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
Thank's, EG we're same direction...
are U graduated from elliotwave university...????
whatever U're nice tutor...
Thx,EG and for all FF
- #1,542
- Jan 10, 2008 3:45am Jan 10, 2008 3:45am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
5min chart update on EURUSD
It could be that an Expanded Flat or Irregular FLAT has just developed for wave 2
Note that EW Counting on these lower timeframes are more for exercise in counting waves. It may not necessarily be beneficial in real time trading.
There could be simpler ways to scalp trades.
The effort exerted on these smaller timeframes should pay off sooner or later to allow us ease in counting waves in higher timeframes where we should really be trading from.
Learning EW takes a lot of time and Practice with dedication. Need I say PASSION too required. Otherwise, it willl be very difficult to understand. But a lot of practice and chart viewing and labelling hours are also needed.
EG
It could be that an Expanded Flat or Irregular FLAT has just developed for wave 2
Note that EW Counting on these lower timeframes are more for exercise in counting waves. It may not necessarily be beneficial in real time trading.
There could be simpler ways to scalp trades.
The effort exerted on these smaller timeframes should pay off sooner or later to allow us ease in counting waves in higher timeframes where we should really be trading from.
Learning EW takes a lot of time and Practice with dedication. Need I say PASSION too required. Otherwise, it willl be very difficult to understand. But a lot of practice and chart viewing and labelling hours are also needed.
EG
- #1,543
- Edited 5:09am Jan 10, 2008 4:57am | Edited 5:09am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
IS it just me or does anybody else see this on the EURUSD
It is like every where I turn, I see triangles or what seem like triangles forming.
Here is what could be an ending diagonal wave C on the EURUSD
Watch it bounce or BREAKOUT to the downside....
EG
It is like every where I turn, I see triangles or what seem like triangles forming.
Here is what could be an ending diagonal wave C on the EURUSD
Watch it bounce or BREAKOUT to the downside....
EG
- #1,544
- Edited 6:02am Jan 10, 2008 5:31am | Edited 6:02am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Call me chicken if you want, But I bailed out on my 2 short trades that were last placed for combined profit of 13 pips.
Actually a second batch from today's top. But, I am getting mixed signals on my EW Counts and with the News coming around, I would rather come out with my combined pips of 13 and the 16 earlier.
Leaving another 2 trades running in opposite direction still. for a ratio of (1 Short and 0.5 Long ) net Loss if closed simultaeniously is -41 pips.
Update: I just realized It could also be a Leading Diagonal Wave 1 which means it can break out to the UPSIDE to retrace wave 1 for wave 2 not to exceed not to exceed 1.4823 then it will Fall for the Wave 3. Should it exceed 1.4823, then The Bull RUN most likely has Begun
EG
Actually a second batch from today's top. But, I am getting mixed signals on my EW Counts and with the News coming around, I would rather come out with my combined pips of 13 and the 16 earlier.
Leaving another 2 trades running in opposite direction still. for a ratio of (1 Short and 0.5 Long ) net Loss if closed simultaeniously is -41 pips.
Update: I just realized It could also be a Leading Diagonal Wave 1 which means it can break out to the UPSIDE to retrace wave 1 for wave 2 not to exceed not to exceed 1.4823 then it will Fall for the Wave 3. Should it exceed 1.4823, then The Bull RUN most likely has Begun
EG
- #1,545
- Jan 10, 2008 6:16am Jan 10, 2008 6:16am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
I probably got this now...
Looks more like a LEADING Diagonal Wave 1 as structure looks like a 53535.
53535 Wave 1 or wave A
33333 Wave 4 or wave X or wave B
So if this is Leading Diagonal wave 1 then expect an upward move for the retracement for wave 2 around 61.8% @ 1.4750 or higher before it comes down again.
Most likely safer to enter a SHORT trade after sub wave 2 of the wave 3 down.
Otherwise a Long trade at the breakout above 1.4823
EG
Looks more like a LEADING Diagonal Wave 1 as structure looks like a 53535.
53535 Wave 1 or wave A
33333 Wave 4 or wave X or wave B
So if this is Leading Diagonal wave 1 then expect an upward move for the retracement for wave 2 around 61.8% @ 1.4750 or higher before it comes down again.
Most likely safer to enter a SHORT trade after sub wave 2 of the wave 3 down.
Otherwise a Long trade at the breakout above 1.4823
EG
- #1,546
- Jan 10, 2008 7:08am Jan 10, 2008 7:08am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
exited old short at + 2 out of 12 possible on EURUSD
Looking for a nice new entry for Wave 3 around 1.4750 range
Still hoping to exit Old Long Trade
EG
Looking for a nice new entry for Wave 3 around 1.4750 range
Still hoping to exit Old Long Trade
EG
- #1,547
- Jan 10, 2008 7:20am Jan 10, 2008 7:20am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Still a possibility as if price goes higher than 1.4700 on EURUSD
EG
EG
- #1,549
- Jan 10, 2008 9:13am Jan 10, 2008 9:13am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
adjusted Magenta trendlines to FIT the Leading Diagonal Wave 1 which abruptly completed with the news.
Now challenging the 61.8% retracement level for wave 2.
EG
Now challenging the 61.8% retracement level for wave 2.
EG
- #1,550
- Jan 10, 2008 9:15am Jan 10, 2008 9:15am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
with reffered last EU chart
myself take long after 4715 break target TP 4750. today my sold position already closed (hit target-4730).
another scenario,i willtake sold if 4670 Didn't break with target 4500
and if 4700 break i will take buy target 4750...
thx,EG...
Looks like your Long Trades went well for you my friend.
EG
- #1,553
- Edited 5:01pm Jan 10, 2008 4:44pm | Edited 5:01pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
Hi EG
Its been REALLY long time since ive done any work with EWT, but i have a question. As far as the wave relationships, shouldnt have wave one been much shorter? Its quite a bit shorter than wave 3 as you presented, so are we expecting a really short 5th?
Just trying to brush up
Thanks for the great thread
Lawrence a.k.a. The Bear
Hello Lawrence....
Which chart are you refering to and what post number is it in?
Anyway, as far as I know, among waves 1 3 and 5 the rule is that wave 3 cannot be the shortest.
Relationships can be illustrated as below :
w3 > w1 > w5
w3 > w1 = w5
w1 > w3 > w5
w5 > w3 > w1
But suppose to be never as below. But I think there was an exception. Let me just look for that because it just might be possible in a triangle with a throwover or throwunder. just not that sure now. Will get back to you a little later. Thank you for asking the question. Now I must find out and be sure....
w5 > w1 > w3
w1 > w5 > w3
EG
- #1,554
- Jan 10, 2008 4:56pm Jan 10, 2008 4:56pm
I was referring to the possible count starting at about 8:00cst this morning.
wave 1 1.4638 to 1.4747
wave 2 1.4747 to 1.4722
wave 3 1.4722 to 1.4787
and then we have the question of waves 4 and 5...
It really looks like a failed 5th to me, i know that is rare in the major pairs, but most of this today was emotion driven, imo... and the run just ran out of steam.
Like i said, im just trying to dust off my ewt
regards
Bear
wave 1 1.4638 to 1.4747
wave 2 1.4747 to 1.4722
wave 3 1.4722 to 1.4787
and then we have the question of waves 4 and 5...
It really looks like a failed 5th to me, i know that is rare in the major pairs, but most of this today was emotion driven, imo... and the run just ran out of steam.
Like i said, im just trying to dust off my ewt
regards
Bear
wave 4 or wave 5
..
myself pivot stay 4825.if 4825 broken, take buy target 4860 and if 4825 failed take sold taget 4750...
EG,last night after hit target 1.4750..i take another sold position with SL 4775..after a minutes market didn't respon to retrace down and my ISP lost connection too..
in a last minute, i closed position (-14), and today very surprise to me that EU going up 4825..
Thx, EG
..myself pivot stay 4825.if 4825 broken, take buy target 4860 and if 4825 failed take sold taget 4750...
EG,last night after hit target 1.4750..i take another sold position with SL 4775..after a minutes market didn't respon to retrace down and my ISP lost connection too..
in a last minute, i closed position (-14), and today very surprise to me that EU going up 4825..
Thx, EG
- #1,559
- Jan 10, 2008 6:42pm Jan 10, 2008 6:42pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
I was referring to the possible count starting at about 8:00cst this morning.
wave 1 1.4638 to 1.4747
wave 2 1.4747 to 1.4722
wave 3 1.4722 to 1.4787
and then we have the question of waves 4 and 5...
It really looks like a failed 5th to me, i know that is rare in the major pairs, but most of this today was emotion driven, imo... and the run just ran out of steam.
Like i said, im just trying to dust off my ewt
regards
Bear
This was how I saw it...
Now in the chart previous to this post, my thought s are if it goes higher than 1.4813 then the triangle is a wave 4 and going up is wave 5.
But if it breaks out to the down side and goes lower than 1.4785, I would be inclined to believe that yes we had a failed wave 5 there and no triangle wave 4.
EG
okay I think I have to correct myself here as this breakdown may not just be a bear trend resumption but a wave 4 retracement down to 23.6 or to 38.2 %.
- #1,560
- Jan 10, 2008 7:16pm Jan 10, 2008 7:16pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
My wave counts are currently messed up right now.
Will try to come up with same thing a little later.
EG
Will try to come up with same thing a little later.
EG