GBPUSD
with the coming end of what seems to be wave C,
a possible 5 wave structure is expected to be seen moving UP.
EG
with the coming end of what seems to be wave C,
a possible 5 wave structure is expected to be seen moving UP.
EG
Elliott Wave Counting with EG
- #2,141
- Edited 4:10pm Mar 14, 2008 3:30pm | Edited 4:10pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
- #2,142
- Edited 11:48pm Mar 15, 2008 1:00am | Edited 11:48pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
I was looking at the GBPUSD today and this is how I see it going from here. I will be posting charts in a series as I studied how to label them. I will not be able to post the explanations yet and details as I have to leave in a short while. But I am posting it anyway for those interested to look into them and maybe be able to draw out some conclusion as to what I am driving at.
I will have 1 chart per post to be able to explain details in each chart
EG
Chart 1
PS. 1033 PHI 031608
Had to change position of purple 1 and 2 inside C3
Details:
Note that my explanations below are more for the newbies who are just starting out on EW . This will be too elementary for those who are practicing EW. I will try to explain why I label them as such in as detailed as possible so I can show those interested to learn EW that for as long as we know the concepts, we can use these as guidelines in analizing price movement.
Daily chart where we see a 3 wave movement down as ABC followed by a 5 wave move up then 3 wave move down which does not go lower than end of C
So we label this as A or 1 then B or 2 all Purple. Do not mind the Big 1 and 2 Purple. I will explain later why I came to that conclusion which is actually the purpose of this exercise. I will present all the possibilities I see then we eliminate them 1 by 1 thru reasoning using the EW rules and guidelines as the waves develop. more like a process of elimination.
Ok... notice how the C wave was labelled. 1st 5 impulsive waves was found to have ended at C1. followed by a retracement to C2. then a new move downwards which exceeded the previous end of wave A.
I will have 1 chart per post to be able to explain details in each chart
EG
Chart 1
PS. 1033 PHI 031608
Had to change position of purple 1 and 2 inside C3
Details:
Note that my explanations below are more for the newbies who are just starting out on EW . This will be too elementary for those who are practicing EW. I will try to explain why I label them as such in as detailed as possible so I can show those interested to learn EW that for as long as we know the concepts, we can use these as guidelines in analizing price movement.
Daily chart where we see a 3 wave movement down as ABC followed by a 5 wave move up then 3 wave move down which does not go lower than end of C
So we label this as A or 1 then B or 2 all Purple. Do not mind the Big 1 and 2 Purple. I will explain later why I came to that conclusion which is actually the purpose of this exercise. I will present all the possibilities I see then we eliminate them 1 by 1 thru reasoning using the EW rules and guidelines as the waves develop. more like a process of elimination.
Ok... notice how the C wave was labelled. 1st 5 impulsive waves was found to have ended at C1. followed by a retracement to C2. then a new move downwards which exceeded the previous end of wave A.
- #2,143
- Edited 11:40pm Mar 15, 2008 1:01am | Edited 11:40pm
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
- #2,160
- Mar 16, 2008 6:52am Mar 16, 2008 6:52am
- | Joined Nov 2006 | Status: Trader | 2,021 Posts
GBPUSD alternative view using trendlines and other possibilities.
Note that Breakouts on 4 hour trendlines can be very powerful and have high probability trades.
Use with caution.
EG
Note that Breakouts on 4 hour trendlines can be very powerful and have high probability trades.
Use with caution.
EG
