Elliott Wave Trading

Blue, your Yen chart wave 1 should be labeled 1-5, if it is an impulse.
Or, in 3: counts if you see that as an A down, then 2 would be B.

I have re-examined the Oil chart wave 2 zig-zag, and have come up with the following count.

Based on equality, 61.8 fibo, dynamic trend channel, and previous wave iv of 3, the confluence is around $87

and the time is around Sept 26 or 29th - Oct 1. shown by the red-dash oval.

Actually, I'm of the belief that we're now on Wave 2 of the bullish reversal on the EUR/USD. (Sorry, I'm just too tech-challenged to post charts!) Or maybe Wave 3 has started...

Fxoffshore, how do you come up with time-projections for your trades? I'd surely appreciate knowing how to do that too!

Hi Doji, thanks for the question.

Time/Price estimates are based on the Elliott guideline of Equality. In this chart case we know we have a correction, it it began with 5 motive waves down, connected by a 3 wave correction, and finished by another 5 motive waves. "5:3:5" (Flats and Triangles begin with 3:s).

Zig-Zags usually have A=C in length as a guide, but not a rule. So by using the Metatrader4 feature Insert | Shapes | Rectangle - and changing the default properties from solid blue color with background checked, to uncheck background, you can get just an outline box. The box can be dragged from A start and end, then moved to where B completed, to estimate the time and price action for the completion of C. Waves 1 and 5 often have equality, but 2 and 4 can never have equality - they must be alternates or different (one deep - the other shallow, one fast - the other slow). Alternation is a Rule that cannot be ignored, failure can invalidate an impulsive count. Take a free Elliott course or buy the Prechter/Frost book to start.

I work off written trade plans in most case, and like to see where my target may be, with other relationships like Fibo, S&R, previous 4th wave, and others to find any confluence or grouping that is close. The odds are good when there is a group. Plus, it tells me where the trade can go wrong, if the price action doe not come close then it may be time for plan B.

Play around with it. Hope that helps.

Thank you very much, fxoffshore. I'll give that a try.

Thanks to Elliott Wave analysis, I'm not doing too badly with my EUR/USD trades (believe it or not, over 100% gain since Monday!).

hi,

I may need to re-count the waves.. Will update you later..

Gold...interesting wave count so far

So, guys, where do you think we are now on the EUR/USD pair? I got a bit confused -- and lost some because of it.

From the weekly chart, it would seem that what we're seeing is a Wave 4 correction. And yet, it could also be Wave 5, a resumption of the up-move of a few months back.

I think the subjectivity of EW analysis is, paradoxically, its strength. If people interpreted price action in the same uniform way, as other indicators make us do, then who'd be left to take the other side of the trade?

Hi

EW seems to be dead when FOMC manipulate the market.
U know what i mean
My scenario.
What do you think ?

My EurUsd chart..


I believe we may head to another new high in 1.6400 range for wave-5. But wave-4(yellow count) is too large for w4... so need further confirmation.

EurUsd in small tf..

Cable update for my previous chart.

Hi all,

EurUsd chart.

i am waiting for wave-C end to go short..

Me. too.

Did a counter-trend trade (short) yesterday to my regret. I swear I'll stick to my original plan and not be tempted to enter on a corrective wave. :-{

Btw, Wave C has ended now, right?

Dear Sir,

I need your advise I try to learn about the wave method on UJ
now i draw inside the uj chart would you please to tell me is that right that C point is not complete yet - UJ ????

Thanks and regard's
my30marahaba

just for compare with GU 1h, - a funny pic

Hi My30marabaha,

Pls refer my chart for UsdJpy. This pair now every complicated to count waves, so i might be wrong too.

UsdJpy chart in 1 hour tf.

Weekly chart.

Interesting ...