Will it goes down to the area ? potential profit 40-70pts 1:2 - 1:3.
I do not know , lets see ...
I do not know , lets see ...
I Can be What I Will to be
- #7,843
- Edited 12:11pm Jan 16, 2017 11:40am | Edited 12:11pm
- Joined Feb 2014 | Status: Trader | 1,796 Posts
There are concerns in recent discussion about too big a size of present EURUSD corrective 4th wave started since Mar 2015, that it is impossible for such 4th wave correction to exist. I understand, because I used to think that way, too and missed out on many possibilities, until I got out of it.
1. The point is this 4th wave is impossible as compare to what? Compare to our own expectation of what a market corrective pattern should be? or do we compare to the size of other corrective patterns of the same degree that exist in the past, as such:
I think present correction is comparable (including the proposed projection) and no where near impossible.
2. One of EW most important rules, the 'Rule of Alternation' suggested alternation between wave 2 & 4 in terms of price range, complexity, duration and construction patterns, but did NOT limit the sizes of how small or how large these waves should be.
3. Here's some examples of wave 2 & 4 alternation within impulse waves in FX markets in various TF :
1. The point is this 4th wave is impossible as compare to what? Compare to our own expectation of what a market corrective pattern should be? or do we compare to the size of other corrective patterns of the same degree that exist in the past, as such:
I think present correction is comparable (including the proposed projection) and no where near impossible.
2. One of EW most important rules, the 'Rule of Alternation' suggested alternation between wave 2 & 4 in terms of price range, complexity, duration and construction patterns, but did NOT limit the sizes of how small or how large these waves should be.
3. Here's some examples of wave 2 & 4 alternation within impulse waves in FX markets in various TF :
Elliott Wave for optimum entry, exit and risk management of trades
- #7,846
- Jan 16, 2017 2:48pm Jan 16, 2017 2:48pm
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #7,848
- Jan 16, 2017 8:28pm Jan 16, 2017 8:28pm
Good Day Everyone,
My attempt for EUR/AUD H4,
Thinking prices broke down momentum, Wave (a) up next.
Thanks
My attempt for EUR/AUD H4,
Thinking prices broke down momentum, Wave (a) up next.
Thanks
Good Day Everyone, My attempt for EUR/AUD H4, Prices near Daily supported levels. From H4 perspective, waiting for down momentum to break. Thanks [email protected];2139228 {image}
"The markets can remain irrational longer than you can remain solv
- #7,849
- Edited 7:52pm Jan 17, 2017 7:23pm | Edited 7:52pm
- Joined Feb 2014 | Status: Trader | 1,796 Posts
Elliott Wave for optimum entry, exit and risk management of trades
- #7,850
- Jan 18, 2017 2:21am Jan 18, 2017 2:21am
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
{quote} What's do you mean by the 'right view', 'right look', ratio of wave 2 & 4, & which guidelines & rules I may have missed. And how orderly (as oppose to random) do you expect wave counts to be? I appreciate your comments & would help greatly with some illustrations and charts.
I posted a chart the other night of an observation on the UJ and labeled it complete in 5w;
I only noticed it because i saw waves 1&5 of equal length, but then i realised that i simply didn't like the look of it. Firstly, the absence of an extended wave (especially the 3rd) does not fit as does not the look of waves 2&4, they look out of proportion to each other thus wave 4 (indicated) is likely still a wave 4, but of a lesser degree (of the 3rd wave). A quick rejig and i saw that it was more likely this count;
Overall it still means that it is in 5w, simply that the first reaction when market opens should be down!
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #7,851
- Jan 18, 2017 2:22am Jan 18, 2017 2:22am
Good Day Everyone,
My attempt for USD/JPY H4,
Thinking last wave down after break of corrective momentum to complete Wave (c).
Thanks
My attempt for USD/JPY H4,
Thinking last wave down after break of corrective momentum to complete Wave (c).
Thanks
"The markets can remain irrational longer than you can remain solv
- #7,852
- Jan 18, 2017 2:31am Jan 18, 2017 2:31am
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
I explain the sequence in the link below;
http://www.forexfactory.com/showthre...80#post9451180
but i will quickly post the follow on charts from the UJ above, just to show how to use fibs to confirm wave counts;
So the 61.8% extension of waves 0-3 for 5th wave end (as projected above) was perfect, but it went on to print a LL. Another test of fibs sees that it was exactly 200% of wave A, thus an irregular B, so we head back in our C wave, knowing we have minimum another 5w set to follow;
Again the 5th wave hits it's 61.8% projection to the pip and reacts. The UJ does love it's fibs at the right times...
http://www.forexfactory.com/showthre...80#post9451180
but i will quickly post the follow on charts from the UJ above, just to show how to use fibs to confirm wave counts;
So the 61.8% extension of waves 0-3 for 5th wave end (as projected above) was perfect, but it went on to print a LL. Another test of fibs sees that it was exactly 200% of wave A, thus an irregular B, so we head back in our C wave, knowing we have minimum another 5w set to follow;
Again the 5th wave hits it's 61.8% projection to the pip and reacts. The UJ does love it's fibs at the right times...
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #7,853
- Edited 12:00pm Jan 18, 2017 6:55am | Edited 12:00pm
- Joined Apr 2011 | Status: NQ eta moi lybov... | 3,030 Posts
The importance of using fibs to confirm counts;
This was one of three options i had for the UJ earlier, as overall trend was up (as per earlier charts) and a pullback had reacted off of the 50% retracement level (not a fib), but had not gone on yet to a fresh high, i identified a possible wedge, or second reaction at the 61.8% fib, or a deeper second set which should have a fib relationship to the first set;
Wedge;
or Double set off of the 61.8% retracement and S/R zone;
or deeper set with fib relationship;
and we ended up with the latter, as the overall C wave was 138.2% of wave A, reaction, buy the retrace or wait for the 123 to trigger long. 3 pip risk, result 22 pip gain.
This was one of three options i had for the UJ earlier, as overall trend was up (as per earlier charts) and a pullback had reacted off of the 50% retracement level (not a fib), but had not gone on yet to a fresh high, i identified a possible wedge, or second reaction at the 61.8% fib, or a deeper second set which should have a fib relationship to the first set;
Wedge;
or Double set off of the 61.8% retracement and S/R zone;
or deeper set with fib relationship;
and we ended up with the latter, as the overall C wave was 138.2% of wave A, reaction, buy the retrace or wait for the 123 to trigger long. 3 pip risk, result 22 pip gain.
GoFundMe -stage-4-glioma-brain-cancer-fighter (link in my profile)
- #7,854
- Edited 8:16am Jan 18, 2017 8:01am | Edited 8:16am
- Joined Feb 2014 | Status: Trader | 1,796 Posts
Elliott Wave for optimum entry, exit and risk management of trades
- #7,859
- Jan 19, 2017 2:46am Jan 19, 2017 2:46am
- | Joined Mar 2014 | Status: Trader | 1,798 Posts
Read the description/explanations of the ED rules and compare it to your count. Sixer {image}
(I guess you probably think that first wave wasn't 3 waves, MAKE it 3 waves) LOL
- #7,860
- Jan 19, 2017 7:55pm Jan 19, 2017 7:55pm
Good Day Everyone,
My attempt for USD/JPY H4,
Short entry due to break of up momentum. Not sure if it is Wave (b) down or Wave (c) down not yet complete.
Thanks
My attempt for USD/JPY H4,
Short entry due to break of up momentum. Not sure if it is Wave (b) down or Wave (c) down not yet complete.
Thanks
"The markets can remain irrational longer than you can remain solv