MT4-Elliott Wave Trading - page 2
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I took a serious look at elliott wave theory today and enjoy it's setups. I think I'll take a long position on monday at 1.36 with a tp of 1.42 and an sl of 1.30 (roughly). Here's my reasoning, but still want to confirm with my other indicators. My main concern is that it looks like it's losing momentum, but we'll see. Link to image as I can't post it (replace the xx with pp): hxxp://i.imgur.com/ptfEf.gif
I think it may still have a bit more down to go (to about 1.33616) to complete an ABC pattern before going back up. this could happen in the form of a spike or some type of divergence. I would go long off the bounce once the bounce is confirmed by some type of oscillating indicator. There is of course always the possibility for the market to fall lower or not fall at all. You have to be the judge on that.
Never trade on anticipation, only facts.
Cheers,
Ok, so now that price dropped down as postulated to around 1.33616, it fulfilled the price requirement of breaking the previous low, but didn't fulfill the time requirement. If I am not mistaken, Elliott Wave rules dictate that Wave C in an ABC pattern needs to have a larger range than previous A impulse wave and also longer time move. Since the time requirement has not been fulfilled yet, I am inclined to say that there is a possibility for additional downward movement; potentially down to the 1.3222 range.
The above of course assumes that my count is correct to begin with, which potentially may not be.
Dear Pip, are you done with this indicator? I just found this thread yesterday. How are you doing with it?
I have attached EURUSD and AUDUSD. Any comment?
Here's what I am thinking. Please note that Wave 5 may not necessarly be in the same range and magnitude as depicted in the picture. If my count is correct, Wave 5 will take out Wave 3 top so that would be a safe bet for a profit target on a long position
Dear Pip
I like your system with using the EW but can you explain me what for is Fractal indicator and also where can I find this indicator?
Thanks
I think it may still have a bit more down to go (to about 1.33616) to complete an ABC pattern before going back up. this could happen in the form of a spike or some type of divergence. I would go long off the bounce once the bounce is confirmed by some type of oscillating indicator. There is of course always the possibility for the market to fall lower or not fall at all. You have to be the judge on that.
Never trade on anticipation, only facts.
Cheers,hi m8! as i say a lot of times you are the.... great predictor thx
hi m8! as i say a lot of times you are the.... great predictor thx
Hello Avi1,
I am humbled by your kind remarks, but I wouldn't bet my money (or yours) on me all the time yet
Cheers,
Dear Pip
I like your system with using the EW but can you explain me what for is Fractal indicator and also where can I find this indicator?
ThanksHi Dancostar,
First, it is important for me to let you know that I do not describe a trading system in this thread. This thread is merely a discussion ground of different EW views of the market.
As for the Fractal indicator, you really do not need it to use the EW indicator. It is nice to use since it helps you identify significant high's and low's, but you can also do that just as well by just looking at bars' highs and lows. Nevertheless, you will find the Fractal indicator in your MT4 platform under Insert -> Indicators -> Bill Williams -> Fractals
Simply draw a trend line connecting your point 1 low/high with your point 2 high/low and relabel its name as I describe in the first post and you should be good to go.
Cheers,
Ok, so now that price dropped down as postulated to around 1.33616, it fulfilled the price requirement of breaking the previous low, but didn't fulfill the time requirement. If I am not mistaken, Elliott Wave rules dictate that Wave C in an ABC pattern needs to have a larger range than previous A impulse wave and also longer time move. Since the time requirement has not been fulfilled yet, I am inclined to say that there is a possibility for additional downward movement; potentially down to the 1.3222 range. The above of course assumes that my count is correct to begin with, which potentially may not be.
Ok, here is the deal. I went back and freshened up a bit on the EW rules. The rules state that Wave C needs to be greater in price and time range than previous Wave A. Neither of these points have been accomplished yet based on market move thus far contrary to my previous assessment above. So what does that mean? If my pattern count is correct and the market is indeed completing an ABC pattern, we still have more down to go on time and price. It took Wave A 8 days to move about 851.4 pips and price has currently traveled around 500 pips from the high on 11-22-2010 (2 days) so it still has at least 350+ pips to take out Wave A's range in the next 6 days or so (my bet is on 1.31222 price area).
Of course, all of this assessment could go up in smoke if the market is not completing an ABC pattern or forming a complex retracement pattern. This is only provided for your entertainment.
Never trade on anticipation, only facts.
Cheers,
Hello Avi1,
I am humbled by your kind remarks, but I wouldn't bet my money (or yours) on me all the time yet
Cheers,entry was 3318
look like move to 3480, -3600-3690-4090 up. if break 3260-down to3150, 3070
Hi Dancostar,
First, it is important for me to let you know that I do not describe a trading system in this thread. This thread is merely a discussion ground of different EW views of the market.
As for the Fractal indicator, you really do not need it to use the EW indicator. It is nice to use since it helps you identify significant high's and low's, but you can also do that just as well by just looking at bars' highs and lows. Nevertheless, you will find the Fractal indicator in your MT4 platform under Insert -> Indicators -> Bill Williams -> Fractals
Simply draw a trend line connecting your point 1 low/high with your point 2 high/low and relabel its name as I describe in the first post and you should be good to go.
Cheers,thanks Mr. Pip
I will try it tomorrow. I like very much EW theory therefore some prediction of the potential waves wil great when it will will also cluster with some fibs level it will be great. Ok I will try it and let You know how it works for me.
Again thanks for help.
Dancostar