Elliott Wave Counting with EG

My Broker is now Open.

It closed for the weekend @ 1.4918 and it now opened @ 1.4906

Currently @ 1.4909

As you will see in my chart and previous posts, I am Bearish UNLESS Price goes higher than 1.4947.


And if it does goes higher than 1.4947, GBPUSD will have more than 1 bullish alternative count.

1st would be a move up to a maximum of 1.5326 for "b" of an expanded flat or
2nd if it goes beyond that (higher still) then wave 3 of a bigger C or 3 of a bigger 1 of a much bigger 5 is under way.

EG

I purchased the "Clever Profits Package" from source, one of their systems used three indicators that but I still didn’t find right software to provide indicators which I got in this package, can if anyone direct me to the proper source.

The indicators are

1. Elliot Wave Oscillator (EWO)

2. Elliot Wave Trend (EWT)

3. Elliot Wave Number (EWN)

DAX Daily
http://www.forexfactory.com/attachme...1&d=1244363832


Or ..........

http://www.forexfactory.com/attachme...1&d=1244363832

GBPUSD Daily

DAX is incorrect .The correct DXY (Dollar Index Future)

Just dropping by EG..... Happy independence Day!
hope all our kababayans see this too

cable-2-scenarios


http://sherifdabes.blogspot.com/2009...scenarios.htmlhttp://sherifdabes.blogspot.com/2009...scenarios.html

GbpJpy E.wave analysis:


http://sherifdabes.blogspot.com/2009...-analysis.html

hi,
i got the neely elliot wave indicator but its only showing previous waves i cant see waves forming in real ti,e but i can see them forming in backtesting but not in todays chart please check the indicator...

{ copyrighted attachment deleted by staff }

Hi. Neely is not for seeing real time vawes, it is for forming patterns, reassessing them, combining together and then predicting most likely scenario of market moves.

Indicator is working correctly, it is designed to show ongoing waves, mew segments of waves will be drawn just after the set period expires where highs and lows are searched and market in the order of their occurence.

each of us will have a comfort level using each indicator available.

this neely wave indicator, is just a tool that sometimes indicates a potentially correct count. But like any other indicator, it may also trace out a wave incorrectly. Manually wave tracing is still needed to validate a wave count.

do not be dependent on the indicators. use them as a tool but in the end you have to judge if it is tracing out the wave correctly or not.

have you noticed that this indicator uses up too much of your computer's memory resources?

EG

Current Cable View

And here is another view on why I think Cable is likely to go down.

EW plus Geometry and Technical Indicators

Looking at the weekly and Daily Charts, c or 3 of 4a is likely a 3 of 4a.
c or 3 is already more than 161.8% of a or1. Although for Cable it is likely to exceed the guideline for labelling a c or a 3.

But looking at the development of the waves, the weekly and the daily charts still indicate that the maximum retracement for a wave 4 has not been achieved at 1.618 of wave 3. So far it has just exceeded at bit of the 50%

Weekly also shows a Long upper shadow. Reversal may be close. Awaiting 1 more higher high. That scenario would fit an impending wave 5 to finish a 5 wave a or 1. So it could be 4a or a wave 1 up.


Looking at the 4th chart, you will see a blue lined box target which coincides with the 61.8% retracement. Timewise, it is still too early for it to achieve. That is why it is likely that price may retrace to that broken downward line you see on the 4th chart which could coincide with the 38.2% retracement which is quite often seen on a wave 4.


5th chart could see price testing that broken diagonal line above it or reaching the Median line of the upward pitchfork of the 4hr chart

6th chart shows potential for more upside move for Cable.

wave counting on the 30min would show potential wave 5 targetting the upper side of the box nearing the broken line which is actually a Schiff's Median line on the higher timeframe

EG

Cable potentially to rise this coming week towards 1.6500 where several resistance levels are located.

But I expect it to possibly fall to 1.5835 by October 4.

+/- 3 days

EG

1.6500 has been taken and target has been achieved.

Staying on the side for now till things clear out. There is still potential for price to go up some more. But we can't be too greedy on this.

Price is at a range where it could continue to go up or move sideways with a little upward move.

Better to wait till direction becomes clear.

Cable

Have already entered at 1.6545.

Pullback to 1.6321 was m first sign
Second sign was pullback to 1.6480.

No Divergence on the 4H yet. SO There is still potentially another high to expect.

We could be seeing a new high today towards 1.6750 or 1.6850.

Manage your risks

I will add at 1.6470 with a 20 pip SL

*** Changing SL to 1.6400. I just saw 1.6421 as a possible Support which was previously a 4hour Resistance.

Will accept the Loss of the rest of the trades if price goes lower than 1.6300

EG

The weekly chart shows Divergence on the MACD indicating a top for a wave C or a Wave 3.

Wave B or 2 on the weekly was more like a zigzag.
So we expect an expanded wave 4 if that was a W2.
The more potential then that price could still rise from here specially with how the candlesticks on the chart are developing.

Though not exact with this expectation of a rise toward previous high of 1.7042,

The other view would be that we have seen a top of wave C So it is expected that from 1.7042, everything will ultimately be downhill.

However,

Let us examine the wave development from 1.7042 down to 1.6119.

I would say it was basically a 3 wave structure. which could be an A wave as wave 1 down of a bigger wave 5 down cannot be in 3 wave structure.

So what we are seeing as a rise from 1.6119 is actually a development of a wave B which can be 61.8% or more of previous wave A as a retracement.

Note that because I am expecting an expanded wave 4 due to the zigzag wave 2, then wave B of this wave 4will have to rise higher than 1.66868 which is the 61.8% retracement of the bigger wave 3 on the weekly chart.

Price has opened above the median line of a daily pitchfork. though Daily candle has not yet closed, price is still hovering above an upper downward median line.

Daily and weekly Pivot levels are still below today's price.

If you are reading this and are new to trading, note the warnings.

The analysis you see here is a combination of various tools with EW. Trading is still basically managing your risks with the use of analytical tools.

EG

Placing multiple trades (within ones risk tolerance) at different levels allows us traders to take out some trades in profit early.

I would not wait until all of these trades are already in profit.

I could use a trailing stop. But I prefer locking in some profit by closing some trades.

Now letting the trades run. and reduced my exposure at the same time have set aside some profit for the day.

You can appreciate this strategy when you have realized your true tolerance to risk and have come up with a viable risk management scheme for your trades.

EG