Hi all,
My nzdusd chart.
My nzdusd chart.
Attached Image (click to enlarge)
- #905
- Nov 20, 2008 12:59am Nov 20, 2008 12:59am
Here is an update to my prev euro chart. Yesterday's spike changed the count a little, we got rid of that triangle within triangle thingy, and the last wave is probably a usual a-b-c correction. 161 fib line with historic support looks like a good candidate for a turning point, considering the positions of other pairs.
- #906
- Nov 20, 2008 3:19am Nov 20, 2008 3:19am
- Joined Aug 2007 | Status: Fluid | 1,133 Posts
Trading = a mirror to your human flaws. Fix them or be fixed.
- #908
- Nov 20, 2008 8:20am Nov 20, 2008 8:20am
- Joined Mar 2006 | Status: Trade the reaction not the news! | 10,359 Posts
I've been lately including fib-forecasts in my counts, but it seems that there is really no point in that, as PA quite often invalidates those earlier fibs.
A good (or bad) example is my audusd forecast "...it will drop till 0.6272". Recent moves have changed the scenario so that the fib had to be moved to a different place and the new fib says the next significant resistance level is at 0.6146.
So I think it is better stop including fibs in my charts as many may soon became invalidated and as such hardly provide useful info to anyone.
A good (or bad) example is my audusd forecast "...it will drop till 0.6272". Recent moves have changed the scenario so that the fib had to be moved to a different place and the new fib says the next significant resistance level is at 0.6146.
So I think it is better stop including fibs in my charts as many may soon became invalidated and as such hardly provide useful info to anyone.
we got rid of that triangle within triangle thingy, and the last wave is probably a usual a-b-c correction. 161 fib line with historic support looks like a good candidate for a turning point, considering the positions of other pairs.
and we have another triangle thingy to take into consideration
have a look:
http://www.forexfactory.com/showpost...29&postcount=1
The price action may overshoot the bottom trendline, "final thrust" in ending diagonal triangles.
- #914
- Edited 1:25am Nov 21, 2008 12:45am | Edited 1:25am
Here's my take. We are now in wave B, which is a triple zigzag, and in last subwave of of Z of B. End point could be near 130. It is also possible that wave Z is already complete (last subwave of Z should be impulse or ending diagonal and the last subwave can be counted as an impulse).
Hope this helps, at least you now got a different view
Hope this helps, at least you now got a different view
hello again ew traders.
i have a count for guppy 4 hr chart that i'm not sure if this can be considered as a leading diagonal. any help would be appreciated.
any different view or count can be helpful.
thanks you.
- #915
- Nov 21, 2008 1:53am Nov 21, 2008 1:53am
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
Here's my take. We are now in wave B, which is a triple zigzag, and in last subwave of of Z of B. End point could be near 130. It is also possible that wave Z is already complete (last subwave of Z should be impulse or ending diagonal and the last subwave can be counted as an impulse).
Hope this helps, at least you now got a different view
Hi Pkimnyc,
My other possibility for gbpjpy pair.
It looks valid but i no confident that price will go further down for wave 3&5..
So urs is my preferred chart right now.
- #916
- Nov 21, 2008 2:30am Nov 21, 2008 2:30am
- Joined Aug 2007 | Status: Fluid | 1,133 Posts
Trading = a mirror to your human flaws. Fix them or be fixed.
- #917
- Nov 21, 2008 9:55am Nov 21, 2008 9:55am
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
Very nice count pkimnyc, looks perfect imo.
trying to be as good as you guys.
- #918
- Edited 9:58pm Nov 21, 2008 8:10pm | Edited 9:58pm
- Joined Oct 2007 | Status: Sniper | 14,770 Posts
- #919
- Nov 22, 2008 12:20am Nov 22, 2008 12:20am
EW counting gives you typically many alternative choices. My geppy count is quite different to yours, I think that we have a nice impulse wave here. Often a wave can be counted as an impulse or a correction. In that case, if no ew rules are violated, then it is better to count as an impulse. This is my personal ew experience, which unfortunately is not very extensive
Any comments from other thread members to my statement? Do you know if Prechter or other ew gurus have taken any stand on this issue?
A hint to fib users: try fibbing the current wave. If you fib the prev wave(-s), then your results are probably not that good - imo earlier waves are history, dead and gone, and therefore using the PA of the current wave is a better way. Well, actually it depends what you want to measure / estimate with fibs. But if you wish to know where the current wave could end, then it is better to apply fibs to current wave ifself, not the earlier waves.
Any comments from other thread members to my statement? Do you know if Prechter or other ew gurus have taken any stand on this issue?
A hint to fib users: try fibbing the current wave. If you fib the prev wave(-s), then your results are probably not that good - imo earlier waves are history, dead and gone, and therefore using the PA of the current wave is a better way. Well, actually it depends what you want to measure / estimate with fibs. But if you wish to know where the current wave could end, then it is better to apply fibs to current wave ifself, not the earlier waves.
weekly chart. guppy.
i originally thought that the down move was impulse, but recently learned that impulse wave must begin with 5 waves in order for impulse wave to be labeled. that makes the entire down move can be looked as ABC.
any other thought, different view, correction, or count would be much appreciated. thanks.
- #920
- Nov 22, 2008 12:34am Nov 22, 2008 12:34am
Here's a better fib for geppy. Price respects pretty well those fib levels...
A little off topic, so let's cut this fib discussion here (even though Elliot himself mentioned that Fibonacci sequence provides the mathematical basis of the wave principle). In any case, I believe that fibs are very useful with ew, and can give you a lot of valuable info for actual trading.
A little off topic, so let's cut this fib discussion here (even though Elliot himself mentioned that Fibonacci sequence provides the mathematical basis of the wave principle). In any case, I believe that fibs are very useful with ew, and can give you a lot of valuable info for actual trading.