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Elliott Wave Counting with EG

  • #2,401
  • Mar 12, 2009 10:31pm Mar 12, 2009 10:31pm
Based on chart pattern... it would now seem that what I thought of as a wave 1 inside wave 3 needs to be labelled differently.

That 5 wave structure would now seem to be
wave 1 of 3
then
wave 31
wave 32
wave 33

wave 34 is developing into what looks like a triangle which is the reason I am changing my view on this wave count.

check your 5min and 15min charts

Waiting for a small dip before this flies.

EG
  • #2,402
  • Mar 12, 2009 10:51pm Mar 12, 2009 10:51pm
Short TPs before reaching base of triangle

Limit Buy Order Before Price reaches Triangle base.

EG
  • #2,403
  • Edited Mar 13, 2009 3:36am Mar 12, 2009 11:07pm | Edited Mar 13, 2009 3:36am
Exited my Shorts
And Buckled up for the next ride.

EG


ooooppppppssss missed quite a number of pips there plus got into a drawdown.

anyway..... now have to exercise patience.
  • #2,404
  • Mar 13, 2009 3:22am Mar 13, 2009 3:22am
EG, sir... It would definitely seem useful for those who want to understand your analysis, if you would post your updated short term trading charts with your updates. I do not know if any traders will benefit from it, but I am certain that students of EW will surely gain a lot from them.

Thank you.

M
  • #2,405
  • Edited 5:09am Mar 15, 2009 4:26am | Edited 5:09am
Radical Cable View

There seems to be more room going down for Cable.

The 1 hour chart would indicate that a wave 4 of wave 3 down seems to have finished and the wave 5 down will or has started.

This you will notice is a radical change ( at least that is how I see it ) from my previous wave counts.

EG
Attached Image(s) (click to enlarge)
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  • #2,406
  • Edited 5:38am Mar 15, 2009 5:13am | Edited 5:38am
modified 1hr chart
plus other idea.

It is very possible with this current count that wave 4 seems to lack a wave 5 up before it comes down for the wave 5 of a bigger wave 3 down.

EG
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 001_gbpusd_005_h1a ew count_031509.gif Size: 15 KB
Click to Enlarge Name: 001_gbpusd_005_h1b ew count_031509.gif Size: 18 KB
  • #2,407
  • Mar 15, 2009 6:45am Mar 15, 2009 6:45am
that is simple wave count on 1h chart g/u and u/chf update is comming out soon.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: simple wave count g.u 2.gif Size: 43 KB
bakare
  • #2,408
  • Mar 15, 2009 7:16am Mar 15, 2009 7:16am
Quoting adexadams
that is simple wave count on 1h chart g/u and u/chf update is comming out soon.
Is it Hanah or is it Ramon?

Anyway, Glad to see an alternative count on this thread.

By the way, How REAL is REAL?

It only becomes REAL when it matches the FACT. That means the wave count is proven correct by your chart and by the market.


EG
  • #2,409
  • Mar 15, 2009 11:22am Mar 15, 2009 11:22am
let use check this out wave count on 4h time frame
Attached Image (click to enlarge)
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bakare
  • #2,410
  • Mar 15, 2009 1:29pm Mar 15, 2009 1:29pm
Quoting el grande
Radical Cable View

There seems to be more room going down for Cable.

The 1 hour chart would indicate that a wave 4 of wave 3 down seems to have finished and the wave 5 down will or has started.

This you will notice is a radical change ( at least that is how I see it ) from my previous wave counts.

EG
Hi EG,

Hope you don't mind i posting my cable chart here.

My count is slightly different from yours. Pls comment.
Attached Image (click to enlarge)
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  • #2,411
  • Mar 15, 2009 3:29pm Mar 15, 2009 3:29pm
Quoting Blue bottle
Hi EG,

Hope you don't mind i posting my cable chart here.

My count is slightly different from yours. Pls comment.

Hello BB

You are free to post your chart here anytime. Everyone is free to post here if they want to participate in EWA.

If you check back on the past 2 weeks of my EWA, I had a similar wave count as yours with that wave 4 of 3 being an expanded triangle with a slightly truncated 5th or e-wave.

However when I was reviewing the wave structure and counts yesterday, I noticed something which made me make what I would now consider as the radical Cable wave count.

Radical because the wave form as a whole seems unusual composed of

an expanded flat
a flat and
a Zigzag.

Overall, I still would say it looks unconventionally like what we normally see.

I am not saying my count is the right one. I am just saying it is a radical count even to me. But this is what I trade.

EG
  • #2,412
  • Mar 15, 2009 3:38pm Mar 15, 2009 3:38pm
Quoting adexadams
let use check this out wave count on 4h time frame

This is fine adexadams. I had a similar wave count as yours before the weekend.

So mine is the radical one as I labelled it. nothing wrong with presenting various wave counts here for as long as we all now why we use our respective wave counts.

The forum provides a venue for all of us to present our ideas. Only the fact and the profitability of our trades based on our wave counts will make our wave counts worth trading. they may not always be correct.

But it is the consistency and the overall profitability that makes us good traders and reliable elliotticians.

It is never a contest in this thread.


I just noticed now when I looked closely at your 4hr chart. The (1) and (2) was similar to my previous wave count. However your wave (A) seems to be out of place. After wave (2) should be wave (3) But why do you have wave (A) following or after your wave (2)?

EG
  • #2,413
  • Mar 15, 2009 4:25pm Mar 15, 2009 4:25pm
My broker already shows 1.3957 as the current low from the opening

EG
  • #2,414
  • Mar 15, 2009 4:30pm Mar 15, 2009 4:30pm
Quoting el grande
My broker already shows 1.3957 as the current low from the opening

EG
I have the same number. Gapped down from 1.40 to 1.3956. Now hovering around there.
Si vis pacem, para bellum.
  • #2,415
  • Mar 15, 2009 5:33pm Mar 15, 2009 5:33pm
Quoting Duce
I have the same number. Gapped down from 1.40 to 1.3956. Now hovering around there.

GAP Down in a delayed opening could probably see a rise during the Asian session then a reversal by the Frankfurt or London sessiossion.

My MT4 platform is still close. But my broker's Ticker has shown the gradual move from Friday's session end of 1.4007 coming down to 1.3957 and now 1.3926

Still not trading this yet until evrything opens or I see things normalize at London opening.

EG
  • #2,416
  • Mar 15, 2009 5:56pm Mar 15, 2009 5:56pm
MT4 still close. but it would seem that Price has found some support on the Hourly chart Support level. We could see a slight recovery UNLESS it gets below 1.3884.

Then I see very strong resistance for Cable to go any higher.

EG
  • #2,417
  • Mar 15, 2009 6:02pm Mar 15, 2009 6:02pm
Finally opens @ 1.3913

To many this would be a GAP Down.

Unless this GAP is FILLED , I intend to trade just SHORTS for Cable even if it goes up.

Once the GAP is filled, I could start looking for opportunities to Buy Cable again.

To summarize:

Below the GAP always I will be shorting the Cable after every slight rally.

If the GAP is filled, the Will BUY Cable at every dip.


EG
  • #2,418
  • Mar 15, 2009 6:35pm Mar 15, 2009 6:35pm
First Short @ 1.3950. Demo trade this instead of using your LIVE account reserved for market stability or should I say clear volatility....

EG
  • #2,419
  • Mar 15, 2009 6:46pm Mar 15, 2009 6:46pm
Upper Median Line of an Andrew's Pitchfork has provided for a First Resistance.

Still looks to move past this in the meantime for a higher level.
  • #2,420
  • Mar 15, 2009 6:52pm Mar 15, 2009 6:52pm
Quoting el grande
First Short @ 1.3950. Demo trade this instead of using your LIVE account reserved for market stability or should I say clear volatility....

EG

Will be holding this until it pans out as now it looks to have room to go up and face the greater resistance at 1.3995.

Although, that will most nearly close the GAP, other factors will need to be considered.
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