Elliott Wave Counting with EG

***looks like we are on C33

People who followed the development as I did should be making money now. or starting to.

EG

001 0918 PHI 033108
already got my first 28 pips near the top before it retraced from 1.9980

have re entered LONG very near my previous Long entry ( 8 pips above it ). Let us see if I got this right

15min chart would show that next peak is in the range of 1.9985 - 2.0000.... I do not leave my trades just incase. I watch them and baby sit them. I suggest that newbies who are serious with forex trading should do these. these gives you the feel of watching charts and how indicators react to price movement. EVEN if you are DEMO Trading.

002 0934 PHI
could be c332 going up to c333 now from 1.9940

003 0950 PHI
I just checked FIB extention tool again and FE 100.00 is at 2.005 while FE 161.8 is @ 2.0045

004 1149 PHI
2 separate opportunities to have gathered more than 10 pips each long trade. But refrained from getting in and out as I think this is part of a wave 3 inside a wav3 of a C. I think best left alone to run. Specially because I pay 7 pips spread on my gbpusd.

005 1300 PHI
Currently under a 24 pip drawdown. I misread the Divergence on the 1min chart. still holding this long trade based on my risk tolorance level.

007 1455 PHI
currently immersed in a large drawdown. 1hr chart indicates further fall But 4hr chart sets this limit to 1.9734.
1.9733 will indicate continued fall for this pair. I still do not see any Divergence on the 1min and 5min charts amd this could flow into the 15min chart too. very likely that potential c2 retrace now goes towards 1.9734. 1.9733 invalidates the count looking for more UPSIDE move.

008 2314 PHI
How are you all with your trading tonight? for those who traded with me this morning my time and went thru that large drawdown thru the London session..... I hope you exited and got some pips before it went down again at 1030am US time. I just came back to my office after being out since London time. missed that top for a small profit. Now back to the drawdown.

I am still holding those longs on GBPUSD. Patience and Timing. I may have the patience....but my timing was off....

C55 for me is around FE 161.8 @ 189.92 for a potential retrace.

189.92 could be end of a big ABC structure to be followed by either:
a. a higher degree wave B than the Higher degree wave A that it might finish @ 189.92

b. or this could be the reversal of trend and the beginning of a rally for the wave 5 on the weekly chart.

if 189.92 is followed by a 5 wave structure Impulse UP, then it could be A or 1.

if 189.92 is followed by a 3 wave structure , then this could be a and is the first of 3 legs of a wave B up of a higher degre .

a confirmation that the move up from 189.92 is just a correction wave B of higher degree is a maximum retrace towards 237.95 which is the 78.6 retrace.

note that in a zigzag B retraces A from 38 - 80% based on the Guidelines. I am still looking for a zigzag wave 4 in the weekly chart for GBPJPY.

189.92/98 may be that zigzag

but the next move from here if going up will determine whether or not the Zigzag is done or developing inot a bigger one.

GBPUSD seems likely to to form a TRIANGLE based on the EW count I got using Divergence as the main tool to distinguish between wave boundaries.

This contradicts my broker's analysis and another Broker's EW count. I know I still have a long way to go on EW. But based on what I see and the guidelines I know and remember, The Zigzag option is scratched due to the 2 "A" waves which are both 3 wave structures on the Daily chart

A 3 wave "A" is followed by a B flat or a triangle.

But because the overall structure for w54 Magenta to me is now expected to be a Triangle instead of a Zigzag, then I would be expecting 5 legs which are all 3 wave in structure 3-3-3-3-3 because this is a wave 4 corrective wave.

"A" was already in 3 wave structure
"B is expected to be in 3 wave structure too. Initially I thought that the 3 wave structure is already finished, However, another 3 waves appeared as price went down from 2.0396 down to 1.9734.

I therefore concluded that the "B" wave is not yet complete. so Price should still have room to go UP.

And since the 3 wave move from 1.9337 going UP to 2.0396 was a 3wave structured wave "a" then based on the guideline of internal structures for corrective waves, since wave a3 was in 3 waves then "b" will eithr be a Zigzag or a triangle.

In either case, price should still have room to go UP.

After a lengthy explanation, it is still not definite that I am right on this one. Price and the Market still Rules Forex.

I am just trying to apply what I can remember and what I see on my charts.

EG

GBPUSD


001 0353 PHI 040108

Divergence on 1min, 5min , 15min charts

not very sure on 30min though

EG

GBPUSD Part 3

EG

Looks like...... again 1.9811 is the bottom.

Divergence found already on 4hr chart which initially I was monitoring from 1min to 15min charts then later on seen on 30min and 1hour charts.

Now that Divergence is already found on 4 hour chart, we may have seen the bottom for wave Xx which to me may still range and develop into a triangle on the 4hour chart and later breaking out to finish with the wave Z towards 2.0750-2.0790 which is the maximum for B of a Zigzag w54

EG

001 1243 PHI
while I was undergoing a drawdown on 2 trades from yesterday, I managed to make 2 trades this morning before I left the office with a total of 3 + 18=21 pips. That was after price hit 1.9811

still have the 2 old Long trades.

Usd/jpy one hour

GBPUSD

1.9734 has been BREACHED
PLUS 4hour trendline has been surpassed to the downside. Though a pullback has been seen, I have changed my price outlook to the downside.

These are merely my observations and thoughts. Some may trade these or some may use a contrarian view.

each to his own. my views may or may not always reflect what I trade. I hedge and sometimes hold to trades depending on my risk tolerance for each trade. and I scalp inbetween. So do not follow my analysis blindly.

use it as just a heads up for certain observations which hopefully can contribute to your analysis.

EG

Bingo!!!! two targets reached!!!!

I suppose we are at the end of C wave that consists of 5 waves. Than another segment will start down.

Hi Serega. Nice chart. I agree with your count.

hey el grande

could u post a ew on audusd pls.

Cable and Gold

Hi all!!!
Seems the pair gbp/usd is moving to our targets. Thats good news.
Gold is standing.
Here guys one variant of Usd/Jpy but i have to say that I doubt in it a litle bit.
Trade your own vision.
Wish you profits

GBPUSD

http://i262.photobucket.com/albums/i...usd41408-1.gif

The 4H count shows a possible b-wave running triangle has finished in a complex wave-C of a higher degree.

http://i262.photobucket.com/albums/i...pusd414082.gif

The 1H count shows that we may be starting wave-3 down from of the end triangle.
We've got a new low past the wave-i, but it's currently being retraced. The new low might be wave-.b or an irregular flat, wave-2. If this is true, price should not retrace wave-b (because wave-b has fallen 138.2%) and wave-c would be equal to wave-c.

I have a pending sell order. I might take another sell order with a stop at the nearest 1H top.

Adrian

http://i262.photobucket.com/albums/i...sd414081-2.gif

Looks to be a running triangle in the wave-4 position

Good Counts Adrian
I see you like triangles
Wish you profits

GBPUSD

update

001 d3 may not be over yet on the Daily chart. IMHO price may go UP to 1.9898 ( to touch the Magenta Broken line which is a Daily Resistance TL ) still before coming down for the e3 to finish the Falling wedge formed by wave "b" of wave "B"

someone can give daily elliot wave analysis on chart ?

Flat on EU after there was no huge burst.

Here's a count on GBPJPY of a possible triangle pattern forming.
I'm short, but will reverse with evidence of the alternate variation.

http://i262.photobucket.com/albums/i...jpy41508-1.gif