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Elliott Wave Trading

  • #1,501
  • Mar 6, 2009 8:30am Mar 6, 2009 8:30am
The current spike up on Eurusd is just a mere markets reverse reaction on the worse than expected Non-Farm data. I still see wave 5 heading downwards from here....we are probably hitting the high or maybe going up higher before heading down for wave 5. There is still room for wave 4 to go up...but very limited.
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  • #1,502
  • Mar 6, 2009 12:55pm Mar 6, 2009 12:55pm
Quoting Suj_cess
The current spike up on Eurusd is just a mere markets reverse reaction on the worse than expected Non-Farm data. I still see wave 5 heading downwards from here....we are probably hitting the high or maybe going up higher before heading down for wave 5. There is still room for wave 4 to go up...but very limited.

Unfortunately your count as you have presented it, is invalid. Wave 4 has substantially violated the price territory of Wave 1.
  • #1,503
  • Mar 6, 2009 2:52pm Mar 6, 2009 2:52pm
Quoting pipeye
Unfortunately your count as you have presented it, is invalid. Wave 4 has substantially violated the price territory of Wave 1.
Can you better represent wave 4 then? I thought its pretty obvious that wave 4, up till now, is still the highest point and not exceeding a 100% retracement of wave 3 and now already heading down for wave 5.

Please show me your chart...i hope im not wrong.
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  • #1,504
  • Mar 6, 2009 5:56pm Mar 6, 2009 5:56pm
Quoting Suj_cess
Can you better represent wave 4 then? I thought its pretty obvious that wave 4, up till now, is still the highest point and not exceeding a 100% retracement of wave 3 and now already heading down for wave 5.

Please show me your chart...i hope im not wrong.
looks @ the daily chart.
wouldn't count as impulse wave down from here.

got lost counting this down move, but the down move from 1.47 can be considered as B wave?

any thought?
  • #1,505
  • Mar 6, 2009 6:10pm Mar 6, 2009 6:10pm
Quoting Suj_cess
Can you better represent wave 4 then? I thought its pretty obvious that wave 4, up till now, is still the highest point and not exceeding a 100% retracement of wave 3 and now already heading down for wave 5.

Please show me your chart...i hope im not wrong.
The two most important rules in Elliott Wave Theory are these (both taken from "Elliott Wave Principle" by Frost and Prechter):

Page 41: "The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives"

Page 31: "In an impulse, wave 4 does not enter the territory of (i.e. overlap) wave 1."......"Elliott further discovered that in price terms, wave 3 is often the longest and never the shortest among the three actionary waves (1,3 and 5).

The only time that wave 4 can enter the price territory of wave 1 is in either a Leading or Ending diagonal. So, if what you depicted on your chart is either one of those, then your count could still be valid, but you haven't depicted it as such.
  • #1,506
  • Mar 6, 2009 6:19pm Mar 6, 2009 6:19pm
Quoting pipeye
The two most important rules in Elliott Wave Theory are these (both taken from "Elliott Wave Principle" by Frost and Prechter):

Page 41: "The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives"

Page 31: "In an impulse, wave 4 does not enter the territory of (i.e. overlap) wave 1."......[i][b]"Elliott further discovered that in price terms, wave 3 is often the longest and never the shortest among the three...
spot on.
  • #1,507
  • Mar 6, 2009 11:06pm Mar 6, 2009 11:06pm
Quoting Blue bottle
wow your 1st post here, welcome!!

Keep posting.
Hi all,Hello(-_-)Blue blottle ,I very much enjoy the Elliott wave theory also enjoy this thread !!
Sorry, my English is very bad, hope and communicate U.S. study!
you have to be out to be in
  • #1,508
  • Mar 6, 2009 11:25pm Mar 6, 2009 11:25pm
Quoting Suj_cess
The current spike up on Eurusd is just a mere markets reverse reaction on the worse than expected Non-Farm data. I still see wave 5 heading downwards from here....we are probably hitting the high or maybe going up higher before heading down for wave 5. There is still room for wave 4 to go up...but very limited.
I guess you make your own rules for Elliot waves. I have this to tell you if you DONT KNOW Elliot Waves then shut up & stop LYING TO PEOPLE. For your info go BACK TO SCHOOL WAVE 4 CANNOT I REPEAT CANNOT GO INTO WAVE 1 & AS YOU CAN CLEARY SEE IT HAS RETRACED PAST THE BOTTOM OF WAVE 1
  • #1,509
  • Mar 7, 2009 12:30am Mar 7, 2009 12:30am
My eu_１H Chart& uchf_4H Chart
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you have to be out to be in
  • #1,510
  • Mar 7, 2009 10:50am Mar 7, 2009 10:50am
Quoting pipeye
The two most important rules in Elliott Wave Theory are these (both taken from "Elliott Wave Principle" by Frost and Prechter):

Page 41: "The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives"

Page 31: "In an impulse, wave 4 does not enter the territory of (i.e. overlap) wave 1."......[i][b]"Elliott further discovered that in price terms, wave 3 is often the longest and never the shortest among the three actionary...
Who am I to disagree with the Great Prechter and Frost but Elliott early on in his writings never said never. Only when more traders where attracted to his 'theory' did he come up with some of these never-broken rules to make it more palatable to the public's way of thinking.

I follow the practice that Wave 4 cannot close within the most extreme close of Wave 1 and although rarely there is such a thing as 5 wave corrections.

To each his own.
  • #1,511
  • Mar 7, 2009 11:21am Mar 7, 2009 11:21am
Quoting GreekEagle
I guess you make your own rules for Elliot waves. I have this to tell you if you DONT KNOW Elliot Waves then shut up & stop LYING TO PEOPLE. For your info go BACK TO SCHOOL WAVE 4 CANNOT I REPEAT CANNOT GO INTO WAVE 1 & AS YOU CAN CLEARY SEE IT HAS RETRACED PAST THE BOTTOM OF WAVE 1
Relax bro!!
  • #1,512
  • Mar 8, 2009 11:06am Mar 8, 2009 11:06am
Quoting Suj_cess
The current spike up on Eurusd is just a mere markets reverse reaction on the worse than expected Non-Farm data. I still see wave 5 heading downwards from here....we are probably hitting the high or maybe going up higher before heading down for wave 5. There is still room for wave 4 to go up...but very limited.
Emmm....Suj...better you read EW book or journal about EW, before you posting your EW again.

Read it ...and make a comparison what you have done and you will learn your mistake. Good Luck
  • #1,513
  • Mar 8, 2009 6:17pm Mar 8, 2009 6:17pm
Quoting GreekEagle
I guess you make your own rules for Elliot waves. I have this to tell you if you DONT KNOW Elliot Waves then shut up & stop LYING TO PEOPLE. For your info go BACK TO SCHOOL WAVE 4 CANNOT I REPEAT CANNOT GO INTO WAVE 1 & AS YOU CAN CLEARY SEE IT HAS RETRACED PAST THE BOTTOM OF WAVE 1

Hey, hey. No need to rude. We are all here to learn and improve our trading. No one person has the right to tell anybody in here to shut up, unless they are saying something that is clearly offensive. This is a hostile free thread, so play by the rules or find another place to play!
  • #1,514
  • Edited 6:41pm Mar 8, 2009 6:20pm | Edited 6:41pm
Quoting SunTrader
Who am I to disagree with the Great Prechter and Frost but Elliott early on in his writings never said never. Only when more traders where attracted to his 'theory' did he come up with some of these never-broken rules to make it more palatable to the public's way of thinking.

I follow the practice that Wave 4 cannot close within the most extreme close of Wave 1 and although rarely there is such a thing as 5 wave corrections.

To each his own.
"The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives" This is the very foundation for the theory itself. There is no compromise here. You absolutely cannot have a standalone 5 wave corrective move. Period.

Ask yourself this very simple question: How do you differentiate between an impulsive and corrective wave?

If you cannot answer that question with a definitive answer, then you have discounted the entire theory and rendered it a worthless analytical tool.
  • #1,515
  • Mar 8, 2009 6:38pm Mar 8, 2009 6:38pm
Thanks for the advice. Sorry if i caused any hostility for this thread. I posted what i see and i believe in, i could be right...i could be wrong...and i believe that happens to all of us all the time and thats is why we are in this forum...to share knowledge. I said in my ealier post that i will be happy to hear your opinion about eurusd EW counts.

So, what do we see here? i still think my smaller counts(purple) is correct but the larger counts (yellow)....hmmm...since everyone is disagreeing with me...any thoughts?
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  • #1,516
  • Mar 8, 2009 7:36pm Mar 8, 2009 7:36pm
Quoting pipeye
"The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives" This is the very foundation for the theory itself. There is no compromise here. You absolutely cannot have a standalone 5 wave corrective move. Period.

Ask yourself this very simple question: How do you differentiate between an impulsive and corrective wave?

If you cannot answer that question with a definitive answer, then you have discounted the entire theory and rendered it a...
The markets are the judge as to whether you can or cannot have a this or that anything. PERIOD.

Next time it happens and you say it ain't a correction because it has 5 waves but yet it ain't an impulse because the waves overlap, tell me then what is it.

But that is when you put all kinds of of X's and Y's and Z', Right? Bu..Sh.t.

You can fill in the other missing letters from the alphabet.
  • #1,517
  • Mar 8, 2009 7:41pm Mar 8, 2009 7:41pm
I think all this can be settled easy enough without all the hostility here

post from the book to back what you are saying, EW does have its rules so lets see it
Don't chase the market, Let the market come to you
  • #1,518
  • Mar 8, 2009 8:36pm Mar 8, 2009 8:36pm
Quoting SunTrader
The markets are the judge as to whether you can or cannot have a this or that anything. PERIOD.

Next time it happens and you say it ain't a correction because it has 5 waves but yet it ain't an impulse because the waves overlap, tell me then what is it.

But that is when you put all kinds of of X's and Y's and Z', Right? Bu..Sh.t.

You can fill in the other missing letters from the alphabet.
So let me get this straight. You don't follow the rules of Elliott Wave theory. Which, in and of itself, would undermine it's usefulness and render it an ineffective analytical tool.

Instead, you subscribe to the belief that the Market is the ultimate Judge of what is and what is not. This would imply that there is no sound way to analyze the market, and would also imply that there is no way that you could have any valid trading strategy, because that strategy would imply that the market does follow predetermined patterns and paths. So, that must make you a purely reactive trader or momentum trader. Which begs the question: Why are you then in an Elliott Wave forum? Why are you in a forum whose main topic is governed by rules and guidelines? Why are you wasting your time on something you refer to as "Bu..Sh.t"? Or, maybe you're just lost and have some extra time on your hands? Seems a little odd, no?
  • #1,519
  • Mar 8, 2009 9:12pm Mar 8, 2009 9:12pm
Quoting pipeye
So let me get this straight. You don't follow the rules of Elliott Wave theory..........
Do a little more reading on Mr Elliott and not the Elliott Waves so-called experts and you will find The Rules were not there in the beginning.

And please don't put words in my mouth.
  • #1,520
  • Mar 8, 2009 9:21pm Mar 8, 2009 9:21pm
A bad day, huh?

I think we have had this conversation a couple of times before. For some reason you do not want to follow the basic rules of ew. Well, that is fine with me. But why gnag it here over and over again?

EW is one of the very few robust and solid theories of market movements. If you feel that some part of theory is not correct, try to prove it: find some examples where the theory is wrong, formulate your argumentation and present them on some suitable forum. If your arguments are clear and logical, then the theory will change. But it surely does not change with this bs-thing here.

R

Quoting SunTrader
The markets are the judge as to whether you can or cannot have a this or that anything. PERIOD.

Next time it happens and you say it ain't a correction because it has 5 waves but yet it ain't an impulse because the waves overlap, tell me then what is it.

But that is when you put all kinds of of X's and Y's and Z', Right? Bu..Sh.t.

You can fill in the other missing letters from the alphabet.
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