Elliott Wave Counting with EG

Looks like the wave "a" or "C" is over...we had a throwover which should be good enough to confirm it

Hello mr foster, i agree with you, we need further confirmation to actually see what we are trading right here.
I have 2 possible scenarios.
one is in red and the other is in blue.

Can you post the chart here, too small to read from the link. . .

Hey money,

I agree, your charts on your website are significantly more difficult to read than here on FF. We can click on any chart here on FF and it will download into it's own separate window which we can enlarge as necessary. On the other hand, your website has pictures which I cannot just "click" on to download, and they are far too small to read.

Even if I zoom in to 200% for the full web page, the charts are still extremely blurry.

Please provide links on your webpage to "click to download", or... better yet, resume posting here where the graphs are readily accessible.

Thanks,
Pips4life

I updated my analyses for USD/JPY, GBP/JPY and USD/CHF

at: http://www.trading-fx.si/fx/sloanaliza.htm

nice trading,
Grega

i am very sorry for this small charts on my website, a make them bigger now.
i did not make it beigger before becouse a lot of people have resolution 800x600. in the future i will put image resizer.

tnx,
nice day

I post new analyses for today, for pair USD/JPY, GBP/JPY and USD/CHF.

link: http://www.trading-fx.si/fx/sloanaliza.htm

I hope that it helps you a little.

Many pips.

grega

I have been experimenting on the EURUSD lately and here is what I have for now.

Wave A down from 1.4966 was shown to be in 3 waves which I am now inclined to follow. Since A was in 3 waves, then B is expected to be a Flat, Expanded FLAT or a Triangle.

In initially I was thinking that this Wave B (Purple) would be a triangle. But now I am inclined to believe that it would be a Flat or expanded flat.

Then let us dissect the Purple wave B structure. sub wave A green of this wave B purp[le is again in 3 waves. So I would look for a triangle or a FLAT or expanded flat for the sub wave B Green.

But sub wave B green looks more like an expanded flat now waiting to finish the wave 4 up going to the 38.2% retracement @ 1.4639 or towards the 50% retracement @ 1.4658. Higher than 50% or 1.4658 does not seem possible as this would overlap with the wave 1 down. Sometimes though, it is possible that wave 4 retraces only 23.6% of wave 3 So wave 4 may end @ 1.4616 or before reaching 1.4639 which is the 38.2% retracement of wave 3.

So after this retracement, I am looking at EURUSD coming down again towards 1.4565 which is the 161.8% wave C projection for an expanded flat. If it goes lower than 1.4565, then it exceeds what seems to be the maximum wave C projection of an expaned flat, so this wave count will need to be re assessed if ever.

Then I would look forward to seeing EURUSD rally toward 1.4966 to develp wave C green and complete the Wave B Purple to finish the Wave B of a FLAT corrective wave.

However, there is still that p[ossibility that we may see new highs and still be in a wave B purple of this corrective wave if this develops into an expanded FLAT overall Wave 4.

So for the Waver B purple targets, the following levels would be watched:
1.4966 Previous high
1.5087 @ 127.6%
1.5132 @ 138.2% or maybe still towards
1.5238 @ 161.8% extention

All of the above are assumptions I am making trying to use as many EW tools I think there is available to see or more like preparing myself of possible scenarios EURUSD will probably take.

I do not profess that this is what is going to happen. These are merely assumptions and I welcome any criticism if there is any flaw in my applying EW rules and guidelines in drawing these probabilities.

EGhttp://www.learncurrencytrading.com/...lies/smile.gif

update on EURUSD

Also, Price has been banging on the 15min 34ema which coincides with the median of a downward channel also on the 15min chart.

Let us see if this will continue to move down now .

EG

watching 38.2 otherwise the 50% level.

Usd/Yen
This is Mid-Term view of what may be occurring :

Price is now fooling around with this 50 % RETRACEMENT LINE ..........
-----------------------------------------------------------------------------

This is only a Probability !................It is Not Cast in Stone........
////////////////////////////////////////////////////////////////////////////////
( Double Click on chart to enlarge )

Price has formed :

a triangle on the 5min chart.
a semblance of a harmonic oattern on the 5min, 15min and 39min chart
a potential bearish pin bar on the 1hour chart

Price has also pierced thru the Daily Pivot at 1.4644

Weekly Pivot is @ 1.4650
while Monthly Pivot is @ 1.4666

note that we are in a wave 4 up I believe of the wave c down of an extended FLAT wave b of the bigger wave B of this Wave 4 on the 4hr chart.

Looking at the 1 min chart, # up to 4 waves are finished after the formation of a triangle. This could be the end of this wave 4 up @ 1.4643 or final wave 5 may still extend up to 1.4659 which is the end of wave 1 of the same degree as this wave 4.

If price goes higher than 1.4659, then most likely we have found our sub wave b bottom at 1.4577 and this movew going up is actually part of the wave C of the Bigger wave B going up.

EG

EURUSD update

1min up to 1hr stochastics over bought.

potential for a bearish pinbar on the 15min chart

momentum and CCI also at over bought level on 15 min chart.

These are all potentials. Must ensure that price does not go higher than 1.4659.

will wait for 4 waves down to form then a pull back UP towards 1.4654 before entering a short.

while a breach of 1.4659 will put me on a spot where I will watch price go up first then will enter a Long trade when it retraces down. on the 5min chart

EG

I actually have entered a short trade @ an MT4 equivalent of 1.4650 which is 9 pips away from what this wave 4 should be as a limit.

SL is at 1.4670 to give room for a spike instead of 1.4659

EG

this could be looking good for our Short trade now

EG)

Classic examples I would say.
of forecasting wave potentials based on EW Rules and Guidelines

EG

Took a chance and exited at 1.4628 and looking at 1.4644 to enter shortrade again. Already got 15 pips net after 7 pip spread.

That was not a very wise thing to do though. better to sit on the trade even if it retraces for that wave 2 up towards the previous top or wave 4 end.

Anyway, I was not supposed to enter at 1.4650 either as that was the potential end of wave 4.

Technically and what the Pros would do is that they will wait for that top to be established then watch the sub wave 1 down develop then look for a 61.8% retracement for that sub wave 2 then they will enter the short trade on the beginning of wave 3.

If this continues to go down, I will either have to catch a retracement somewhere or sit it out and wait to enter for the ride UP.


EG

Watching the 1 minute chart now for the development of the wave 2 up to retrace by at least 61.8% of wave 1 which lands @ 1.4644 which is also the Daily Pivot.


That is if this still retraces. Often times though I would think that I should better trade my own analysis and not exit too early. But on the other hand, I still have existing short and Long trades which are both on the red for now just waiting to turn positive again. at least I have already pocketed some pips. And if my analysis is correct, then I should still have that opportunity to enter a short trade again and in effect enter at a new and higher point that allows me to get additional Pips compared to just letting the trade run even if I have to pay a 7 pip spread for this pair.

EG

I basically take note of the Daily , 4hour and the 1 hour and 30min charts.

Then I set up the 1min, 5min and 15 min charts. Then watch the waves develop in each time frame noting potential retracements and projections of waves.

My new target for the wave 2 retracement is now at 1.4642

Price has just pierced and most probably will break out of the bottom of an upward shi channel on the 15min chart.

Ok so it is done and it will continue to go down. I will most likely sit this one out now and just watch my old short trade from 1.4549 since Tuesday turn positive as EURUSD goes down.

My Long Trade from last night @ 1.4685 will just have to wait till price goes up again.

EG

Maybe somebody out there can help me out here remember some guidelines on EW.

where in sub wave 1 of a wave 5 is esxpected to retrace the previous wave 4 by at least 50% before it retraces for sub wave 2 of Wave 5.

In this case, I was too in a hurry to exit and now I realize that I exited at 38.2% retrace of the wave 4.

So now I missed that additional opportunity.

But if I was not that greedy though and if I had downed more of Karmo's Patience pills, my smile should be from ear to ear by now.

EG