Elliott Wave Counting with EG

There are some commercial programs that do it, but cost a bit.

Do some searches, they are easy to find.

There are softwares in the market that are claimed to have the ability to mark EW. But they are expensively priced and may not even be that reliable.

If you want free tools for EW, I recommend developing what you have right between your ears. That would really be the most powerful tool for EWA.

EG

Thank you very much

But sometimes we need to compare what in our head to what in others

TKS

Out @ 1.6044 for over 6% gain on my original Capital.

I may have missed quite a number of pips again. But that is still double my monthly target.

Your mind set on what your target is plays an important role in becoming profitable.

Stop thinking of milking the market to the last pip it can offer.
The more you think that way, the more the market will milk your capital to the last pip.

Stay safe. Trade well.

EG

Cable


Looks like going for a retracement or a reversal after hitting WR1 @ 1.6110

MY new long @ 1.6044

Price may continue to go down for the retracement

But my higher time frame is still UP.

So will trade this as I will be around to check on the cgart from time to time today.

Attached is a chart with 3 possible ways to label the charts for EW. Zigzag drawn manually.

EG

Update:
4th way to label the chart
all 4 ways signal a retracement for me for some more move to the upside for at least a possible failed retest of the resistance or a weak break out for a new higher high at most at the 4hr chart.

Daily chart is still indicating a down move

While the weekly seems to have made a bounce for a sideways expansion.

EG

Cable 5min

Adjusted 5min wave count where internal w3 extention structure is visible from 5min to 15min charts

EG

Update:

the 38.2% retrace for w4 was what I was expecting as it was not yet there when I started setting up my chart. and in an instant price just climbed to reach that 38.2% retrace. Let us see if that holds. I just noticed it when I was reviewing what I posted.

Cable

1min and 5min is most likely tracing out the internal wave counts of a retracement down on the 15min up to 60 min charts

4hr chart also exhibits this retracement as a slight move down

I am looking at possibly adding a long trade @ 1.6000 just above the 1.5991 Potential Major Support on the 15min Chart

Entered @ 1.6021 earlier than the 1.6000 Limit Buy which I already cancelled.

Leaving the trades to run.

Initial targets

1.6150
1.6250

EG

With 2 Long trades left over the weekend.... it is a total of 375 pips drawdown.

This will be an early challenge to see if I can get this trades out with minimal loss or be able to recover to wards profit.

Trades will be tight as I will have to arrest the drawdown and exit at a point where there is a high probability that the long trades will be able to recover.

attached are some of the ideas I see on my charts.

EG

yes agree with your thought and chart..


see below the chart.. elgorated , zizzag

http://i35.tinypic.com/zy6mtd.png

To arrest the drawdown, I made 2 short trades @ 1.5857 reducing drawdown from 375 to 361 pips. Not much but ......

I may not be around to nurse my trades today...

EG

Analysis:

Weekly shows price to still be in a possible range up to 1.6800 and shows possibility of a short term down if monthly is Bullish even in the shorter term.

Daily seems to be pointing still south thereby possibly validated by a potential Head and shoulder pattern.

On the otherhand, if this is a w4 nearing completion (due to the 38.2% retracement of possible w3 and price nearly bouncing off the support level coinciding with the 38.2% retracement, then we may expect possible bullish move by London session.

Price till then will likely be in a range before really going up.

However, price can still continue to come down if it breaks that first GOLD Support level and come down to the next possible support which is near 1.5100. For a wave following the Guideline for Corrective waves, C = A(1.618) @ 1.5225 must be noted.

More than this, Price is likely to trace out the target for the H&S which is much lower toward the 1.4500 level. That would also break the maximum possible retracement of 61.8% for w4.

If this happens, then we would be in a bigger wave 5 down and that would be the continuation of the Longer term Bear Trend

Revising the wave count structure for w31 to leading diagonal triangle (March-April 2009)

EG

Seems like Cable will be seeing the 1.5600 level and it could be today as it breaks thru the Low of last Friday.

Will be looking to enter an extra trade or maybe temporarily exit prior to a short retracement UP.

Break thru the 38.2% retracement of w33 will increase chances of more move down.

Pivots would show price to be below the Daily and the Weekly Pivot

SR levels may show possible Support Levels below Price which may be very weak considering what Naked Charts are telling us.


EG

I tried squirming my way out of the drawdown for awhile.

exited @ 1.5929 for 56 pips total profit which should have brought down my drawdown.

These were done using the triggers from 1min TF.

I was not going to make a counter trend move but only wanted to re-enter at a higher level to reduce the drawdown. I still think there is more room to go down.

However, after seeing price bounce off a 1min temporary support level while none were found on the higher TFs. I decided to get back with my Shortrades and entered @ 1.5818 and 1.5820.

Totalm net drawdown increased slightly to 379 pips from a low of 361 pips.

Price I had to pay for taking my chance while still watching my charts.

EG

bro can you draft EW for GJ?

Cable short trades out @ 1.5751

Waiting for a new opportunity be it short or Long trade. But ready to protect the Long trades again.

EG

Update:

1min "Resistance level is seen @ 1.5808

but 5min to 60min show 1.5869 as strong Resistance Level.

4H has shown 1.6113 as the level to surpass. Price may have found a Support at 1.5728 where the WS1 and the Daily S1 are at.

Next possible support bellow that is where we have the weekly S2 and Daily S2 are near 1.5667

EW count on the 4hr to the Daily still allows this for the w4 inside a higher degree w3.

Sorry... I do not have that right now. I do not usually spend that much time on pairs I do not trade.

EG

is ok thanks