A possible Scenerio ...
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- #8,773
- Jan 25, 2010 2:40am Jan 25, 2010 2:40am
Hi ajs5274,
Its not necessary to have the same length for Wave-1 and Wave-5. In fact, quite often you'll see a truncated Wave-5 which means its just slightly higher (for bullish) than the Wave-3 ...
Length can be anything though, howeve a generally accepted view is that the Wave-3 should be the longest wave and if its not the longest than at least it should be the 2nd longest in length. We normally do not see it as a valid count if the Wave-3 is the shortest in lenght.
BTW, this reminds me one formula which a friend of mine had shared with us last year some time. He basically draws some trendlines to figure out the possible length of next up coming waves. I'll try to find it in my Inbox and post it here.
For EURUSD, I cant suggest any TP levels at this point, we first need to see whether or not its (the one I posted earlier) is a valid count and if the Wave-4 does terminate ... other wise it can become a Zig Zag thing later in the process. Another possibility is that the place where I terminated my Wave-3 is actually the end of Wave-i (smaller wave-i inside the larger Wave-3) and in that case things might get really ugly for EURO ...
I might be completely wrong though
Its not necessary to have the same length for Wave-1 and Wave-5. In fact, quite often you'll see a truncated Wave-5 which means its just slightly higher (for bullish) than the Wave-3 ...
Length can be anything though, howeve a generally accepted view is that the Wave-3 should be the longest wave and if its not the longest than at least it should be the 2nd longest in length. We normally do not see it as a valid count if the Wave-3 is the shortest in lenght.
BTW, this reminds me one formula which a friend of mine had shared with us last year some time. He basically draws some trendlines to figure out the possible length of next up coming waves. I'll try to find it in my Inbox and post it here.
For EURUSD, I cant suggest any TP levels at this point, we first need to see whether or not its (the one I posted earlier) is a valid count and if the Wave-4 does terminate ... other wise it can become a Zig Zag thing later in the process. Another possibility is that the place where I terminated my Wave-3 is actually the end of Wave-i (smaller wave-i inside the larger Wave-3) and in that case things might get really ugly for EURO ...
I might be completely wrong though
With Elliot wave count is a 5th wave normally the same in length as wave 1.?
(So we would be looking around the 1.3981 from the 4 our chart.)
Cheers
tks very much for all your infoi will work on it asap
its a bit like the idea i had about congestion and compression on the multi time frame ichimoku.
congestion was when 5 m ichi span inside 1 h ichi spans
and x candles inside 1 h ichi spans
afther that bi g move coming most of the time .....
compression was calculating a global cloud
of 2 times frames 5m and 1 h
and trade only when global cloud was very narrow.....
tks
recidiviste
:nerd:
BROKENGLISH- #8,777
- Jan 25, 2010 3:45am Jan 25, 2010 3:45am
Hi ajs5274,
Its not necessary to have the same length for Wave-1 and Wave-5. In fact, quite often you'll see a truncated Wave-5 which means its just slightly higher (for bullish) than the Wave-3 ...
Length can be anything though, howeve a generally accepted view is that the Wave-3 should be the longest wave and if its not the longest than at least it should be the 2nd longest in length. We normally do not see it as a valid count if the Wave-3 is the shortest in lenght.
it always nice to try and predict what the market is going to do next despite the fact that this is impossible, Elliott waves fall into this category as all the other methods, and the only time an elliott wave is accurate is after the fact, or when it is a simple cycle of a lower order. the moment we enter into the higher orders of primaries and cycles and supercycles, interpretation is open to the persons experience and perception and a wave three becomes an extended 1 or a 2 becomes an aberration or a five is truncated..... as long as one is aware of the limitations of this method, then Elliott wave is as good as any other method of analysis.
just my view on this subject having read all Prechter's books and been subscribed to his Elliott wave theorist and financial forecast and short updates for the whole of last year.
- #8,778
- Jan 25, 2010 4:09am Jan 25, 2010 4:09am
Hi lbTrader,
How is life mate ? been long since I touched base with you
Well, to start with, I would say that I agree as well as disagree with your points.
EW, like any system works when someone is doing it right. Its quite funny that how the guys here in this forum are able to predict profitable trades by using Ichimoku but then there are a thousands of traders around the world who think that its not a good system and it only works sometimes. I've seen complaints from people saying that why sometimes the Weak TS/KS cross goes a long way but a Strong Cross dies just after few pips ... People also complaint that why sometimes the price is able to break a really long and thick cloud but sometimes even a thin cloud acts as a resistance sounds familiar isnt it
I guess its all about developing an understanding and perhaps a friendly relationship with a particular system and that my friend takes a lot of time, effort, hard work and perhaps watching / studying thousands of charts and trades before a trader is able to get the handle on a particular system.
EW, in comparasion to other systems takes bit longer to develop an understanding and there are various stages of expertise in this area.
If anyone is interested in learning more about EW, I would suggest to become a regular visitor (of course a quite one in the beginning) of DailyFX EW Forum Room, IMHO there are some of the best EW guys out there and reading them is a true privilege ...
Just 2 cents as usuall ...
How is life mate ? been long since I touched base with you
Well, to start with, I would say that I agree as well as disagree with your points.
EW, like any system works when someone is doing it right. Its quite funny that how the guys here in this forum are able to predict profitable trades by using Ichimoku but then there are a thousands of traders around the world who think that its not a good system and it only works sometimes. I've seen complaints from people saying that why sometimes the Weak TS/KS cross goes a long way but a Strong Cross dies just after few pips ... People also complaint that why sometimes the price is able to break a really long and thick cloud but sometimes even a thin cloud acts as a resistance
sounds familiar isnt it I guess its all about developing an understanding and perhaps a friendly relationship with a particular system and that my friend takes a lot of time, effort, hard work and perhaps watching / studying thousands of charts and trades before a trader is able to get the handle on a particular system.
EW, in comparasion to other systems takes bit longer to develop an understanding and there are various stages of expertise in this area.
If anyone is interested in learning more about EW, I would suggest to become a regular visitor (of course a quite one in the beginning) of DailyFX EW Forum Room, IMHO there are some of the best EW guys out there and reading them is a true privilege ...
Just 2 cents as usuall ...
Hi,
it always nice to try and predict what the market is going to do next despite the fact that this is impossible, Elliott waves fall into this category as all the other methods, and the only time an elliott wave is accurate is after the fact, or when it is a simple cycle of a lower order....
- #8,780
- Jan 25, 2010 4:45am Jan 25, 2010 4:45am
Hi lbTrader,
How is life mate ? been long since I touched base with you
Well, to start with, I would say that I agree as well as disagree with your points.
EW, like any system works when someone is doing it right. Its quite funny that how the guys here in this forum are able to predict profitable trades by using Ichimoku but then there are a thousands of traders around the world who think that its not a good system and it only works sometimes. I've seen complaints from people saying that why sometimes the Weak TS/KS cross goes a long way...
