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Elliott Wave Counting with EG

  • #2,381
  • Mar 11, 2009 6:47pm Mar 11, 2009 6:47pm
1.3838 overlapped.

next scenario is a possible Leading Diagonal Triangle for this wave 1 of C .

draw trend lines on a 5 minute chart. you will then see a possible series of 3wave structures that could lead to a formation of a Leading Diagonal triangle option.

either this flies now or still have some more room to go down toward the support trendline.

EG
  • #2,382
  • Mar 11, 2009 7:18pm Mar 11, 2009 7:18pm
Friends ....

note that price has already broken out of the channel on the 4hr and 1 hr charts.

Broken out of and pulled back.

Support and Resistance Trendlines help to validate options.


EG
  • #2,383
  • Mar 11, 2009 7:24pm Mar 11, 2009 7:24pm
Hi buddy
Glad you are back..........I looking to go long on GBP/$ .....waiting for a better price point...........
Quoting el grande
Friends ....

note that price has already broken out of the channel on the 4hr and 1 hr charts.

Broken out of and pulled back.

Support and Resistance Trendlines help to validate options.


EG
BANDA333
  • #2,384
  • Mar 11, 2009 7:58pm Mar 11, 2009 7:58pm
Quoting BANDA
Hi buddy
Glad you are back..........I looking to go long on GBP/$ .....waiting for a better price point...........

if this is a Leading diagonal triangle, better hold off placing your long trades as Leading diagonal triangle is followed by a retracement of almost the full length of its upward move which is the wave 2.

Best opportunity to make a long trade is when this pulls back toward the 1.3660- 1.3700. at least that is what I think based on what I see on my chart and wave count.

EG
  • #2,385
  • Mar 11, 2009 8:35pm Mar 11, 2009 8:35pm
Quoting el grande
if this is a Leading diagonal triangle, better hold off placing your long trades as Leading diagonal triangle is followed by a retracement of almost the full length of its upward move which is the wave 2.

Best opportunity to make a long trade is when this pulls back toward the 1.3660- 1.3700. at least that is what I think based on what I see on my chart and wave count.

EG
Price stopped right at the upper trendline of the Potential Leading Diagonal Triangle. Let us see if price will drop of the lower trendline of this diagonal triangle. It will most likely give a higher probability that a retrace for wave 2 is in development.

EG
  • #2,386
  • Mar 11, 2009 10:46pm Mar 11, 2009 10:46pm
A 3-3-3-3-3 wave structure for this potential leading diagonal triangle seem to have just developed after making a bigger triangle.

A long pinbar on the 15min chart which followed a Tweezer top.

And Stochastics from 1 hour to 1min are turning down But the 4hour nearing Overbought levels.

I have been waiting for this drop if it ever will come around to finish off this wave 2 of C so we can all buckle up and ride this UP for the wave 3 of wave 4C.


EG
  • #2,387
  • Mar 11, 2009 11:13pm Mar 11, 2009 11:13pm
waiting for 4hour stochastics to complete signal to short this for the wave 2 after the leading diagonal triangle ( I think)

Someone once wrote that what happens after a Leading or a diagonal triangle is usually a violent and fast counter move. Considering that This has actually developed into what already looks like a leading diagonal triangle, we now expect a fast zigzag to rundown and retrace wave 1.

EG
  • #2,388
  • Mar 11, 2009 11:24pm Mar 11, 2009 11:24pm
Retracement towards following levels:

61.8% which is usual @ 1.3755
76.4% which coincides with the end of wave 2 of same degfree wave 1. this I am more inclined to use as a target @ 1.3717.

then we have 85.4% @ 1.3693
and 100% @ 1.3654

Unless wave 3 within wave C invokes its usual characteristic of possibly retracing motive wave s by 23.6% - 38.2% instead of the usual 61.8%
EG
  • #2,389
  • Mar 12, 2009 12:46am Mar 12, 2009 12:46am
careful with this retracement. better to wait to long this for the wave 3..

unless you can track this and have your indicators confirming an entry for a short trade.

i got sucked into a negative position which was already in a winning position..

This retracement could be very shallow for a wave 2 and an aftermath of a leading diagonal triangle.

EG
  • #2,390
  • Mar 12, 2009 12:52am Mar 12, 2009 12:52am
A potentially shallow retracement of between 23.6 and 31.8%

Flat wave with a 3-3-5 structure

C = A @ 1.3845 or

C = A (1.618 ) @ 1.3799

I might as well wait for price to go above the high of this leading diagonal triangle to enter a Long Trade. Better to be sure that price is in wave 3 UP.


EG
  • #2,391
  • Mar 12, 2009 1:11am Mar 12, 2009 1:11am
Happy with whatever I got after getting sucked into a drawdown from a winning position.

Waiting it out for the wave 3.

EG
  • #2,392
  • Mar 12, 2009 4:12am Mar 12, 2009 4:12am
Looking or watchi8ng out for another dip to finish a wave 5 of C of this wave 2.

a truncation maybe....

and up we go.

EG
  • #2,393
  • Mar 12, 2009 11:02am Mar 12, 2009 11:02am
Quoting el grande
Looking or watchi8ng out for another dip to finish a wave 5 of C of this wave 2.

a truncation maybe....

and up we go.

EG

Hey El Grande,

I wonder if we just put in that truncated 5th of C of B @1.3698? We have had 5 waves up since that point. Great work, by the way.
  • #2,394
  • Mar 12, 2009 12:17pm Mar 12, 2009 12:17pm
Quoting pipeye
Hey El Grande,

I wonder if we just put in that truncated 5th of C of B @1.3698? We have had 5 waves up since that point. Great work, by the way.
It did not turn out to be a regular zigzag. It finished off as C = A(0.618)

This could be it now for the start of a 3 within a 3 of a C

Retracements would be very shallow if this was really the 3 within a 3 of a C.

EG
  • #2,395
  • Mar 12, 2009 12:37pm Mar 12, 2009 12:37pm
Ok. The Party has begun.

Target Profit Levels for the development of C :

1.3970
1.4138
1.4242
1.4410
1.4513
1.4681
1.4853

watch your wave counts to verify.

If you are on this ride now... wave 3 targets are :

1.3910
1.4000
1.4041

EG
  • #2,396
  • Mar 12, 2009 12:50pm Mar 12, 2009 12:50pm
Quoting el grande
Ok. The Party has begun.

Target Profit Levels for the development of C :

1.3970
1.4138
1.4242
1.4410
1.4513
1.4681
1.4853

watch your wave counts to verify.

If you are on this ride now... wave 3 targets are :

1.3910
1.4000
1.4041

EG
If that is the case, I have us in wave v of 1 of 3. Does that sound correct? If so, what type of retracement would I be looking for (23.6 -38.2)? Thanks for the feedback on my previous post.
  • #2,397
  • Mar 12, 2009 1:16pm Mar 12, 2009 1:16pm
Yes. Technically, I would understand what you mean and what you are referring to

Many would not.....)

EG
  • #2,398
  • Mar 12, 2009 1:42pm Mar 12, 2009 1:42pm
Quoting el grande
Yes. Technically, I would understand what you mean and what you are referring to

Many would not.....)

EG
In chart form, this is what I am seeing. Looking for a retrace to the 38.2, if it gets there?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd15.gif Size: 29 KB
  • #2,399
  • Mar 12, 2009 5:20pm Mar 12, 2009 5:20pm
Quoting pipeye
In chart form, this is what I am seeing. Looking for a retrace to the 38.2, if it gets there?
That would be around 1.3874, 38.2% of wave 1 of 3. W4C31 if serialized.

or even higher at the 23.6% retrace @ 1.3916

Note that there is a very strong support level at 1.3916. Should this break, price can retrace lower.

Otherwise, retracement will be at 23.6% which is at this Support Level.


EG
  • #2,400
  • Edited 6:47pm Mar 12, 2009 6:31pm | Edited 6:47pm
w4C31 has been retraced by a little more than 23.6% for the w4C32.

removing the target levels here as they might be referred to as trade calls by some. it is dangerous to use them for your trades without understanding how they are derived.

Anyway, Intraday Trading Targets vary as wave form develops as projection tools use the beginning of some waves and the end of a complement wave to project the next wave TP level.

EWA in the micro scale is dynamically fast so one must be focused, familiar and relatively be experienced in spotting signals from the chart as to the development of the wave structure.

EG
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