Elliott Wave Trading

Nice one Blue i see big progress

U have been stoped begin ur post with words "false setup"

Cabel.

Thanks 5ysfx.

Actually you, FXoffshore, Soso, this thread and other Elliott traders here, are helped me in my improvement. Thanks again.

Hi,

Just started wave analysing.

What is the most prefered timeframe to use by everyone here?

The daily seems to long, but the wave indication is clear.


Regards
J

I have installed IBFX's wave indicator.

How does it compair to others?

Here is the 15min chart.

Hi Jnita,

Welcome here!

Basically i use all timeframe, but preference is anything above 1 Hour.

Could somebody recommend a good approach to learning EW? It seems to make much more sense to me when I don't think of it in terms on the waves themselves, but rather the stages of crowd psychology that represent the waves' movements. Is there a "correct" count? Or simply many interpretations.

Any comments, experiences would be appreciated.

Hi!, you are correct, EW do represent crowd psychology, the waves from 1920 are still the same as in 2008 , anyway since EW represent crowd behavior there are times when the market is unbalanced, there for there are times when its hard to read the waves correctly, us (EW traders) have rules & guidelines and our eyes ofcourse which make EW trading much more easy, study the the rules and guidelines and then go to your charts and start study the waves, it will pay off!.

I find EW to be a key tool to market behavior, answer to every chart pattern inc other patterns like H&S, double B\T, Megaphones and many more, you will know 2 steps before the market what will happen, how it will happen and more..., i love to combine more tools like candlestick (which i love), trend lines, S/R, Divergence, Fibo and more... to confirm the moves and timing my intros & exits and more...but in the end of the day its up to you if you'll win , i hope you know the 90%-10% rule, this rule is with us all the time, not only in forex...

Hope it helps!

Good luck!

@Blue bottle, great work your doing here!
BTW, USDJPY looks interesting those days keep an open eye.

-m-

90%-10% rule?

Yes, 90%-10% "rule" or should i say 38.2%-61.8% "rule", the 90-10 "rule" is a statistic "rule" mainly.

i will give you example, put 100 students in classroom and give them a test, how many do you think will pass it? or take 100 ppl and let then learn EW, how many will do it correctly? , you see my point? for every statistic question you'll ask there is an answer with % ratio, more often then not the %ratio is near 38.2%-61.8, some ppl i know inc my self calling it the The Golden Ratio ...

its late here so,
Good night and happy trading

-m-

good job Blue bottle, there is no right or wrong in EW, its always good to share ideas and not always look to be right.

for every count anyone posts there is always an alternate count that can be posted so I do not worry so much about being right just keep on working on it and learning.

yes I like aget but only use those that agree with my own analysis of a pair.

I like to looks of your count as well but I just do not see the euro gaining much is the only reason I perfer a count showing the chf going up more before it falls. TBH it looks and has looked like it ready to fall off a cliff anytime.

good luck and

thanks for sharing

Hi all,

cable chart in M15 mins chart.

hi all,

cable: time for ABC correction?

Well, it looks to me as though what most everyone (including myself) thought was a corrective ABC wave on the EUR/USD pair is now turning out to be Wave 1 of a new up-move and what we were seeing as a Wave 4 correction is actually Wave 2 (which is yet to end).

Thoughts?

[quote=Jnita;2248490]I have installed IBFX's wave indicator.

How does it compair to others?[/quote
re: IBFX's wave indicator
Jnita,
You would be best off learning the rules and guidelines of Elliot Wave theory (ElliotWave dot com is a good place to start) before relying on any indicators.
A quick glance at your chart has a wave 3 shorter than wave 1 and 5 -Wave 3 can never be the shortest; the 2 and 4 labels are where the 1 and 3 labels should be; wave 5 is labelled corrective (overlapping waves moving against the main trend) - this should be labelled wave 4 or some other corrective variant.
Waves are fractal and therefore work on all time scales. That is why a monthy chart looks essentially the same as a one minute chart and why an ABC correction can contain two impulsive 5 wave advances that can trick you as to the real trend direction.
You should always zoom out to a larger time frame to identify a major top or bottom before you start counting.
If you zoom this chart out to a 4hr, you will see that this current downtrend started after a probably corrective ABC (larger A or 4 wave) advance in the pound.
The wave that is counted by the indicator on your chart is part of either the resumption of the larger downtrend (it has currently finished 5 down on a smaller time scale so this is more likely) or just a larger B wave that is part of an even larger correction UP.
You won't know for sure until it begins a surge higher in a wave C or takes out the previous low at around 1.744.
Regardless, the indicator has labelled this wave as a triangle (ABCDE). Triangles are normally horizontal with perhaps a slight bias against the main trend. The waves get progressively smaller or compressed (E is shorter than D which is shorter than C etc) before they blast out of the point of the triangle, usually in the direction of the previous trend.
Looking at a Weekly chart of the pound, it is right now either in the process of finishing the 5th wave of a larger wave 3 of an even larger wave 1, which means it needs to do a wave 4 then a wave 5 before doing a huge wave 2 correction...
OR it is has finished a very large ABC correction down..
and is now either resuming the previous uptrend or an even larger B wave up.
As you can see there is alot of eithers and ors going on but Elliot Wave allows you to objectively assess possible future price movements, with objective price targets (fibonnacci relationships between the waves - a whole other discussion) that tell you both where you are wrong and where you are right.
I have included a weekly chart with two possible counts from the 2.12 top, and a 15min chart with a count that is closer to reality than the indicator, because it fits with the larger count produced from the weekly chart.

with the euro headed to a new possible low this should also hit target about the same time

do you have an updated chart for this please? I really like the Daily because it will give you cleaner counts than the lower TF's
it may take longer for them to come to pass but thats something I am willing to wait for and trade to

Thanks

Hi all,

My EurUsd chart.


Wave C is equal to length of wave A, so 1.4010 might the end of
wave B (big wave/red color).

Both Cable and UsdChf pair too confirmed this wave B end.


But when i zoom into w-C, it forming in 12345 pattern, so we may expect 1 more down wave (w5)to complete full count.

4 hours chart for bigger picture.