Elliott Wave Counting with EG

EURUSD

Adjusted / Revised my wave count on EURUSD 15min TF

EG

update
pinbar followed by what could be a bearish candle

this may not align with my wave count if that pin bar indicates a reversal now. Wave 2 normally retraces beteween 50-61.8% up to 100% of wave 1.

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step by step i understand how elliotwave works....
thx EG

Good for you adji04...

For EURUSD, it is also likely that the fist Zigzag UP on the 15min chart is just the wave A of a more complex wave 2 which would then develop further and reach 50-61.8% or more retracement required.

EG

GBPUSD Potential Scenario

Tracking EURUSD Route

need to unload my long trade from 1.4718 @ BE or minimal LOSS

EG

replaced chart to correct error on "v" position to sit beside "1"

EURUSD Progress....1107 HRS

Notice the RED Box on the chart:

This is where I am looking at EURUSD potentially reversing

50% retrace of wave 1 @ 1.4690 ( Red FIB Retracement Tool )

FE 161.8 Projection of Wave C based on relationship with wave A @ 1.4696 ( Green FIB Extention Tool )

FE 61.8 Projection if a complex zigzagA + flatB + impulse C (Blue FIB Extention Tool )

Also within range where edge of channel is found for Guideline on channeling.


EG

Triangle expected to finish on the 15min Chart of GBPUSD

Triangle is wave 4 followed by wave 5 to potentially end wave 3 of Bigger wave 5

EG

A triple Top has formed which completes the Triangle for wave 4.

Price now DIPS for wave 5 of wave 3 down to 1.9522
To be followed by a Bounce for the bigger wave 4 towards :

FIB Retracement Levels:
23.6% @ 1.9594
38.2% @ 1.9639
50% @ 1.9675
61.8% @ 1.9711

1.9633 38.2% into the previous day's Range from below
1.9657 50% of previous Day's Range
1.9682 61.8% of previous day's range
1.9740 Daily Pivot Strong Resistance Level
1.9825 weekly Pivot *******

Sorry about the delay. I had to re type the whole text because I accidentally pressed the refresh button.


EG

GBPUSD
scalped during the US session to earn 9 pips
earlier had a Long GBPUSD trade. exited for -36pips
then traded the wave 5 after the triangle and exited for 20 pips
over all, have loss of only 7 pips on this pair
*** did not wait for the bounce off 1.9522


EURUSD
Exited half position of last nights long trade at equivalent to -16pips
Entered Short trade @ 1.4685 which looked like the end of an ENDING Diagonal Wave C of this corrective wave.
overall on EURUSD
+59pips
-16pips
-58pips (on 3 opposite trades :-19 long: -39 short)

It is still very possible for EURUSD to reach my RED BOX Target where a lot of projection levels converge and still nake a biger or longer ending Diagonal wave C. I may just exit the last Longtrade at that level.


Then we start with the Longer Wave 3 Down....

hhhmmmm sometimes I get confused as I am doing GBPUSD Counts too. So if you notice me off track, kindly give me a nudge...

EG

1.4690 Achieved by EURUSD

EURUSD Development

EG

Exited trade for 16 out of 24 pips total counted in 2 positions used as standard for trade size. Actual is 8 out of 12 pips per position x 2

exited because I counted 5 impulse waves already which signals a retracement.

waiting for new entry to sell again

EG

Timing it on the 1minute chart

Further development on teh 1min chart for EURUSD

EG

EURUSD

got back in @
1.4682
1.4685

Wave 3 inside a wave 3.
Elliotticians would suggest to leave trade to RUN and not Exit anymore till eityher end of wave 3 or end of wave 5 of same degree.

Wave 3 of higher degree end is between 1.4521 - 1.4481
Wave 5 end is estimated to be around 1.4417 - 1.4377

EG

EURUSD

Likely 1st substantial bounce is @ 1.4613 Daily S2 and 23.6% of the previous range breakout to the downside.

Bottom of Downward channel is around 1.4613

next possible bounce is at 1.4598 which is 38.2% of the previous day's range breakout

which is just above the Monthly Pivot @ 1.4597

Daily 50 EMA @ 1.4581

Daily S3 @ 1.4575

61.8% of Previous day's range Breakout is @ 1.4574

EG

EURUSD....

new retracement could run up to 1.4680 for a Zigzag c = a for a wave 2 inside wave 3 of a higher degree wave 3.in a much higher degree wave 5 of wave C

EG

EG. still favor dowside with target 1.4530...correct???
because i still keep sold EU with SL 4715,4750,last 4775

more 1min charts on EURUSD

Yes adji04

We are now supposed to be in a Downtrend.

Downward direction Wave C.c.5.5.3.3 if I am not mistaken

EG