Well, a friend of mine is also suggesting the triangle in wave 4 and it might develop.
In both cases trend is down for GBPUSD. Triangle will add confidence to trade.
In both cases trend is down for GBPUSD. Triangle will add confidence to trade.
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- #3,478
- Oct 11, 2009 12:24pm Oct 11, 2009 12:24pm
well, i think we could start a lengthy discussion about use of probabilities in ew based trading, number of valid counts etc., but probably (heh) without any useful conclusion. so i do not want to go into that.
let me just include here an ew chart from lfb, which is very different from yours. so considering these inputs all i can say is that it is possible to create ew counts for the same chart which have very little in common.
it is my honest opinion that without any other rules than ordinary ew rules (and guidelines) there is simply not enough support for creating credible counts. Prechter or other ew book writers could not do that so there is clearly room for new innovations.
br,
R
let me just include here an ew chart from lfb, which is very different from yours. so considering these inputs all i can say is that it is possible to create ew counts for the same chart which have very little in common.
it is my honest opinion that without any other rules than ordinary ew rules (and guidelines) there is simply not enough support for creating credible counts. Prechter or other ew book writers could not do that so there is clearly room for new innovations.
br,
R
We will have to wait and see if this forecast will be correct.
Regarding the 161.8% guideline, well there are plenty of cases to accept the guideline and plenty of cases to reject the guideline. In my experience in wave theory application. It is always good to have extremes on your radar.
Wave theory is all about proababilities and in my experience there is no correct count and in many cases more than one count make sense and apply perfectly to the particualr situation. We have to select the count with the highest probability and be prepared...
