Elliott Wave Counting with EG

there is sameone makong many white the eeliot wave?

can u doubal u r accunt evry month?week? day?

what the avj win rat?

Taking a major hit today for a total of 750pips. an additional 10 pips per trade on each of those 3 long trades would have spared them. On the other hand, the hedge earned 310 by the time I was able to close them. So a total loss only of 440 pips.

250pip SL could not save the long trades.

due to the heavy rains here, Communication lines and my internet was not available until this afternoon.

SL for the long trades were already hit and the Short trades were in profit but reduced as it was starting to go up already.

over all for september, account is still 111.92% up from its capital from last friday's 150+%

part of the trading risks.

currently just watching now and waiting for a better set up for either a long trade or a short trade.

EG

trying to edit my post. but internet connection is too slow. I may not even be able to trade in this condition.

I have update my counts from my last post. I hope this counts makes more sense for everyone. This is a H4 chart and i believe we have entered the end of the bigger wave 4 which end nicely on the 31.8% Fib level.

Gd Luck!

minimum of 3% per month in earnings.

I would consider myself very lucky whenever I get to double the funds in a month. therefore it is very possible.

but a week or more so in a day to double an account, I would not count on that as I can not risk so much just to run after doubling my account.

safely earning at least 3% per month is more than what I could wish for.

In excess of that, I can increase my risk within the limits of my extra funds from earlier profits.

EG

Yes price has reached 31.8% retracement for that possible wave 3 retracement leading to a possible wave 4.

But I would be careful assuming that price is likely to go up now because in several of the systems I use,

price has finally breached a weekly Schiffs Median line which could lead to further moves down.

Divergence in the Daily is arbitrarily there but not so convincing yet.

Price has reached the range for the Daily S2 and the Weekly S1.

A bounce off the Weekly S2 would be a little more convincing for me.

There is also a major Supprt level at 1.5624.

And another system is providing indication that price will have a higher probability of coming down still. C=A is a bit exceeded already. next target for fib projection is towards 1.5286 which is above the weekly S3 and will lead to more than 50% retracement but less than 61.8%.

EG

Price retesting PreviousDay or Friday's Low now turned Resistance plus a number of other possible resistance levels allowed me to make 2 trades south which I have now exited for a total of just 50pips.

opportunity presented itself on the 15min chart while monitoring the 1min and 5min charts too.

Still possible for price to go up so waiting for a good set up again.. although bias is still south.

EG

Amat,

your wave 1 and wave 4 are overlapping.

that is only allowed in leading or ending diagonal triangles.

I would use expanding diagonal triangles mostly on corrective waves and not on motive waves or sparingly on motive waves.

I suggest to use channels and maybe stochastics to help you count your waves and you can add divergence to it too.

EG

Weekly shows possible bounce on support
But the daily seems to indicte a possible sideways move so a likely bounce too
the 4hr shows a likelihood of a southward move

The 1hr though needs to complete a move up
and the 30min indicate a move down.

but the 15min indicates a move up and so does the 5min.

watching the wave development of possible 5 wave structure or a 3 wave structure in line with divergence.

currently holding 2 new long trades now.

EG

1min and 5min price is staying in a channel and is about to breakout of an area of indecision.

15min may show possible divergence but there are other tools that indicate that price may still be moving up in the short term

EG

waiting for 1hrMACD to complete to zero. (minding my risk doing so.)

hi any one have idea about oil .i m stuck at 69 ...what u thik in this weekly range what going up or ................down ....

Sorry Ahmed I do not have oil on my charting platform.

Cable price broke the channel on the 1min and 5min.

I see divergence on the 1min that may indicate continued move up.

Some scalpers may have taken advantage of the few pips available earlier which we are seeing for those who still hold their longs with me which again are at risk inthe short term.

New channel for the 5min chart

EG

Watching price on the 5min chart getting squeezed in what could possibly form a symmetrical triangle which is a corrective wave in EW. meaning higher probability of a breakout to the top.

a failure though could lead to further move south..

watching and tracking price again using EW development validating with other systems.

Patience and discipline will really be essential to trading forex.

EG

Someone smarter than me should have taken profit in that brief run up.

the 1 min was showing a possible move down for a possible retrace as I still have a bias for the upside.

I still have a bias that 5min still lacks the internal divergence for a downward move . So I maintain the risk on my trade for the long trades.

But be warned that you must realize and accept your risk in this trade.

EG

stuck on the 3 trades now. was only able to grab about 10 pips on that drop.

setting TP at plus 2 and increasing my SL. If I am around to watch the trades, I will move my TP if it would seem to be better for profits.

but if my connection conks out again, the SL will take care of the trades until tomorrow.

6% was already available for the taking. not withstanding the current drawdown, take for the day is already at 7%

EG

TP @+2 was captured for 2 trades.
the 3rd one missed it by 2 tips to exit at plus 2 also

nursing 2 short trades now which were used to hedge the long trades while price was returning to the top.

Hello to you all,

I started trading Elliot Waves and studied them for 3 years. In that time I never made money trading Elliot Waves. Elliot's theorys were constructed around one or 2 markets and he never had access to intraday data. He certainly never looked at currency markets. His ideas were that markets unfolded in 5 and 3 wave sequences, remember this was in the 1920's. The markets now are worlds away from the markets that Elliot was looking at. In his day they might have worked. But, as I am trading now todays markets, would I want to be using a system based on a bunch of data and ideas going back nearly 90 years.

Look at any chart you like and see for yourself, markets no longer unfold in this way any more. The lure is sometimes they do, but sometimes does not really cut the mustard for me anyway.

Markets work according to chaos theory, grab some books on chaotic system theory, you can apply it directly to the market. Frequency doubling, chaotic collapse, you get to see it all in the markets. Streaks, you know the ones, where the market moves 100's of points on a news release, I read a book by a respected trader about Elliot Waves that said you should ignore streaks as they were not waves as such. Thats hard when your on the wrong side of the market watching your account collapse, hard to ignore that ;-)

My advice for anyone is sure read Elliot Wave theory, but take it for what it is, a theory it has never been proved.

All the best


Mike

out of the last short trade @+2.

now holding 2 short trades. setting TP @ 1.5600 and 1.5700 just incase I get disconnected again.

1min, 5min, 15min and 30min show price moving sideways and likely to lead down.

'But 1hr and 4hours going for long trade tendency..

EG

-52 pips on each of the 2 remaining trades now.

weekly shows possible bounce for a sideways move. but may continue down to complete next wave structure down.

daily shows more down move

4hr possible down to complete divergence on the 1hr

1hr possible sideways movement as it has already completed its MACD which I was watching for since yesterday or even last Friday.

30min is looking for more up move to complete divergence inside corrective wave whcih would complement 30min wave structure.

EG

In Addition:

5min, 15min and 30min price ranging in a narrow band above multiple levels and type or support on this short time frames.

But the 60min chart shows price encountering a medium size area of resistance.

all these comments are meant to point out what I see on my chart which help me or provide me some validation for a particular wave count on whatever time frame it helps for my EWA.

Elliott Wave Analysis is not for everyone. I am no expert on it either. But I can somehow use it in my price analysis.

Hello suj_cess .. I like your count on GBP .. for the time being .. I still am undetermined .. guess I will let the price action decide which count is right ... I believe GBP and EUR goes the same path ... so if your count is right about GBP then it will be as well for EUR .. .. anyway .. here is my chart on EUR .. I believe we are in the c leg of a bigger C wave .. which will take us somewhere between 4520-4490 ..guess my bias from that point is bullish .. ..

El Grande ... don`t know why but I guess you were unfocused the past couple of days .. ( I really hope I didn`t cross a line saying that ) .. I only meant it in a good way ..guess you should take your time "seeing" the waves ...I just came out of that phase .. so maybe I`m reflecting .. if this is the case then my apologies ...

No offense taken there MN.

I make my trades based on the wave count I think is developing.but I take validating signals from other tools to manage my risk.

I switch between multiple timeframes so I can calculate my risk incase wave development does not go along with my forecast.

that big loss was reduced with a hedge but isolated as that was one time when I could not access my trades due to the flooding we experienced here in the Philippines which cut power supply, communication and internet connections.

still overall, the account is in profit and is still UP 188% ( should be 118% ) net when my actual target is only 3% per month. So this is what I have been writing about all along. I may not always get my trades right on the wave counts, but I am able to manage my losses and still be lucky to more than double the account in a month .

EG