........

Attached is what I just saw and wanted to share with all of you.

Let us make money next week for the Christmas Season and beyond....

Remember to share the blessings.....

Happy Weekend Everyone and Good trading for the Days to Come

EG
I agree - with (almost!) everything, and especially with the sentiment at the end!

The framework is there; we just have to work on our frame of mind.
  • #1,264
  • Dec 1, 2007 10:38am Dec 1, 2007 10:38am
Quoting niceguy777
I agree - with (almost!) everything, and especially with the sentiment at the end!


(almost) everything?\

hhhmmmm. I wonder which part you don't agree with

EG
  • #1,265
  • Dec 1, 2007 10:58am Dec 1, 2007 10:58am
Quoting el grande
(almost) everything?\

hhhmmmm. I wonder which part you don't agree with

EG

It was the 'a bit complex' that stunned me!

What you saw on the charts is interesting, and is something that we saw a few days ago. And I have a good idea of where, precisely, it will go. I haven't been wrong for the past few months. I think you'll like my framework! Enough said.

The framework is there; we just have to work on our frame of mind.
  • #1,266
  • Dec 1, 2007 11:58am Dec 1, 2007 11:58am
Quoting el grande
This is what is nice about the weekend.

One or I get to relax and see a non moving price chart

I am attaching some more charts to support the view that GBPJPY will see a slight downward move this Asia Monday Open then Develops into an EXTENDED WAVE 5 going up for the minimum @ 238.67

But because GBPJPY is a very volatile pair, IMHO, 238.67 is just the minimum which is the 161.8% of the wave0 to wave 3 length, I expect it to go much higher.

Beyond 238.67, do a trailing stop.

But if you follow Elliott Wave Structures, then you will have a better chance of seeing a wave terminate.

May we all have a Wonderful Christmas

EG

PS. Note that I set my SL from 300 to 600 pips for this Pair.


Just great to follow your work El Grande!

Do you care to say why you almost quit Elliott's Wave except for your 6 year old son?
  • #1,267
  • Dec 2, 2007 11:38am Dec 2, 2007 11:38am
Quoting el grande
I agree with Kevin about considering an overlap of wave 4 into wave 1 as sometimes acceptable specially for this volatile GBPJPY pair. Some consider a 20% intrusion into wave 2 as still acceptable.

There was a time that I was successful even with that but later vowed not to consider that anymore. Then lately slid back to it again while considering volatility specially if it was because of the pins or just the long wicks of the candlesticks but not the body. Then keep a close watch on the development in the lower timeframes.

But on the other hand, we must note that a wave 4 overlap into wave 1 territory is legally acceptable in a Triangle.

EG

the importance of the count is about the possible reversal, either was this impulsive or no...im biased on the triangle theory
  • #1,268
  • Dec 2, 2007 7:50pm Dec 2, 2007 7:50pm
Good Morning Everyone.

I hope you have banked some of those profits from the initial down move this morning.

I did not get the Australian open to the Asian Open and the first max down of the asian. was in a little before the asian to avoid the negative swap but hesitated to pull trigger when it stalled at wave 3 of wave 3 down.

but banked when it went down again.

now watching if this is now on its way up for the wave 4 to 228 then down to maybe 225.96 or to the daily Pivot to finish off this flat correction.

Then we all ride this baby up the clouds.....

let us watch.

Good Harvest Everyone.

EG
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  • #1,269
  • Dec 2, 2007 7:59pm Dec 2, 2007 7:59pm
update

Is it really possible to walk the price at almost each turn down to the 1min or 5min or the 15 min charts?

many find it easy around the 4hr and Daily Charts. But they consider lower than 4hours as mostly noise.

Let us see if we can be better listeners here.

EG
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  • #1,270
  • Dec 2, 2007 8:07pm Dec 2, 2007 8:07pm
next time hold on to your wave 3.

I banked mine too early. was too eager to have some profits for the morning after missing the first one.

Now I have to wait for the Ride up. rather than enter a new down move again.

Nursing the 2 opposite trades from last Friday. I hope to close the short close to breakeven before The ride UP.

EG
  • #1,271
  • Dec 2, 2007 8:16pm Dec 2, 2007 8:16pm
could be this one too.

I suggest that we wait for it to go up to 228 if it does then make a pull back for around 61.8% at least .....

then I will enter a small long Position..

will then wait for another signal to enter another long for the ride to the clouds.


EG
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  • #1,272
  • Edited 9:58pm Dec 2, 2007 9:47pm | Edited 9:58pm
experimentally Long till 227.92
then short down to 225 area

This could be the wave 4 correction up before the final wave 5 down of the higher degree wave 4 corrective flat wave down to 225.77 level

Higher degree wave 1 end of the leading diagonal triangle.

Entered my long trade at previous 227.60 level still. so already went into a drawdown for awhile.

I should think risk of entering a Long trade here is not that high considering that if this still goes down, we earn positive swap while waiting for price to get up again.

If it does go up ... then lucky me..

EG
  • #1,273
  • Dec 2, 2007 10:03pm Dec 2, 2007 10:03pm
I think g/j is on it's way back to 228's ..it just need to break this 227.50

hmm may be now i can go for a long with some risk
  • #1,274
  • Dec 2, 2007 10:17pm Dec 2, 2007 10:17pm
Quoting Srikanth
I think g/j is on it's way back to 228's ..it just need to break this 227.50

hmm may be now i can go for a long with some risk
Yes Srikanth......Overall... Longs are favorable.

But if it stalls at the level where I think the wave 4 up will be, I will exit my longs and place a small Short trade to 225.77 level.


Then scale up my Long trades again.

EG
  • #1,275
  • Dec 2, 2007 10:28pm Dec 2, 2007 10:28pm
I hope 1st it'll reach 228, then break daily pivot 228.10 and then it needs to fill the weekend gap 228.42

let's see where it wud go..
  • #1,276
  • Dec 2, 2007 10:43pm Dec 2, 2007 10:43pm
Quoting Srikanth
I hope 1st it'll reach 228, then break daily pivot 228.10 and then it needs to fill the weekend gap 228.42

let's see where it wud go..

I will take what my charts will show.

Now waiting for a wave 2 pull back towards 227.22 Then if it is truly a zigzag wave 2 on the 5min chart, then will add some long trades again on my DEMO and SL at 600.

EG
  • #1,277
  • Dec 2, 2007 10:58pm Dec 2, 2007 10:58pm
exceeded the down target of 227.22 down to 227.13.

227.09 is daily pivot.

could be start of a temporary up move for the wave 4 IMHO.

EG
  • #1,278
  • Dec 3, 2007 12:03am Dec 3, 2007 12:03am
Looks like another leading diagonal triangle wave 1 and followd by a wave 2 retrace on the 15min chart before it goes up again.


Update
Sorry ..... it actually looks like a barrier triangle after trying to draw the sides of the triangle.

EG
  • #1,279
  • Dec 3, 2007 1:04am Dec 3, 2007 1:04am
Long Targets

229.29 and I favor a retracement or a turn around from here as I see this as the end of a wave 4 up to be followed by a wave 5 down to 225.77 level of the flat corrective wave of the main Uptrend.

should it breach or go higher than 229.29 then the following targets will be in place:

230.04 Daily Resistance 2
230.54 Monthly Pivot
231.26 Daily Resistance 3
231.45 Weekly R1
234.09 Weekly R2


Let us keep watching the waves

EG
  • #1,280
  • Dec 3, 2007 1:29am Dec 3, 2007 1:29am
closed 2 long trades @ 228.07 15 pips shy of the top of this wave 3.

looking for a retrace and another push up.

If it does not come, I have banked some nice pips for the day and there is still London session to come shortly.

EG
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