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Elliott Wave Counting with EG

  • #2,481
  • Apr 1, 2009 2:39am Apr 1, 2009 2:39am
Possible dip to

1.4321
1.4311
1.4308
1.4307 at the lowest.


lower than this, my wave count needs to be re evaluated.

EG
  • #2,482
  • Apr 1, 2009 2:41am Apr 1, 2009 2:41am
Quoting el grande
what retrace are you referring to and from what level is your trade?
Im waiting for the wave 5 down from this possible wave 4. Or maybe wave 2 down from this possible wave 1.
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  • #2,483
  • Apr 1, 2009 3:11am Apr 1, 2009 3:11am
1.4355 now.

possibly finding support at around 1.4331 before some more move up still before finally taking a dive.... I think

EG
  • #2,484
  • Apr 1, 2009 3:51am Apr 1, 2009 3:51am
currently re adjusting wave counts on the smaller timeframes.

Corrective waves seem to be mostly running corrections where wave c is shorter than a or c.

this is what consumes many of the newbies I think in EWA.

they start believing that corrections are often the c=a or c=a(1.618).

only to find out later that it did not work on their wave counts. this results to frustration and disbelief in the system.

it is therefore important that one spends more time understanding EWTaP and how their chosen pair performs relative to the possible wave count.

but more importantly, one must not stay married to a trade. Get that DIVORCE as soon as possible when your limits are breached... unless you see retracement to the sme level on the higher timeframe.

EG
  • #2,485
  • Apr 1, 2009 3:51am Apr 1, 2009 3:51am
I still kind of like this count.

Quoting Suj_cess
Im waiting for the wave 5 down from this possible wave 4. Or maybe wave 2 down from this possible wave 1.
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  • #2,486
  • Apr 1, 2009 4:02am Apr 1, 2009 4:02am
Quoting Rocroy
I still kind of like this count.



Attachment
if you look at that on the 4hour TF you would see that it can also be a Leading Diagonal triangle. so that is the other possibility which I took.

The move down may be a retracement which somehow dipped to 61.8% retracement.

move down was in 3 waves. so possibly abc.

counting the waves up now on the lower timeframe.... 5minutes seems to indicate some more move up.

incase you did not notice.... when I said more room down... price went up. )

EG
  • #2,487
  • Apr 1, 2009 4:43am Apr 1, 2009 4:43am
Well, this is all (euro, cable etc) now like a guessing game where the price will move, but it is fun to play with different scenarios. Thanks for the comments.

R

Quoting el grande
if you look at that on the 4hour TF you would see that it can also be a Leading Diagonal triangle. so that is the other possibility which I took.

The move down may be a retracement which somehow dipped to 61.8% retracement.

move down was in 3 waves. so possibly abc.

counting the waves up now on the lower timeframe.... 5minutes seems to indicate some more move up.

incase you did not notice.... when I said more room down... price went up. )

EG
  • #2,488
  • Apr 1, 2009 5:15am Apr 1, 2009 5:15am
still holding a short that entered a drawdown from 1.4363 instead of having +5.

nursing to recovery before going back to Buy Trades

and still counting waves in the lower TF
  • #2,489
  • Apr 1, 2009 5:40am Apr 1, 2009 5:40am
Quoting el grande
still holding a short that entered a drawdown from 1.4363 instead of having +5.

nursing to recovery before going back to Buy Trades

and still counting waves in the lower TF
Waiting to see your new wave counts.

Notice Eurusd....could be the end of wave 2 heading for 3.
Collecting pips
  • #2,490
  • Apr 1, 2009 5:46am Apr 1, 2009 5:46am
Likely completion of 5 waves up with wave 3 in extention

WO 1.4109
W1 1.4210
W2 1.4133
W3 1.4376
W4 1.4273
W5 1.4413

W31 1.4232
W32 1.4168
W33 1.4338
W34 1.4251
W35 1.4376

Still waiting on that retracement to
23.6
31.8
50.0
61.8

watching the development of the waves.

EG
  • #2,491
  • Apr 1, 2009 6:00am Apr 1, 2009 6:00am
things are not looking to well for my short trade as price is consolidating at current range on 15min chart.

this could mean a springboard range for Cable to move up. be ready.

EG
  • #2,492
  • Apr 1, 2009 6:09am Apr 1, 2009 6:09am
if my wave count is right

then I would be lookin to exit my short at around50% retracement @ 1.4343 or before that which coincides with the FE 161.8% @ 1.4345.

EG
  • #2,493
  • Apr 1, 2009 6:10am Apr 1, 2009 6:10am
Quoting el grande
Likely completion of 5 waves up with wave 3 in extention

WO 1.4109
W1 1.4210
W2 1.4133
W3 1.4376
W4 1.4273
W5 1.4413

W31 1.4232
W32 1.4168
W33 1.4338
W34 1.4251
W35 1.4376

Still waiting on that retracement to
23.6
31.8
50.0
61.8

watching the development of the waves.

EG
Im still trying to figure out the current wave up from 1.4109? It can't be a correction wave4 since this is a 5 wave structure with the extended wave3?

Man...this is real daunting work. EW is an excellent forecasting tool but a real challenging one.
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  • #2,494
  • Apr 1, 2009 6:15am Apr 1, 2009 6:15am
possiblwe move down now is either wave 2 or wave 1 down

if this is wave 2 down, then we are seeing a possible flat wave on the 1min chart


if a wave 1 down, then we see that smallwer degree wave 2 retraced more than 61.8%. watching the possible development of the same small degree wave 3 develop its internal waves.

scrap the count if price goes higher than 1.4412

EG
  • #2,495
  • Apr 1, 2009 6:20am Apr 1, 2009 6:20am
Quoting Suj_cess
Im still trying to figure out the current wave up from 1.4109? It can't be a correction wave4 since this is a 5 wave structure with the extended wave3?

Man...this is real daunting work. EW is an excellent forecasting tool but a real challenging one.
It still can be unless the move up retraces the previous wave 3 by more than 61.8% which I bwelieve it still has not.

so while this hasnot overlapped with wave 1, then a 5 wave motive structure is still possiblewith the view that a zigzag correction structure is a 535.

this means we see a 5 wave structure up thewn a 3 wave retracement down before we see another 5 wave structure up again.

bear in mind the difference in wave structure and composition of the different corrective waves.

add the various forms of triangles too

EG
  • #2,496
  • Apr 1, 2009 6:31am Apr 1, 2009 6:31am
Quoting el grande
It still can be unless the move up retraces the previous wave 3 by more than 61.8% which I bwelieve it still has not.

so while this hasnot overlapped with wave 1, then a 5 wave motive structure is still possiblewith the view that a zigzag correction structure is a 535.

this means we see a 5 wave structure up thewn a 3 wave retracement down before we see another 5 wave structure up again.

bear in mind the difference in wave structure and composition of the different corrective waves.

add the various forms of triangles too

EG
EG, how long have you been using EW as part of your analysis? I just picked it up 3 months ago...been trading for 2 years without EW and Fib which now i realise how important these 2 tools is. Well, lets just say im learning the hard way. Trying to get better with EW every single session.
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  • #2,497
  • Apr 1, 2009 6:35am Apr 1, 2009 6:35am
Quoting Suj_cess
EG, how long have you been using EW as part of your analysis? I just picked it up 3 months ago...been trading for 2 years without EW and Fib which now i realise how important these 2 tools is. Well, lets just say im learning the hard way. Trying to get better with EW every single session.
was introduced to EW in 2006 when i stated.

found a mentor in one of the guys here at FF whorefuses tocomeback here now.

but seriously immersed myself into EW in 2008.

avoid the burnout. use EW with your other strategies and analysis.

EG
  • #2,498
  • Apr 1, 2009 6:36am Apr 1, 2009 6:36am
Hmm...doesnt looks good on my short too. Its heading close to 1.4412. But im holding on my short until it either hits 61.8 level or ovelapping previous wave1.
Collecting pips
  • #2,499
  • Apr 1, 2009 6:37am Apr 1, 2009 6:37am
lancelot41 here should be able to help us.

How about it lancelot?

EG
  • #2,500
  • Apr 1, 2009 6:46am Apr 1, 2009 6:46am
Quoting Suj_cess
Hmm...doesnt looks good on my short too. Its heading close to 1.4412. But im holding on my short until it either hits 61.8 level or ovelapping previous wave1.

i think wave 2 only retraced by 23.6 which can be expected in a very strong wave 3 within a 3 or C.

EG
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