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The Elliott Journey

  • #1
  • First Post: Edited May 28, 2014 8:25pm Sep 16, 2013 5:44am | Edited May 28, 2014 8:25pm
This tread started off as my trading using Elliot Wave (see my initial post below). Since Mar 2014 (6 months after I start this tread), I have successfully combined EW, Price Action and Price Pattern in my trading and I will adjust my posts accordingly.

The more I combine all 3 areas the more I have clarity over my trades and the more I will continue to examine the external and internal environment of my trading. The aim here is to find my own edge before I start my trading fund. I'm not a guru because there is so much more to learn about ourselves and the market. Also, I believe there are many traders that are better than me. I am on my way there but this is a journey and not a sprint.

If you think you can contribute to my journey, please feel free to comment, share your thoughts. If not, I wish you nothing but success and thank you for dropping by

Lastly, here's something my NLP coach share and I believe some of you will find it useful too.

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Posted on Sept 16 2013:
It's taken me awhile but I've finally managed to look at EW more seriously (Thanks to a certain someone). I hope to use EW with more precision and more consistency. More importantly, I hope it will complement all other TA skills that I have learnt in the past.

This Tread is to journal any EW charts that I may have and I hope to keep track of my progress with this.

Welcome to share your views, thoughts and charts.
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  • #2
  • Edited 6:43am Sep 16, 2013 6:05am | Edited 6:43am
Gold - is it currently in a WXY Correction? Looking at the chart, this is potentially a WXY within a WXY

If price goes higher, I'm probably right on the the above statement. If not, it looks like I have a 5 waves down instead (v2 chart). Let's see what I get from here.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 16 Sep - Gold 4Hr.png Size: 26 KB
Click to Enlarge Name: 16 Sep - Gold 4Hr v2.png Size: 20 KB
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  • #3
  • Edited 7:50pm Sep 16, 2013 7:33pm | Edited 7:50pm
AUDUSD - looking at the daily, it looks like a bearish 5+3 waves is near or at an end. Moving down the the 4 hr chart, the corrections waves was an ABC (5-3-5) pattern, I'm wondering if the aussie is ready to continue further south yet?

One thing that really bothers me is the weekly - it looks like this is also the end of the bullish 5+3 wave on the weekly. Waves are usually most messy at the end, until I get a clear impulse way, things will probably remain uncertain
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 17 Sep - AUDUSD daily.png Size: 23 KB
Click to Enlarge Name: 17 Sep - AUDUSD weekly.png Size: 29 KB
Click to Enlarge Name: 17 Sep - AUDUSD 4hr.png Size: 28 KB
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  • #4
  • Sep 17, 2013 2:30am Sep 17, 2013 2:30am
An overly extended cable? Surely this thing needs to reverse south at some point.. But until I get a clear ABC down, I'm going keep adding micron annotations to this bad boy

Attached are daily, 4 hr and 1 hr charts
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 17 Sep - GBPUSD daily.png Size: 25 KB
Click to Enlarge Name: 17 Sep - GBPUSD 4HR.png Size: 28 KB
Click to Enlarge Name: 17 Sep - GBPUSD 1hr.png Size: 26 KB
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  • #5
  • Sep 17, 2013 10:09pm Sep 17, 2013 10:09pm
Quoting TradeYourEdg
Gold - is it currently in a WXY Correction? Looking at the chart, this is potentially a WXY within a WXY If price goes higher, I'm probably right on the the above statement. If not, it looks like I have a 5 waves down instead (v2 chart). Let's see what I get from here. {image} {image}

Updated, looking for a reversal around 62% Fib, which happens to be prev low that could act as minor support
Attached Image (click to enlarge)
Click to Enlarge Name: 18 Sep - Gold 4hr.png Size: 27 KB
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  • #6
  • Sep 18, 2013 8:20pm Sep 18, 2013 8:20pm
Quoting TradeYourEdg
An overly extended cable? Surely this thing needs to reverse south at some point.. But until I get a clear ABC down, I'm going keep adding micron annotations to this bad boy Attached are daily, 4 hr and 1 hr charts {image} {image} {image}
Update on Cable - Channel overshoot, works well with EW

Also, Fib 1.62 Ext (drawn from W1 start, W2 start & W2 end)

Now all I need is a W4 which I expect it to be a 2 leg ABC down

Of course, with such PA momentum since FOMC release, I would expect price to go a little further before W4 starts
Attached Image (click to enlarge)
Click to Enlarge Name: 19 Sep - GBPUSD 4hr.png Size: 33 KB
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  • #7
  • Sep 19, 2013 2:41am Sep 19, 2013 2:41am
USDJPY
Looking at the daily, price break out of an abcde triangle and just retested the top of the triangle

going into the 1 hr chart,

  1. wave i = 12345 impulse wave and
  2. wave ii = abcde widening (may be) correction wave

currently, it looks like the start of wave iii (1 hr chart) but Wave 5 of a larger degree (daily chart).

This is my guesstimate but will need price for confirmation.

Attached Image(s) (click to enlarge)
Click to Enlarge Name: 19 Sep - USDJPY daily.png Size: 24 KB
Click to Enlarge Name: 19 Sep - USDJPY 1hr.png Size: 52 KB
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  • #8
  • Sep 20, 2013 12:38am Sep 20, 2013 12:38am
AUDUSD - Updated.

Made an error previously. EW requires that W3 must be > W1. Looks like we're still in W4, looks like there's more to go.. Also, channel still intact, my bias remains bullish for now
Attached Image (click to enlarge)
Click to Enlarge Name: 20 Sep - AUDUSD 4hr.png Size: 31 KB
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  • #9
  • Sep 20, 2013 4:10am Sep 20, 2013 4:10am
USDCAD - A quick look at the bigger picture. Not too sure what's happening next
Attached Image (click to enlarge)
Click to Enlarge Name: 20 Sep - USDCAD Daily.png Size: 33 KB
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  • #10
  • Sep 21, 2013 1:58am Sep 21, 2013 1:58am
Quoting TradeYourEdg
Gold - is it currently in a WXY Correction? Looking at the chart, this is potentially a WXY within a WXY If price goes higher, I'm probably right on the the above statement. If not, it looks like I have a 5 waves down instead (v2 chart). Let's see what I get from here. {image} {image}
Gold - updated.

Looks like an impulse wave in the making.
Attached Image (click to enlarge)
Click to Enlarge Name: 22 Sep - Gold 4Hr.png Size: 32 KB
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  • #11
  • Sep 24, 2013 10:21pm Sep 24, 2013 10:21pm
Quoting TradeYourEdg
{quote} Update on Cable - Channel overshoot, works well with EW Also, Fib 1.62 Ext (drawn from W1 start, W2 start & W2 end) Now all I need is a W4 which I expect it to be a 2 leg ABC down Of course, with such PA momentum since FOMC release, I would expect price to go a little further before W4 starts {image}
So far so good
Attached Image (click to enlarge)
Click to Enlarge Name: 25 Sep - GBPUSD 4hr.png Size: 31 KB
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  • #12
  • Edited Sep 26, 2013 1:42am Sep 25, 2013 11:06pm | Edited Sep 26, 2013 1:42am
Quoting TradeYourEdg
AUDUSD - Updated. Made an error previously. EW requires that W3 must be > W1. Looks like we're still in W4, looks like there's more to go.. Also, channel still intact, my bias remains bullish for now {image}
AUDUSD - Updated

W4 = falling wedge = complex correction

Looks like W5 will be a long one. Well, that's if it happens.
Attached Image (click to enlarge)
Click to Enlarge Name: 26 Sep - AUDUSD 4hr.png Size: 27 KB
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  • #13
  • Sep 29, 2013 10:10pm Sep 29, 2013 10:10pm
Quoting TradeYourEdg
{quote} So far so good {image}
GBPUSD - updated. The abc was much shorted than I expected. To a certain extend, its not surprising since the longer term price action seems pretty bullish. Nonetheless, no EW rules broken yet.

just a reminder, I'm still expecting a wave 4 at the end of wave v.
Attached Image (click to enlarge)
Click to Enlarge Name: 30 Sep - GBPUSD 4hr.png Size: 34 KB
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  • #14
  • Oct 1, 2013 7:58pm Oct 1, 2013 7:58pm
Quoting TradeYourEdg
{quote} GBPUSD - updated. The abc was much shorted than I expected. To a certain extend, its not surprising since the longer term price action seems pretty bullish. Nonetheless, no EW rules broken yet. just a reminder, I'm still expecting a wave 4 at the end of wave v. {image}
GBPUSD - update

ok, I got my abc and I got my i-v waves, now for a slightly larger wave 4. My gut feeling tells me something isn't right because the weekly is currently testing a larger down channel. The only consolation I have is that price hasn't tested the 1.628 yet (see daily). Will it get there? who knows.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 02 Oct - GBPUSD 4hr.png Size: 27 KB
Click to Enlarge Name: 02 Oct - GBPUSD daily.png Size: 41 KB
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  • #15
  • Oct 3, 2013 1:42am Oct 3, 2013 1:42am
Quoting TradeYourEdg
{quote} AUDUSD - Updated W4 = falling wedge = complex correction Looks like W5 will be a long one. Well, that's if it happens. {image}
AUDUSD - update

We got a nice and strong trend bar that broke the wedge (yellow circle) with conviction.

Now, looks like we're in the middle of Wave V - where wave i & ii of lesser degree just completed and expecting a wave iii to kick in, until price breaks above wave i, we have no confirmation yet.
Attached Image (click to enlarge)
Click to Enlarge Name: 03 Oct - AUDUSD daily.png Size: 20 KB
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  • #16
  • Oct 3, 2013 1:56am Oct 3, 2013 1:56am
Quoting TradeYourEdg
{quote} Gold - updated. Looks like an impulse wave in the making. {image}
Gold - update, can't tell if this is an impulse or correction yet. Looks more and more like a correction. Will stay out for now.
Attached Image (click to enlarge)
Click to Enlarge Name: 03 Oct - Gold 4 hr.png Size: 27 KB
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  • #17
  • Oct 4, 2013 2:36am Oct 4, 2013 2:36am
Quoting TradeYourEdg
{quote} GBPUSD - update ok, I got my abc and I got my i-v waves, now for a slightly larger wave 4. My gut feeling tells me something isn't right because the weekly is currently testing a larger down channel. The only consolation I have is that price hasn't tested the 1.628 yet (see daily). Will it get there? who knows. {image} {image}
GBPUSD - If you were following my earlier post charts, then my earlier calculations shows that we are now in Wave 4 and can expect another leg higher.

However, looking at how price is reacting to my downward channel, I could have made a mistaken on the count and we could be starting the corrective wave and not just a Wave 4.

Let's see if I can get another high from here.
Attached Image (click to enlarge)
Click to Enlarge Name: 04 Oct - GBPUSD 4hr.png Size: 32 KB
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  • #18
  • Oct 7, 2013 3:19am Oct 7, 2013 3:19am
Quoting TradeYourEdg
{quote} GBPUSD - If you were following my earlier post charts, then my earlier calculations shows that we are now in Wave 4 and can expect another leg higher. However, looking at how price is reacting to my downward channel, I could have made a mistaken on the count and we could be starting the corrective wave and not just a Wave 4. Let's see if I can get another high from here. {image}
GBPUSD - Turned around at 1.62 Fib, measured at W1 and W2

Let's see how far this can go
Attached Image (click to enlarge)
Click to Enlarge Name: 07 Oct - GBPUSD 4hr.png Size: 22 KB
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  • #19
  • Oct 7, 2013 10:46pm Oct 7, 2013 10:46pm
Quoting TradeYourEdg
{quote} GBPUSD - Turned around at 1.62 Fib, measured at W1 and W2 Let's see how far this can go {image}
GBPUSD - has correction ended at 1.62 (drawn from a-b)?
Still looking for W3 (of larger degree)
Attached Image (click to enlarge)
Click to Enlarge Name: 08 Oct - GBPUSD 4hr.png Size: 24 KB
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  • #20
  • Oct 10, 2013 10:13pm Oct 10, 2013 10:13pm
Quoting TradeYourEdg
{quote} GBPUSD - has correction ended at 1.62 (drawn from a-b)? Still looking for W3 (of larger degree) {image}
GBPUSD - so, we got a down move after wave ii. However, I did say (on 4th Oct) that I was somewhat uncertain if I was in a corrective wave C or a wave 4.

Looking at the divergence and the upward channel. It looks more and more that my original count was correct. If price moves above 1.626, then we are definite in Wave 5. Until then, the uncertainty continues to roam
Attached Image (click to enlarge)
Click to Enlarge Name: 11 Oct - GBPUSD 4hr.png Size: 32 KB
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