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Elliott Wave Trading

  • #1,341
  • Jan 28, 2009 8:02am Jan 28, 2009 8:02am
Quoting samdani786
do you consider pivot points at all for entries cause it is above the R1 right now. What you think if we wait to see she comes down below R1 which is 142.70 to get in ?
I also use pivot points; however, you never want to take a trade because of one indicator, price measurement, or anything else. You should always have at LEAST 3 different reasons for taking a trade..and also have your stoploss set to the "I'm wrong if price gets to this" point.

For example: I'm always watching 6 different time frames, Daily, weekly, and monthly pivots, fibonacci levels, Elliott wave counts, MACD on all time frames, and my momentum indicators.

I need to see several of these tell me the same thing before I will pull the trigger and take a trade.

Here comes our new high.....
  • #1,342
  • Jan 28, 2009 8:07am Jan 28, 2009 8:07am
We should start seeing some pretty strong resistence at above 1.4342.
  • #1,343
  • Jan 28, 2009 8:11am Jan 28, 2009 8:11am
am I on the right track ?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.gif Size: 18 KB
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,344
  • Jan 28, 2009 8:15am Jan 28, 2009 8:15am
she is bouncing off the DTL right now . Lets see if comes down or break it . I think she will come down now I hope
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,345
  • Jan 28, 2009 8:19am Jan 28, 2009 8:19am
i missed the PO entry by few pips at 143.80
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,346
  • Jan 28, 2009 8:19am Jan 28, 2009 8:19am
..and that should be our high at 1.4374. It will be confirmed when price action breaks below 1.4286.
  • #1,347
  • Jan 28, 2009 8:20am Jan 28, 2009 8:20am
Hey Guys,

This is the count that I am working with for Cable. I treated wave (iv) of 3 as and expanding triangle. This leaves my wave 1 of (v) of 3 low at 1.4469 as the cut off for a continuation in wave 5 of (v) of 3 down.
Attached Image (click to enlarge)
Click to Enlarge Name: Gbpusd.gif Size: 21 KB
  • #1,348
  • Jan 28, 2009 8:20am Jan 28, 2009 8:20am
Quoting samdani786
i missed the PO entry by few pips at 143.80
If you were using pivots calculated on Eastern Time, your M4 pivot would have been at 1.4371.
  • #1,349
  • Jan 28, 2009 8:23am Jan 28, 2009 8:23am
Quoting pipeye
Hey Guys,

This is the count that I am working with for Cable. I treated wave (iv) of 3 as and expanding triangle. This leaves my wave 1 of (v) of 3 low at 1.4469 as the cut off for a continuation in wave 5 of (v) of 3 down.
Very nice.... Perhaps THAT is the correct count, and not with Wave 1's low at 1.4349. .... That works nicely.

Good work.
  • #1,350
  • Jan 28, 2009 8:27am Jan 28, 2009 8:27am
Pipeye,

I've adopted your count into my charts. I'll calculate the bottom of wave 5 of V of 3 using this count and post it back here later on today.
  • #1,351
  • Jan 28, 2009 8:29am Jan 28, 2009 8:29am
Quoting pipeye
Hey Guys,

This is the count that I am working with for Cable. I treated wave (iv) of 3 as and expanding triangle. This leaves my wave 1 of (v) of 3 low at 1.4469 as the cut off for a continuation in wave 5 of (v) of 3 down.
yeah it could be the V of 3 we are trying to catch.
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,352
  • Jan 28, 2009 8:34am Jan 28, 2009 8:34am
Hey Guys,

Here is a look at the Dollar Index 4 hour chart. It looks like we completed wave B of a large ABC off the wave 5 high, and I believe we just completed Wave 1 of C, right at the 38.2%. It is for this reason that I believe we should form some sort of truncation with the Euro/Pound/etc, as wave 2 of C should retrace almost completely. Given that evidence, plus the fact that a 2 decade old low resides in the 1.3500 area, we should truncate before then to complete a wave 5 of (v) of 3. Then we should be in for some serious dollar weakness.
Attached Image (click to enlarge)
Click to Enlarge Name: usd.gif Size: 36 KB
  • #1,353
  • Jan 28, 2009 8:36am Jan 28, 2009 8:36am
sooo, Where will be the next good entry as i missed mine at 14380 ?
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,354
  • Jan 28, 2009 8:38am Jan 28, 2009 8:38am
Hi all,

If you are already short the GBP/USD (and Pipeye's count is correct), we are looking at a wave 5 of 5 of 3 low around the 1.3468 mark!

So if you got short at say, 1.4342 this trade could be worth around 874 pips per lot.

Not too shabby....and you now also know the price range to look for to go long the GBP/USD at....with a ballpark profit target of the 1.5372 high of wave IV of 3.

Good hunting.
  • #1,355
  • Jan 28, 2009 8:47am Jan 28, 2009 8:47am
Quoting 200ema
Hi all,

If you are already short the GBP/USD (and Pipeye's count is correct), we are looking at a wave 5 of 5 of 3 low around the 1.3468 mark!

So if you got short at say, 1.4342 this trade could be worth around 874 pips per lot.

Not too shabby....and you now also know the price range to look for to go long the GBP/USD at....with a ballpark profit target of the 1.5372 high of wave IV of 3.

Good hunting.
Hey 200 EMA,

Glad to have you on board! Your price projection @1.3468, I am assuming that is where wave 5 = wave 1?
  • #1,356
  • Jan 28, 2009 9:11am Jan 28, 2009 9:11am
Be careful with GBP/USD, as we have still not been able to get 5 clean waves down!
  • #1,357
  • Jan 28, 2009 9:27am Jan 28, 2009 9:27am
Quoting pipeye
Be careful with GBP/USD, as we have still not been able to get 5 clean waves down!
I think 200ema was talking about going long to 153 AFTER you go down first for the V of 5 at around 134
The finest tool in the world still needs a MAN who KNOWS how to use it.
  • #1,358
  • Jan 28, 2009 9:28am Jan 28, 2009 9:28am
Quoting pipeye
Hey 200 EMA,

Glad to have you on board! Your price projection @1.3468, I am assuming that is where wave 5 = wave 1?
That's correct.
  • #1,359
  • Jan 28, 2009 9:30am Jan 28, 2009 9:30am
Quoting samdani786
I think 200ema was talking about going long to 153 AFTER you go down first for the V of 5 at around 134
Yes, that is what I was saying. PLEASE don't go long right now unless you really know what you're doing and plan to scalp counter-trend trades.
  • #1,360
  • Jan 28, 2009 9:35am Jan 28, 2009 9:35am
Quoting samdani786
sooo, Where will be the next good entry as i missed mine at 14380 ?
Sam,

Wait until wave 2 has proven its top (a lower high than 1.4372) via a 3 wave movement up. It will likely be in the 61.8% to 88.6% retracement range. Once you see a lower high put in that should be wave 2's top. The next lower high will come soon after as wave 2 of 3 of 3.

Catching wave 2's top may be difficult for you; however, catching wave 2 of 3 of 3's top is a little easier and it will also prove to be a lower risk trade to enter (smaller stoploss required).

I hope this helps.
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