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Elliott Wave Counting with EG

  • #2,601
  • Edited 3:30pm Sep 22, 2009 3:09pm | Edited 3:30pm
Greetings from Lithuania. Ive decided to look deeper into the EW principle, as it lines up perfectly, with my trading method of chart patterns. Is your thread open for discussion, as im looking to post a few counts tommorow, for you to check out?

Regards.
  • #2,602
  • Sep 22, 2009 5:17pm Sep 22, 2009 5:17pm
Welcome to the thread belekas.

Sure, you are free to post your charts and your analysis here.

And so is evryone else who wants to. But very few seem interested.

Chart patterns fit very well with EW. You just need to now the rules and guidelines for EW and be able to associate these patterns with the wave development in EW.

I look forward to your posts here.

EG
  • #2,603
  • Sep 22, 2009 6:17pm Sep 22, 2009 6:17pm
Clear i waiting this few days

EUR USD Daily




Please post your charts for any pairs


Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Chart3.JPG Size: 104 KB
"Buy on fear, sell on greed !!!
  • #2,604
  • Edited 9:23pm Sep 22, 2009 7:21pm | Edited 9:23pm
Quoting Petar_Serbia
Clear i waiting this few days

EUR USD Daily




Please post your charts for any pairs


Regards

Good MAE Petar ,

I agree with you that we are at the end of wave 5 ..however I don`t think the sub count is right ..as your wave 4 got in the price territory of wave 1 ...unless you meant it as a diagonal triangle which quite honestly doesn`t look like one .. there is no converange as I see it .. I might be wrong as well ... I belive EUR now hit the lower end of the price target for wave 5 ...that might be it or again there might be a 20-30 pips from the current high "1.4840" left for the corrction to start .

El Grande : sorry for discussing EUR here in your thread ..my apologies buddy ..keep up the good work (y)
  • #2,605
  • Sep 23, 2009 2:01am Sep 23, 2009 2:01am
Quoting el grande
Welcome to the thread belekas.

Sure, you are free to post your charts and your analysis here.

And so is evryone else who wants to. But very few seem interested.

Chart patterns fit very well with EW. You just need to now the rules and guidelines for EW and be able to associate these patterns with the wave development in EW.

I look forward to your posts here.

EG
Thank you for a warm welcome el grande. I have ordered Robert Prechters - The Elliott Waves Principles, but it will take some time to reach me. What source do you find the most valuable?
  • #2,606
  • Sep 23, 2009 4:40am Sep 23, 2009 4:40am
Quoting belekas
Thank you for a warm welcome el grande. I have ordered Robert Prechters - The Elliott Waves Principles, but it will take some time to reach me. What source do you find the most valuable?

You can go to EWI site
http://www.elliottwave.com/

They have lots of material there which are actually free
http://www.elliottwave.com/club/

they also provide some videos for free.

I think they also have discussion of what you find in the book you ordered and this is presented as a course online for free.

I suggest you take a look at that while waiting for the book.

There is a book by Robert Miner and also by Balan who is possibly a Robert too.

Guess what. There's

Robert Prechter
Robert Balan
Robert Miner

Try to Google them and you'll come up with their books on EW.

There's Glenn Neely too. But My power's are having difficulty digging his work. Some say it is the most scientific explanation of EW. But I still need to get around it.

You can hook up with Adrian here at FF. I think he is more into Glenn's work.

I stuck with Prechter's work and enhanced my analysis with various technical tools and strategies including different forms of chart pattern studies both traditional, harmonic and Pesavento.

Overall, my way is a concoction of multiple methodologies that need to line up or validated a particular bias with higher percentage and added to it gut feel and what I see on my chart.

EG
  • #2,607
  • Sep 23, 2009 4:51am Sep 23, 2009 4:51am
Quoting Petar_Serbia
Clear i waiting this few days

EUR USD Daily




Please post your charts for any pairs


Regards

You might need to re assess your wave count on the EuroUSD chart you posted.

Wave 4 must never overlap with wave 1 unless you are expecting an ending diagonal triangle or a leading diagonal triangle impulse wave. use other tools to try and validate your wave count.

the wave 3 on your chart may actually be just the end of wave 1 of the wave 3 of the same degree as the previous wave and that could be the reason why it over lapped.

EG
  • #2,608
  • Sep 23, 2009 4:57am Sep 23, 2009 4:57am
I left multiple trades this morning when I left my office. I failed to exit at a small profit all these trades before I left.

I checked in the afternoon from an internet cafe and it was still in a drawdown. 2.5 hours later, I see price dive to 1.6329.

And My TP for these multiple trades was at 1.6320. JUST a matter of 9 points to have given me a good profit for the day.

So up to now I am still nursing these trades.

EG
  • #2,609
  • Sep 23, 2009 5:17am Sep 23, 2009 5:17am
Quoting MasterN
Good MAE Petar ,

I agree with you that we are at the end of wave 5 ..however I don`t think the sub count is right ..as your wave 4 got in the price territory of wave 1 ...unless you meant it as a diagonal triangle which quite honestly doesn`t look like one .. there is no converange as I see it .. I might be wrong as well ... I belive EUR now hit the lower end of the price target for wave 5 ...that might be it or again there might be a 20-30 pips from the current high "1.4840" left for the corrction to start .

El Grande : sorry for discussing...

No problem there. This is EW Thread. I just focused on CABLE but you are free to post charts for other pairs here. I or others will be able to help you with your wave counts

EG
  • #2,610
  • Edited 6:55am Sep 23, 2009 5:52am | Edited 6:55am
Quoting el grande
You can go to EWI site...
Thanks for reply. 3 books, and all by Robert's eh? hehe. During only 3 years that ive been trading, i have built a solid trading method that works for me well, in all market conditions. I cant complain, but as they say: sky is the limit Robert Prechter book is ordered and should reach me in 4 weeks time. So once i study it, i will post some of my thougts based on EW, and if it wont work for me, there wont be any problem at all, as im completely happy with my current trading. In the meantime, i will try posting something, if that makes sense EW'wise.

Safe trading and lots of green pips
  • #2,611
  • Sep 23, 2009 6:30am Sep 23, 2009 6:30am
charts which may be labelled in various ways for the EW count

EG
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 001_weekly_001.gif Size: 27 KB
Click to Enlarge Name: 001_weekly_002.gif Size: 28 KB
Click to Enlarge Name: 002_daily_001.gif Size: 36 KB
Click to Enlarge Name: 002_daily_002.gif Size: 27 KB
Click to Enlarge Name: 002_daily_003.gif Size: 29 KB
  • #2,612
  • Edited 10:06am Sep 23, 2009 8:50am | Edited 10:06am
here are my EW count on GBP and EUR both daily and on H4

honestly I`m stating to doubt the EUR count ..guess I will wait for a correction to get out of my trades with a limited loss .



EDIT: after reviewing my EUR chart for the 100th time ..I favour the fourth chart count more now .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp d1.gif Size: 18 KB
Click to Enlarge Name: gbp h4.gif Size: 15 KB
Click to Enlarge Name: eur h4.gif Size: 16 KB
Click to Enlarge Name: eur h4 2.gif Size: 15 KB
  • #2,613
  • Edited Sep 24, 2009 6:09am Sep 23, 2009 5:10pm | Edited Sep 24, 2009 6:09am
EURUSD Charts

Quoting MasterN
here are my EW count on GBP and EUR both daily and on H4

honestly I`m stating to doubt the EUR count ..guess I will wait for a correction to get out of my trades with a limited loss .



EDIT: after reviewing my EUR chart for the 100th time ..I favour the fourth chart count more now .

just a suggestion for your chart if only you want...

try pressing control-G simultaenously so that the grids are removed from your chart making it look less crowded.

unless you need those grids for your guide.

attached are my thoughts on EURUSD. I do not put numbers and letters as I have them on my mind. But I manually draw the thick lines to indicate the zigzag which represent my wave count and i differentiate different degrees based on the colours.

I usually start on the monthly to get the bigger picture always then evaluate the wave count development down the lower time frames.

These are just possibilities based on the system I use.

EG
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurusd_00001_monthly_003a.gif Size: 38 KB
Click to Enlarge Name: eurusd_00001_monthly_003b-weekly.gif Size: 35 KB
Click to Enlarge Name: eurusd_00001_monthly_003c-daily.gif Size: 47 KB
  • #2,614
  • Sep 23, 2009 5:22pm Sep 23, 2009 5:22pm
I do understand what you mean ... and quite honestly I don`t understand what is going on with EUR at the moment .. the thing is .. if you checked my GBP chart .. I think we are in a corrective C wave so I think GBP is going south ... when I check on USDIX as well I notice that it might have finished a wave 3 on a diagonal triangle .. I would attach a chart of it if you wish . so possible recovery to form wave 4 is what I expect ...

what I`m saying is .. with all that bearish signals .. and yet the EUR is going up .. that is why I was saying I don`t know where it is going .

oh and btw .. GBP daily closed as a pin bar a while ago .
  • #2,615
  • Sep 23, 2009 5:24pm Sep 23, 2009 5:24pm
after a long drawdown yesterday, I have just exited my multiple trades from yesterday for a substantial profit already. I will be out most of the day and I am satisfied with what I already got.

LeAving just 1 trade to follow the price today. the rest are in the bank.

EG
  • #2,616
  • Edited Sep 24, 2009 6:07am Sep 23, 2009 5:36pm | Edited Sep 24, 2009 6:07am
Quoting MasterN
I do understand what you mean ... and quite honestly I don`t understand what is going on with EUR at the moment .. the thing is .. if you checked my GBP chart .. I think we are in a corrective C wave so I think GBP is going south ... when I check on USDIX as well I notice that it might have finished a wave 3 on a diagonal triangle .. I would attach a chart of it if you wish . so possible recovery to form wave 4 is what I expect ...

what I`m saying is .. with all that bearish signals .. and yet the EUR is going up .. that is why I was saying...

for GBPUSD, yes bias is down. The weekly has sent 2 signals on the candlesticks the 1 highs which were a pinbar and an engulfing bearish candlesticks . that was why I stayed on yesterday despite the large drawdown.

but be careful with the pin bar yesterday as you need or I would need confirmation for this.

I am not a swing trader so when I see profits I grab it. Have taken out most of my trades except 1 which I am allowing to run.

Cable may continue to go down from here but there will definetely be retracements along the way.

I will get on the train when I see a good opportunity.

I have doubts about this being in a C wave already as I was looking for a 61.8% retracement going up and till now it has just been a bit above 50%

That is also the reason I take profits along the way and not go for the longer term trades as I will have more probable counts going both ways.

I hate to miss those small opportunites. I can be wrong many times and correct a few times. better to take advantage of the times I am correct than see the profits go the other way.

But that is just me.

EG
  • #2,617
  • Edited 6:06am Sep 24, 2009 5:37am | Edited 6:06am
checking in on my remaining trade..... and finally exiting it.

So you see my friends, you can also do it. you do not need to trade all the time. Select the higher probability trades ( which sometimes or even often times still may put one in a large drawdown). but if you have confidence in your analysis.... you can hold it to exit at minimal loss or a little profit or even allow it to run its course based on your forecast.

develop your own style and cultivate your discipline in trading. forget about greed. be happy even with the little profits given to us along the way.

EG
  • #2,618
  • Sep 24, 2009 6:18am Sep 24, 2009 6:18am
Hi everyone. This is my view on the gbpusd H4 chart.

This current corrective wave may not exceed 1.6100. I suspect that the next break out will be a strong impulse wave up with a high expectation that it will go beyond 1.7050. I hope everyone is collecting BUY positions as i see a very strong upward bias.

Happy pippin!
Attached Image (click to enlarge)
Click to Enlarge Name: gbp.JPG Size: 148 KB
Collecting pips
  • #2,619
  • Sep 24, 2009 8:47am Sep 24, 2009 8:47am
so far I hope I was right .. the count says that the C wave is unfolding in a 5 impulsive waves to the downside .. I believe if 3 = 1.61 * 1 then it should end at 1.6138 and then sub wave 4 will start .

I attached the chart to show what I mean ..
Attached Image (click to enlarge)
Click to Enlarge Name: gbp h1.gif Size: 14 KB
  • #2,620
  • Sep 24, 2009 12:39pm Sep 24, 2009 12:39pm
Quoting Suj_cess
Hi everyone. This is my view on the gbpusd H4 chart.

This current corrective wave may not exceed 1.6100. I suspect that the next break out will be a strong impulse wave up with a high expectation that it will go beyond 1.7050. I hope everyone is collecting BUY positions as i see a very strong upward bias.

Happy pippin!

Hello Suj_cess ...I think if you take a look at the higher tf ..the daily, for instence ...you will notice that we are in a correction phase . hopefully the chart will make sense ...according to that I believe that the rally will continue to 1.5800 before going back up to the 60xx again . tell me what you think
Attached Image (click to enlarge)
Click to Enlarge Name: gbp d1.gif Size: 18 KB
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