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Elliott Wave Trading

  • #5,061
  • Jan 24, 2011 6:11am Jan 24, 2011 6:11am
this is a bit better picture . a break of 1.3490 needed to confirm it s going down then 1.3395
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  • #5,062
  • Jan 24, 2011 6:13am Jan 24, 2011 6:13am
Quoting Raza
........
me too

Quoting Geordieboy
Hi everyone

Like most unfortunate people, I have to work during the day. I am pretty sharp trading on the 15 mins charts, but due to commitments, I am forced to trade the Daily Charts.

Can anybody here let me know where the best place to get started on Elliott Wave Theory is please? I have Prechters book.......but I would like a little more to subsidise it and get going with this.

Kindest Regards and keep the pips rolling in!!

hi Geordieboy...

for the timeframe in EW application... ignored bout it...

just remember time scale and with related to its wave of degrees from lesser to higher..

hmmm.. thats good for get started learning on EW by Prechters
  • #5,063
  • Jan 24, 2011 6:15am Jan 24, 2011 6:15am
Quoting nawafasad1
this is a bit better picture . a break of 1.3490 needed to confirm it s going down then 1.3395
hmmm

Extension W(i)
and fib 0.618 from (ii) - W(iv)

hmmm
  • #5,064
  • Jan 24, 2011 6:17am Jan 24, 2011 6:17am
time is an imprtant factor
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  • #5,065
  • Jan 24, 2011 6:20am Jan 24, 2011 6:20am
Quoting smilemiz
hmmm

Extension W(i)
and fib 0.618 from (ii) - W(iv)

hmmm
hmmmmm is that good or bad
  • #5,066
  • Jan 24, 2011 6:36am Jan 24, 2011 6:36am
Quoting nawafasad1
noone could be sure when a wave is finished . we only look for set ups at levels of res or support . retracments and projections of waves are not fixed . wave 4 could be 38,2 fib retracment of wave 3 or 61.8 or 50 % wave 5 could be 138.2 or 161.8 fib ext of wave 4 taken from 3 . 2 could be 100 % of wave 1 . first wave 2 pullback was 76.4 fib of 1 second wave 2 was 61.8 fib of wave 1 . wave 4 was a bit more than 31.8 fib of wave 3 .wave 5 was 161.8 fib as its shown on the chart . but you really missed that we are at 50% fib of the rally to the downside...
Well, with all due respect I feel there is a more consistent way of identifying targets. Elliott intended this as a forecasting tool - not a retrospective one... Also Elliott always insisted that there are harmonic relationships in related waves and I agree. I just differ in the manner of counting waves and when the right count is recognized the stalling points are most definitely identifiable...

I may still be wrong... 1.3642 is a 66.7% projection in my Wave -v-. It has bounced from my support but still has to prove the next leg higher and until then we have to wait and see. However, the low we have just seen is now an effective stop & reverse level...
No I haven't got the wave structure wrong! I've corrected it!
  • #5,067
  • Jan 24, 2011 7:00am Jan 24, 2011 7:00am
Keep up the great work on EW, guys.
I don't understand it, but I like it very much.
  • #5,068
  • Jan 24, 2011 7:14am Jan 24, 2011 7:14am
Quoting Ian Copsey
Well, with all due respect I feel there is a more consistent way of identifying targets. Elliott intended this as a forecasting tool - not a retrospective one... Also Elliott always insisted that there are harmonic relationships in related waves and I agree. I just differ in the manner of counting waves and when the right count is recognized the stalling points are most definitely identifiable...

I may still be wrong... 1.3642 is a 66.7% projection in my Wave -v-. It has bounced from my support but still has to prove the next leg higher and until...
i have all respect for the way you count and i could follow it and the way you look at waves in 3 count not 5 of wave 3 and wave 5 and i was merly showing that there s a level of intrest at the high we reached whether it will reverse or is it only a pullback is to be seen . thank you for being here to disscuss it with us and dont mind me im only a trader
  • #5,069
  • Jan 24, 2011 8:27am Jan 24, 2011 8:27am
Hello respected seniors and hi fellow people,

I am learner of EW .. and have been trying to learn EW for sometime.. i have tried ways like fibo and EW calculator .. but still i am not able to get the accurate method of spotting the end and the start of each wave.. If someone cud post some links or hints on learning and spotting the start of wave and end of wave (atleast approx) it would be a great help for learners like me...PLS EW specialist have pity on us and share ur secrets..
Thanks for your help and kindness in advance.

  • #5,070
  • Jan 24, 2011 8:46am Jan 24, 2011 8:46am
Quoting preethaforex
Hello respected seniors and hi fellow people,

I am learner of EW .. and have been trying to learn EW for sometime.. i have tried ways like fibo and EW calculator .. but still i am not able to get the accurate method of spotting the end and the start of each wave.. If someone cud post some links or hints on learning...
sure preethaforex..
  • #5,071
  • Jan 24, 2011 8:49am Jan 24, 2011 8:49am
Quoting nawafasad1
hmmmmm is that good or bad
hmmm.. sorry nawafasad1.. my direction is up

sorry to say again.. im sorry..

what i see is now..

1st segment
2nd segment corrective

and then

extension waves progressing

in 1 hour for EURO


hmmm.. from my last comment in your chart is

extension 1st wave with some fib..

but (sorry to say again) , the arithmetric for that criteria just now.. not really to FIT..so im denied
  • #5,072
  • Jan 24, 2011 4:34pm Jan 24, 2011 4:34pm
Quoting preethaforex
Hello respected seniors and hi fellow people,

I am learner of EW .. and have been trying to learn EW for sometime.. i have tried ways like fibo and EW calculator .. but still i am not able to get the accurate method of spotting the end and the start of each wave.. If someone cud post some links or hints on learning...
If you like the calls I made over the past few days then you may wish to consider Harmonic Elliott Wave.

:nerd:
No I haven't got the wave structure wrong! I've corrected it!
  • #5,073
  • Jan 24, 2011 5:47pm Jan 24, 2011 5:47pm
Ian whats your take on EW basic rules... in this day and age is it still important to make sure they aren't violated?

i have made an EW count on h4....wave 1 being the extended wave, wave 3 in this case isn't the longest wave but does fit in nicely with a fibo level... and wave 5 i see being a 1.618% fibo projection of wave 3 - pointing also at 1.3706... i have also violated a couple of rules of EW where wave 4 is entering wave 1 in the minor waves...

yes i know its a pretty idiotic thing to do trying to break ew rules but any help would be appreciated... be gentle - i am still a beginner
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  • #5,074
  • Jan 24, 2011 6:01pm Jan 24, 2011 6:01pm
Quoting jaylovin
Ian whats your take on EW basic rules... in this day and age is it still important to make sure they aren't violated?

i have made an EW count on h4....wave 1 being the extended wave, wave 3 in this case isn't the longest wave but does fit in nicely with a fibo level... and wave 5 i see being a 1.618% fibo projection of wave 3 - pointing also at 1.3706... i have also violated a couple of rules of EW where wave 4 is entering wave 1 in the minor waves...

yes i know its a pretty idiotic thing to do trying to break ew rules but any help would...
Hi. I think wave 4 could end at 1.3243 and wave 5 must have ended at 1.3687/8, 423.6% length of wave 1. Try to draw fibo yourself.
  • #5,075
  • Jan 24, 2011 6:13pm Jan 24, 2011 6:13pm
Quoting funnyboy
Hi. I think wave 4 could end at 1.3243 and wave 5 must have ended at 1.3687/8, 423.6% length of wave 1. Try to draw fibo yourself.

is 423.6 considered valid fib level? I've not come across that level before... though your count seems to make sense... I will redraw again.. many thanks
  • #5,076
  • Jan 24, 2011 10:12pm Jan 24, 2011 10:12pm
Quoting jaylovin
Ian whats your take on EW basic rules... in this day and age is it still important to make sure they aren't violated?

i have made an EW count on h4....wave 1 being the extended wave, wave 3 in this case isn't the longest wave but does fit in nicely with a fibo level... and wave 5 i see being a 1.618% fibo projection of wave 3 - pointing also at 1.3706... i have also violated a couple of rules of EW where wave 4 is entering wave 1 in the minor waves...

yes i know its a pretty idiotic thing to do trying to break ew rules but any help would...
u r good..

be patient to learn and study..

may i correct your chart.. hope u dont mind.. OK
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  • #5,077
  • Jan 24, 2011 10:45pm Jan 24, 2011 10:45pm
Quoting jaylovin
Ian whats your take on EW basic rules... in this day and age is it still important to make sure they aren't violated?

i have made an EW count on h4....wave 1 being the extended wave, wave 3 in this case isn't the longest wave but does fit in nicely with a fibo level... and wave 5 i see being a 1.618% fibo projection of wave 3 - pointing also at 1.3706... i have also violated a couple of rules of EW where wave 4 is entering wave 1 in the minor waves...

yes i know its a pretty idiotic thing to do trying to break ew rules but any help would be...
Well, on extended waves... I think they're license to make up whatever you want... Nobody ever seems to be able to forecast when they're going to happen and where each leg stalls... Prechter certainly has no clue!

I find 161.8% is rarely ever seen in a Wave (iii) but more in a Wave (c) projection. Even then it's not that common. However, I do see the 161.8% in Wave (c) being one of the reasons that the original Elliott structure was misjudged.

The only time I see Wave iv overlapping with Wave i is in a Wave (c) situation and then in a corrective structure and not a true impulsive one. To me it's wave relationships in the right manner that make all the difference... I cannot look at wave structure in the traditional way any more... It just doesn't make sense to me!
No I haven't got the wave structure wrong! I've corrected it!
  • #5,078
  • Jan 24, 2011 10:48pm Jan 24, 2011 10:48pm
Quoting jaylovin
is 423.6 considered valid fib level? I've not come across that level before... though your count seems to make sense... I will redraw again.. many thanks
yes, it does happen. Divide 233 by 55 (ie 3 numbers back in the Fibo sequence...) It's normally seen in a Wave (iii). Never seen the end of Wave (v) being a 423.6% projection of Wave (i)... Never really tested it so I'm not saying it's wrong. Fibo relationships often do this type of thing...
No I haven't got the wave structure wrong! I've corrected it!
  • #5,079
  • Jan 24, 2011 11:02pm Jan 24, 2011 11:02pm
Just as an update... I feel the stronger argument is for the high to be in even if it didn't reach my favored target... The small caveat I'll add is that the rally from 1.3539 is not the clearest of structures so best keep an eye on the 1.3700-05 target if it rallies - and also the 1.3749-54 85.4% projection. There are decent bearish divergences - hourly & 4-hour - which help but we need some deeper losses to confirm these. Also I see USDCHF needing a final decline though this could be done without EURUSD rallying...
No I haven't got the wave structure wrong! I've corrected it!
  • #5,080
  • Jan 24, 2011 11:10pm Jan 24, 2011 11:10pm
Hello Ian,

Whats your take on UJ? With interest rates left at near zero.
Mediocrity is costly, contentment is great gain.
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