Elliott Wave Counting with EG

unhedged at the zigzag pull back and re entered above it.

re entered a bit early but safer with already a positive pip balance after unhedging and at re-entry point.

wave52 in this internal structure could have retraced on following levels starting @ 38.2, 50, 61.8 and even higher as you will note with the ticked levels.

2nd part re-entry was @ 50% level. 1st was @ 38.2

EG

update0831 GMT
Currently under a drawdown with the short position.

However, this is stilla hedge for my long positions.

Limits have not yet been invalidated.

Hold on to your seats as this GBPJPY looks set to ride the SHORT wave down. Leaving my short trades to ride till I see a potential wave 4 pull back or will trade the lower or higher TF looking for a potential Impulse wave end.

To be validated by a wave 2 pull back or a wave B pull back.


EG

wave 2 within wave 3.

a slight pullback. but overall still bearish for me.

EG

update....
am going out till the US session. watch out for your shorts. looks like another drawdown for me till the US session. Could probably see 204.8 for a 38.2% retrace of a wave 4 before coming down to finish this bigger wave.

update 2
price has gone higher than previous High to mark wave 4. so it looks like a higher wave 4 is in the making.

targets
FE 100.00 @ 204.52
FE 161.8 @ 204.97
all below the Limit of overlap and below 50% retrace and above the 38.2% retrace.

ok. got to go now.

Hi EG,

nice analysis TFs does not appear anymore on your charts. can you show them in future charts please. they are very useful for beginners like me

Hi pipchaser..

incase you do not see the TF on my chart, click on the chart as if you want to save it. You will see that most of the charts are labelled according to the date, currency pair and TF.

Am not sure why it does not want to print the TF and I would not have much time to label each chart I post.

So please try the file name if you want the TF. Sorry about that.

EG

Thanks a lot EG

4HR only,Daily...thy

Here cad and aud. On euro lately.

GBPUSD

May soon reverse. waiting for the cross of Tenkan sen and Kijun sen and a signal from the stochastic oscillator cross back.


GBPJPY

Still looking for some move up. Positions were on a hedge from near the bottom. This is the problem/dilemna when I leave my trades to run. But hedging the wrong trade positions causes a temporary drawdown. The movement can be large as this was ( about 140 pips ). However, net loss was actually Zero as the positions were equally hedged.

If it went my way, Then we would have profited earlier. As it is ...... we suffered a temporary drawdown.

I think this is important to our OR my Psychological well being. We should not fear these large moves. What is important is we do our homework in analizing the charts and incase we do miss the actual direction of the trade, we need to learn when to hedge them and for how long and till which level.

EG

PS... Both Pairs would have give nice long trades on the 5minute charts using Ichimoku.

Chikou span crossing price while Tenkan-sen and Kijun-sen crossed and above the Kumo Cloud.

My apologies to all those who have been disappointed with the Ichimoku charts. They may seem out of place in this thread.

But like other elliotticians, some also use various technical indicators to validate their wave counts or points of reversal.

I have been studying multiple strategies and systems along side my wave counts. So I have somehow gotten a feel for how some pairs react to a specific technical indicator.

And lately, I have been using Ichimoku charts. I must admit that this set up has somehow combined various strategies within its system.

The Tenkan-sen and Kijun-sen cross signals some how are analogous to MA cross signals. and where it happens like above, within or below the Kumo cloud can be related to like MA cross signals happening above or below 50ema or 100sma for example.

Then there is the Chikou span. Its crossing the price bars or candlesticks at the same time or after Tenkan-sen and Kijun-sen have crossed gives a nice signal to enter a trade specially if both crossings happen on the same side of the Kumo cloud.

You may ask... where do all this come into my Elliott Wave Analysis? Like the way I use the GMMA, The Trend Follower, Andrews Pitchfork and Schiffs Median Line, Pivots, Support and Resistance Levels, Trend Lines, Fibs, Patterns and a concoction of multiple technical indicators, They provide some form of an explanation where Price could probably be going. For me, I can trade naked with just the Fibs and stochastics but can only use it on Higher TF like 4hours at least. But that takes so long. I need various systems and indicators to help me get a feel of the market specially because I study and trade too the lower TFs.

I will not pretend to know a lot. That is probably why I need the technical indicators to provide or validate my EW counts. And so far it has lent to a quiet and profitable trading scenario. No need to Panic when a position goes against me. We some how know the potential of a mistake/miscalculation and hedging the trades properly help in maintaining calmness amidst a drawdown or before a drawdown.

Signals from different indicators somehow help in Identifying a price turn, a confirmation of a trend or provide signs of a ranging market. So do not be surprised to see charts with other strategies showing up in this thread.

Attaching charts for GBPUSD and GBPJPY which I have been trading this
week.

GBPJPY has a signal on the 5min chart. But I am not taking it now as I prefer to hold just hold mu current trades.

EG

I would consider this as an Impulse move UP because w3 was projected as FE425.00. ABC Corrections can go up to as high as FE161.8 and rarely FE 261.8.

But in this case it was FE 425.0. I am more inclined to believe that this is a 5 wave move. At least that is how I see it now.

I might have to get ready to unload my remaining short even at a loss. Just have to find a strategic level. But will study the scenario first.

next chart is an alternative way to count which at this point I will follow for now.

EG

PS..... You can actually use the Chikou span (Lime) like a line graph where one can check their wave count based on the wave formation.

Also looks like a Cup formation on this one

GBPJPY while I was sleeping.......

Looking at the 1st chart, that looks to have been the proper count instead of the 2nd one.

I guess I wanted the Pair to get back on the Bear trend refusing to acknowledge the fact that the projection went to as high as FE 425.00

I was focusing on the expectation that wave 5 will be truncated because of the very strong wave 3 that I noted. Also on the same chart, wave 4 is noted to have retraced wave 3 by 38.2%.

'Was hesitant to leave the trade before I hit the sack here because of the Stochastics. However, sleep was more important and besides, ny trades were hedged.

With the current scenario, this looks like price has made a 5 wave impulse wave. Though this has gone up a bit far, I would now think that based on An EW reference from RET, there is a possibility that wave 5 may also be extended OR be w5=w1 with the Lower Highs and Lower Lows

But definitely..... I think this will revisit or retrace this large UP Move. That is where I will decide to unhedge my Long Trades and exit my short trades.

In the meantime, it would be scalping time for me on this pair and the GBPUSD.

Remember that these trades I take have been "hedged my way" and not really using another's way of hedging trades. You can only do this with LOW LEVERAGE.

EG

PS. Throwing in more charts on Ichimoku together with EW. Notice how the Chikou span looks like the Line graph where you can have an idea how the waves are formed. So I use the Chikou span for its original use as a part signal when it crosses price bars or CS and as an automatic identifier of Potential chart formations like Head and shoulders patterns, triangles, flags....

I have labelled the candlesticks with the EW counts I now have and you will also notice I did the same thing on the Chikou span ( Lime line ).

Before I leave....

Something to think about...

I just noticed the Previous Day's Price Range and seeing the Lower Highs and the Lower Lows.....

if this pair is in a correction now, it will retrace towards as near as it could get to the Low of the Previous Day.

EG

PS. Keep an eye on the Stochastics

A move down to the weekly Pivot for Potential A of a Zigzag then a bounce up towards the Daily Pivot as B then a bounce down to the Previous Days Low for C.

Profitable Trading To Everyone....

Dude, i'm confuse "reading" your chart...
if you can remove some object from that, i think it will be more "clear"

Totally right, dude. a bit overwhelming...

Eur/jpy Low of yesterday I think is control level. Any ideas?

Euro possibly is going to move south
Wish profits

Looks like we have on euro neither 2 nor b wave.
Thats bad

for Bohebolo and ebooks.....

I am not like the rest of the Elliotticians here as I know I am still far from being one. I do not use EW singly in my Price and Market analysis. And As I have mentioned before, I am an ambitious person trying to study the market using various strategies.

I do this single handed without any staff to monitor various strategies alongside my Wave counts. You can not imagine the amount of effort and time spent on it at the same time learning EW.

There are times I can squeeze time to remake and clean up my charts. But there will be a lot of times I just would not have time to do it.

Now the core of who I am is that I want to know and learn how this is done. So You will see me here writing about how I do my wave counts as this is no secret. It is also my intention to show newbies in particular that there are simple tools we can use to assist us in EW Counting. True, there may be rules to internalize and learn almost by heart. Infact, the first time I realize that, I told myself , how on earth will I ever remember all these rules enumerated in about 9-11 pages plus the books. But I think, I am starting to internalize them and I believe that constant use and application of these rules and guidelines will allow me to practice EW with greater confidence.

Now I must declare that this thread is not a signal provider. Far from being one. But this thread's purpose is to encourage others to see what and how EW is and how I do it. We may have different counts. But I was hoping to encourage others to post their counts so we can compare. However, very few are participating.

You will also notice that I often take tike to color code my fib retracements and FIB Extentions. this is to help identify Points or levels used and for which points and projections they refer to. If you missed to spot that, then I do not think my EW counts will be of value to you.

I want you to know how these counts are arrived at and not just provide them to you blindly. I want you to know why I labelled them as such so that if I missed a point or I used it wrongly, then you can tell me I am wrong and why.

So I must apologize to the 2 of you that I can not assure you I will always clean up my charts. There is more to these charts than just the EW counts.

Besides I am already too lazy to make new clean charts just to post here. You will see here the charts I use on my desktop.

EG

GBPJPY on m15

EG