Elliott Wave Counting with EG

USD/CAD 15 MIN

I'm whit u on usd/cad.



http://img201.imageshack.us/img201/9...1012008ne3.gif


if it hits 61.8..

Trade @ ur own risk.

Be careful. If the 3 is the longest part- the fourth wave will be about 32.8-50% from wave 3. To my mind 3 wave is not finished yet. But i can certainly mistake

hit my sl.

3 good trade 1 bad. + 170 pips

i'm out of the market 4 today.

Trade wise. Trade well.

You guys doing UJ, What do you think about the current rally on what was suppose to be 3. It didn't make a new top, but it came pretty damn close to it. Still keeping the same count?

Hi Serega.

Do you consider the Time factor when you label your wave 4? Referring to the GBPUSD H1 chart you posted.

I ask because your wave B on this chart has exceeded the FE 132.8 of wave A extention I know for Irregular FLATS.

However, ALL other wave counts seem within the EW rules and structure size and proportion. It is just the wave B of wave 4 which caught my attention. But if one was to consider the Time element for wave 4 to develop which normally should be longer than wave 2, then to me it would make sense then to label it the way you did.

EG

Update

Hi EG!!
You are right. Wave B can't be more than 350 from A by time. It was my mistake.
So. What can it be? I mean cable. Before NFP

We are in the last Wave C or in wave a of Wave B in the 15 mins chart

EG,

I know you mainly cover the GU.
I have a GY Daily chart here.

This is from the HH since 1990 on the GY.
I know this is alot more basic than the EWC way, but I'm still new to Forex and just looking at different methods, now that i have my basic intraday system in place and working well.

If this way of thinking is totally off, please I'd love to hear others thoughts on this.
For obvious reasons, being able to 'assume' where the pair is headed, technically, as I know fundamentals could alter anything.

thanks for all participants thoughts and ideas.

cheers,
kj

K, i think you would see the waves better if you view it on a line chart

V,

ahh, I'll try that and look stuff over this weekend.

Is there a Waves Indicator ?
Guess, I should invest the time and read the thread eeh ?
Long week......

Go Pats !!!

Have a great weekend all.

kj

Don't waste your time reading this thread if you want to learn the Elliott Wave pattern.


A lot of people don't know how to count in this thread.

Like the guy's GBPJPY count:

Did you ever think that we might of had a terminal impulse (NEoWave)/ Diagonal (Prechter) as a C? I just for the life of me couldn't understand why you thought it was going up to be some sort of impulse wave up.

I am definitely not the best counter, and I would probably only rank myself mildly above most of those in this thread, but I do know this: if you want to learn Elliott Wave Principles you need to pick up one (preferably both) of these books:

Master Elliott Wave by Glenn Neely OR The most popular one: Elliott Wave by Frost and Prechter.

I would summarize Prechter's approach as: less is more.
I would summarize Neely's approoach as: scientific study

Feel free to Private Message me for more help/guidance. I'm in the process of building a free community for Elliott Wave traders.

kujo

adrian is right. you do not need to read through the whole thread to understand ew better just like i have written you through my PM.

it may be true that a lot of people do not know ew in this thread and that may as well include me as I still do not consider myself as a real elliottician but still a student striving to be one.

This thread has never claimed it had the EW experts view on the market. this is a discussion thread where people who practice and learn EW gather to discuss this topic and help each other be better at EW counting and Analysis.

Adrian, as I have mentioned in the last few posts I made, if you see or think a wave count posted by someone brave enough to post his count here seem wrong, you should present your own chart with the wave count you feel should be the right one. you have no right to shoot down someone else's wave count if you do not post your own chart to support your view.

How do we know your wave count is right if you do not present it ( better with some explanation and maybe a reference? ). So come on and present your case before you start shooting somebody else's wave count.

EG

I think it is possible GU put in a ref. low @ 1.9336. The anticipatory traders who act on their anticipation of market turns entered... These buyers are labeled as the aggressive buyers and reverse position at any sign of weakness.

Thus far GU has passed the test for the max 13 day limit for the anticipatory wave. Should some market structure form buyers will be looking for a Bull line that might form the next bull domain. Once this is complete the aggressive buyers will cover shorts and look to get long.

Generally upside buyers will be larger in number thus propelling price higher. This triggers the impulse...

Trend buyers now enter the picture trying to ride a trend...

Then comes the emotional buyers because they they do not wish to miss the train they normally buy because of greed... The emotional buyers are the last on board the train.

Then the market goes from GREED to FEAR... The emotional buyers add fuel to the sell off, because they are emotional traders who come late to the party time and time again.. Clusters of stops are lined up like sitting ducks..

The cycle repeats from the top until a valid reg point low is formed and market structure is made.

So in a nut shell I guess this is how EW works.

Now that GU has completed the anticipatory wave the next bull task is to clear anticipatory high. Once this occurs or should it then I think it is safe to assume the impulse has registered. If it does not register then it is safe to assume we have a failure.

Here you go. This is my count before the fall. The break of the lower trend line confirms the diagonal (also a good entry point). It should retrace and people should be able to get in on it and push it down a lot more.

Here is a similar set up on EJ

Granted we may have had a zigzag instead of 1,2,3. The correction 4 could be B...but that still leaves us with 5 waves down.

Happy Counting! I want you all to become better counters. Will you guys join me in populating my forum? I'll teach you what I know and we can hold chat sessions and we can formulate questions back and forth. I'm not trying to make money with the forum, I'm trying to become a better Elliott Wave counter and help other people count. The money will come from good wave counts!

-Adrian

Thanks Adrian for sharing your charts here.

For those following GBPJPY and EURJPY, you can compare your wave counts with Adrian's. It would be nice to see you discuss your differences if any.

EG

Could someone with ew skills please post a macro chart of USD/JPY from 1980's top?

http://img182.imageshack.us/img182/1866/usdjpyms0.png