Elliott Wave Trading by Ayax 2,101 replies
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elliott wave trading channel 22 replies
Group Trading based on Elliott wave and Harmonics 0 replies
Elliotters..Elliott Wave Trading 9 replies
Dislikeddo 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
ThanksIgnored
DislikedHi 5ysfx,
Have you entered LONG already?
I am waiting for 1 more wave down before go LONG.Ignored
DislikedI 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.Ignored
DislikedI 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.Ignored
DislikedWhen i look at 4H chart i agree with you that now we're in AB* correction.
But when i look at monthly, weekly, daily charts i prefer the scenario that the correction is already finished and now we are in the 3rd wave. So i believe that there will be lower price than your 5th wave.Ignored
Disliked
Thanks for your input and lesson, ffwuc. I will learn it then the normal way .... try till you get it right.
According to the principle : wave2 corrects wave1, but can never extend beyond the starting point of wave1 --- always or not?
wave3 is normally the longest --- yeah or neah?
wave4 is corrective of wave3 and normally do not retrace more than 38.2%
wave5 is final direction of main trend
So according to your chart M30, the trend is finished? Did you draw wave1(i) from the top down and then marked it 1(i) -or- did you mark wave1(i) from where you marked 1(i) to 2(ii)?Ignored