Elliott Wave Counting with EG

How often do you have right in you prediction ?


best regards

Thanks dude,

I am very busy and i try to learn on your charts who play Elliotl longer...


Please, post your charts and what you waiting to took a trade,that all beginers can learn ...



Seya

No I am not perfect with my forecast.

But good enough to have turned my portfolio to make me live a comfortable life.

Be warned that the risks I take are based on my own tolerance to risk and a money management scheme I feel comfortable with.

if your leverage is low, you can afford to turn a losing trade into a profitable trade by waiting for the retracement. But key there is to enter your trades at key support and resistance levels so that drawdowns are not that high.

At least you can control your losses as most likely price will return to test a support that it has broken thru to test again as a resistance and vice versa.

but generally, you do not even have to trade everyday.

in the past posts, you may see that there were those that I got right. yet I did not wait for price to reach it. Instead, I opted to exit my trades at a smaller profit.

To me, you do not need to squeeze every cent or dollor in profit. you need to learn to be satisfied with what you can comfortably live with. then this helps you to reduce your losses.

The more you wait to earn more from a trade, I have learned the hardway..... the higher your chances of losing.

Consider this, even with my early exit from profitable trades, I am still in a comfortable level of profit. What more if I stayed on. SO you see, you need not be perfect at all. But it helps when you trade based on multiple strategies and enter or exit when they all validate each other together with your EWA.

But that took 3 years of hardwork mostly 15-20 hours a day watching , studying and comparing charts and results while reading every material I could get my hands on.

Do not make the mistake of trading based on my comments on this trade, I do not necessarily trade based only on the comments I publish here. Although I do place the trades which I state here.

But you should not trade based on my trades alone. Because it is possible that these trades I enter and state here may actually have even up to 500 pips SL. at a leverage of 300:1. That may just wipe out your account.

So trade real money based on a system you have consistently made profit from on a DEMO account before you trade with real money.

Trade well.

EG

Hi,
I like your post and i intend to visit it regularly.I would like to know it my EW count is correct.From Daily chart GBP/USD wave 3 has started and wave (i) of 3 is complete,price at 1.6599 now is in a corrective wave (ii) of 3,now, wave (ii) of 3 has retracted up to 50.0 Fibonacci Level at 1.6531.I am thinking that can or will still retrace to 61.8 Fib. level at 1.6562 on the 1Hr chart before wave (iii) of three would start? Pls. note reverse head and shoulder on daily chart which i think can give Take Profit point for the wave 3.
Do you advice shorting at the 61.8 Fib level aiming for this exist.

Price is again ranging ner the DAily pivot level now.

4hr chart is still showing price to be in an area of indecision although likely bia still up.

1hr and 30min is at a level where it is trying to push thru a resistance level which once it succeeds could lead price to shoot to
1st 1.6540
2nd 1.6600
and maybe 1.7000 towards the end of the month

But price may still drop from the resistance area on the 4 hour chart asthere are other indications of this possibility.

I am leaving today so I will not be taking chances on my trades. So will not be trading now.

EG

Well, price did go up to 1.6540 up to 1.6566 and even attempted to retest it.

Daily candle has attempted to breach the area of resistance again and failed.
4hr chart shows price finally falling of an area of indecision. but could still attempt to retest if it can breach thru it.
1hr indicates a possible double bottom which increases a possibility of a retest of a resistance level likely towards the Daily Pivot level. also a near bullish engulfing candlestick teams up with the possible double bottom.

still not decided whether to trade now or wait further. have to go thru the different possible wave counts still.

EG

have no more time to go thru each chart. still not trading as I need to leave now,

Just signing on to learn. Big E

Welcome to the thread Big E.

I hope you get to pick up a few learnings from this thread. There are others too who have contributed well to this thread. You will just have to go back several tens of pages back.

Anyway, on to the able once again.

Whatever your wave count is ( as surely there will be multiple possible wave counts ) for Cable....

Monthly
seems to have ended its retracement or is likely just taking a short breather. Retracement has gone up to as much as a little over 50%. Maximum retracement if this was a wave 4 on the monthly is at 61.8& @ 1.76191.
Other upside targets based on several systems would point to the levels 1.77681 (unlikely as it is more than 61.8% retrace)
1.73357
1.70571
Note that last month's candlestick indicated a possible Bearish Engulfing candlestick (slightly- but technically still engulfing)
Internal wave counts indicate potentially a 123 or abc on the monthly on this move from the lows of 1.35020. Watching the monthly chart I am more inclined to have a bias toward the 123 now on the 4th and in the near future going for the 5th. And that this 4th wave development will take Cable down to 1.57508 level. This would coincide with a possible downward line of support brought about by a median line from a different timeframe.

The potential wave 2 which ended at 1.36530 was more like a zigzag. So I would expect this wave 4 to expand sideways.

Weekly
The weekly chart shows a Pinbar that reached a high of 1.70475 approx. then a pullback down followed by an attempt for a Bullish move again but later resulted in a bearish engulfing candlestick on the weekly. Still, Weekly canles are in an area of indecision trying to get out of this areA of resistance thru the top.
Currently candlestick is in a range its completion later this week could provide additional idea on where price would go next.
However, if price this week goes lower than 1.6152, more likely price will come down to the 38.2% retracement of the potential wave 3 on the monthly chart. Going down to the 50% retracement would be questionable as it will overlap with wave 1.
On the weekly chart, a possible level of support may be on 1.56504.

Daily
The Daily chart for me is not so convincing yet for Cable to be on its long way down. It is more likely that we will see a sideways action on the Daily chart.

From last Fridays long drop... it is likely we will be seeing some retracement till London session till 1.6350
Although the the weekly Pivot is at 1.63946 and the Daily Pivot is at 1.64798. Another possible level of Resistance would be 1.63574.

4hr
The 4hr chart though favours more move down but could see some retracement up in a few hours for a possible wave 4 on a wave 3 or "c" down. But Point s to further downward move till we see some form of Divergence on the 4 hour chart.

Entered 2 trades this morning or 2 hours back while I have set 2 other trade limit orders at 2 other levels.

EG

Have already exited the 2 trades for a total of 4.8% profit of original Capital but risk was at 250pips for each trade. Re-entered at the retracement but got out after checking 1min and 5min charts for breakeven.

Expecting some retrace here. Will likely enter new trades later if the wave development favours more downward move.

Overall, profit is good and I may just stay out for the rest of the day.

Time to spend more time with the son. He is enjoying playing pingpong these days and has been egging me to train him. That is fatherhood. Besides I need the exercise too

EG

2 Sell Limit Orders have been activated
1.6310 and 1.6340
Am expecting this to go higher so will need to wait on the sideline

I have 2 more Sell Limit orders above at 2 different levels.

30min shows possible corrective wave up
while 1hr shows lack of divergence to indicate possible end of 1 wave down on the 60min TF.

60min possibly shows a wave 4 of a bigger wave 3 or "c"


EG

After seeing the 1minute chart oscillator start to dip and providing a possible early profit on one of the trades, I decided to exit it for a few pips because when I checked the 15 min chart, There was no divergence yet and price was still climbing.

So I only have 1 live trade for now from 1.6310.

EG

Daily
Shows price falling off a lower median line of an upward pitchfork. This should signal a move down and having a wave count down bias. Although, candlestick formation may lead to a bullish engulfing candle after today which somehow will contradict the bearish wave count bias.

But note that price is under an area of resistance on the daily.
Oscillators do not exhibit any divergence yet and still points to a bearish move.
All move upwards since this morning may only indicate retracement after having made a large move down yesterday.

4hour
Price has just hit the 50% retracement of possible wave 3 or "c" and has also hit a line of resistance. although weekly pivot is still at 1.6394 close to the 61.8% retracement.
MACD on the 4hour seem to exhibit a need to complete a pattern to finish a wave 4 zigzag as wave 2 earlier seemed like an expanded corrective flat wave.

after this red candlestick on the 4hour chart, very likely there would be another candle or 2 trying to make new highs than what it has now which could extend towards the weekly pivot.

then price could continue to go down towards 1.59000 for the wave 5 of a bigger 3 or "c"


then a larger wave 4 retracement which could take Cable back to the range of 1.6425- 1.6375.

1hr
shows no divergence which support my view that we can still some more move upward for Cable. Price is trying to get out of an area or indecision to drum up some bullish sentiment

check your smaller timeframe wave counts to validate your views and wave counts on the higher time frames.

I hope these views help you in analyzing your chart.

EG

have already collected a profit of 2.8% for the day scalping.

although still holding the trade from 1.6310


pric e still looks like trying to complete another high to complete the need for divergence on the 15min and 30min TF

I was able to scalp for a buy trade while holding a short as the broker I use is not in the US.

looking at it now, I got out too early for a small profit other wise I would have earned more than double what I got if I held on to the long trade.

but that is the way I am. No need to squeez every pip on the table. better sure to have pocketed some pips compared to sitting up tight and hoping and wishing price keeps going in our favor.

With those small profits I have collected not even daily, one can manage to double their account capital even in less than a month.

always ensure that you set aside part of the profit.

the accounts I trade have already been trading with profit money. So this should give hope to all those who are still starting and those who like me have paid our tuition fee to get our trades on track.

discipline and conviction to stay on the line and detest greed.
this should lead you to profits in your trade.

I will now let price go to my trades as I have already set limit trades at multiple levels.

Off to bed for me now.

Good trading everyone.

EG

Good morning everyone.

I trust you all had a good trade the past hour. I just woke up and saw that 1 of the 2 Limit orders I set was captured and the other one was missed by just 6pips on the 4 decimal placed price. Still happy.

Daily still shows possibility of going down to 1.6093 on 1 system but could also still go down lower if it goes below previous low of 1.6112.

4hr exhibits a divergence on the oscillator but may extend still as MACD does not show completion of divergence yet. My bias is likely that price may still continue up some more within the next 48 hours.

But overall, in the next less than 24 hours, price may come down to complete wave count structure on the lower timeframes, but the 4 hour will be for moving up some more .

I might soon be taking what the market is offering me soon.

15min may drop till 1.6330 or 1.6310 to a previous resistance before going up again.

Note too that price has missed overlapping what I considered wave 2 of a bigger wave 3 or "c" with this last move up to 1.6394.

EG

if the current move down on the 15min chart is just a correction, I would be looking for c=a or c=a(1.618). But then again ccould also be a(0.618) too.

However, R2 on the daily may now be tested as support as it is also very near a level of potential bounce based on another system.

Yet could support an assumption to fit c=a for the corrective elliott wave I am proposing on the 15min chart.

EG

Did anyone notice that 2 hours before US Lunchtime, I was already mentioning the lack of divergence on the 15 min and likely the 30min charts.

True enough , price was consolidating at that time which was likely a wave 4 then price was pushed up 1 more time toward the weekly pivot and by lunchtime, many took their profits home. that completed the wave 5 of a c or 3.

Now we see price dropped after what transpired right before US Lunchtime.

targets for possible wave 4 down on the 15min chart ( if previous wave was a 3) is the former Daily R2. although price could also return to the end of the wave 4 of the previous wave 3 of the same degree which is at 1.6312

EG

5min chart may show a 5 wave structure going down but haspossible wave 4 overlapping with possible wave 1. This may still be a valid 5 overlapping corrective wave a of a bigger corrective wave and could be followed by a flat or a triangle wave "b" before cpming down again for the "c"

view wave counts on multiple timeframe to narrow wave count options overall as your wave counts on the lower time frames must also support your proposed wave count on the higher timeframes.

remeber that the waves on the smaller timeframes make up the waves on each wave count on the higher time frame above it.

30 and 60 min still point down for me. but the 15min now could be tracing the "b"wave for the flat corrective wave if it follows the guideline for alternation in corrective wave.

EG

1min chart likely finishing a wave "c" but is currently potentially developing the finishing touches on its wave 4 of a wave 3 of higher degree that makes up wave "c"

likely retracement down to previous resistance on 1min at
1.6356 which is lower than the 1.6357 based on another system

EG

Looks like another sell off on the Cable as the US session ends.

Let us see if this extends through the Asian session.

I am going back to bed.

EG