Thread: Elliott Wave Trading Discussion

Originally Posted by forex friend

Yes may be , not sure that gbp should be rallying!!! maybe i am just being stubborn , but there is no real reason appart from what Mr Bean told us today.

And really if we believe him then i am not sure who the real mr Bean is ....LOL

This is a bean rally , plus we have that real head and shoulders pattern which isnt invalidated.

Did you like my new colours!!! Whats to say that we arnt in a expanded flat?? they are designed to make us believe in a trend change and then bang we get hit ....Not going long just yet

JJ

Morning to all,

Hey JJ,

Yes,I did like your chart color and lay out.it's clean and clear also Green is my color.thanks

other thing,I noticed you're biased on Cable down trend.being rational and objective is the key here.
Look at the nature of the spike from the low.it usually id the signal of trend reversal.also FTSE is making new high as It might not topped out yet and it seems it is forming an Ending Diagonal.

too late to go long ...Wait for the pull back then go long,which I think in the next 1 or 2 days.

Good trading...

Originally Posted by justy10125

All seven of these possible counts are bullish, so the question of market direction is an easy one here.

Nice one...How come then no one noticed this "easy one"?

The current work is no longer in progress.
The structure is complete.

Very rare one, expanding leading diagonal...

Originally Posted by ravno

The current work is no longer in progress.
The structure is complete.

Very rare one, expanding leading diagonal...

wow! it's beautiful and rare! I knew something fishy was happening. it that's really an ending diagonal then we have to buckle up! . nice work!

Originally Posted by apipintime

This is what I am seeing.

Hey Jay,

Your DX Contracting triangle is no longer valid as the price took your red "b" and made new low.

Can you come up with another possible count?

Cheers

Originally Posted by pacos

wow! it's beautiful and rare! I knew something fishy was happening. it that's really an ending diagonal then we have to buckle up! . nice work!

alittle note: ravno says: Expanding Leading Diagonal NOT Ending Diagonal!


OR perhaps ravno meant to say: Expanding Ending Diagonal as it is Ending and NOT leading??

Hi Mike

I not sure that we have finished on the down side, so will wait before going long.

I have gone long EURGBP 9310 against 9290 , lets see where that goes target is 9400 again.


Over to cable again

just be aware that in an expanding diagonal I think that wave (5) has to be longer than (3) which has to be longer than (1)

Someone correct me if am wrong please.

JJ

Originally Posted by mike3gdc

alittle note: ravno says: Expanding Leading Diagonal NOT Ending Diagonal!


OR perhaps ravno meant to say: Expanding Ending Diagonal as it is Ending and NOT leading??

Originally Posted by forex friend

Hi Mike

I not sure that we have finished on the down side, so will wait before going long.

I have gone long EURGBP 9310 against 9290 , lets see where that goes target is 9400 again.


Over to cable again

just be aware that in an expanding diagonal I think that wave (5) has to be longer than (3) which has to be longer than (1)

Someone correct me if am wrong please.

JJ

that is even wiser to "wait"...I exprienced this ,in trading: patience is very very rewarding!

I have no solid opinion on EURGBP.it's just gone out of my radar! the affair is over!

can you post a cable chart to show what you think of the current spike and another chart from your view from the High,1.7045?

thanks,

Keep up the good work.

Hi Mike

Little unsure on cable today , however my bias is to stay with the expanding flat correction of the fifth wave. I posted this earlier.

As for from the top I am inclined to agree with the zig zag that Justy posted.
To be honest I havnt got a foggy on it at the moment.

Just looked at the weekly and cant see at the moment any reason not to bearish, not based on EW.

I am focused on eurgbp at the moment and feel this retracement is worth buying into.

Any one else with a view on EURGBP???


JJ

Originally Posted by mike3gdc

that is even wiser to "wait"...I exprienced this ,in trading: patience is very very rewarding!

I have no solid opinion on EURGBP.it's just gone out of my radar! the affair is over!

can you post a cable chart to show what you think of the current spike and another chart from your view from the High,1.7045?

thanks,

Keep up the good work.

Originally Posted by mike3gdc

alittle note: ravno says: Expanding Leading Diagonal NOT Ending Diagonal!


OR perhaps ravno meant to say: Expanding Ending Diagonal as it is Ending and NOT leading??

Mike, the way it's depicted, it's an ending expanding diagonal 3-3-3-3-3. Also, the strong 5-wave bounce is speaking for itself. I haven't gone long yet since the correction is coming up but i'd it around 1.585-1.59. Pacos

Originally Posted by forex friend

Hi Mike

Little unsure on cable today , however my bias is to stay with the expanding flat correction of the fifth wave. I posted this earlier.

As for from the top I am inclined to agree with the zig zag that Justy posted.
To be honest I havnt got a foggy on it at the moment.

Just looked at the weekly and cant see at the moment any reason not to bearish, not based on EW.

I am focused on eurgbp at the moment and feel this retracement is worth buying into.

Any one else with a view on EURGBP???


JJ

JJ,

If I was you ,I post my EURGBP count,good,bad,ugly then ask someone to comment on it.they are certainly people who respond to this approach easier.Just my 2cent!

after all,it is good for you.it is a great excersie.I learnt this from marketwavez when I joined the room and this is the best way to learn.

Head & Shoulders did break north as expected but I must say it's acting funning and doesn't look as strong as I'd like to see.

I also hate to see a shooting star (bearish candle pattern) pattern when the pair just broke out.

Trade it cautiously.

usd/jpy 8 hour..







good night CHINA..

Originally Posted by mike3gdc

Nice one...How come then no one noticed this "easy one"?

It's always easier to identify a pattern once it's already complete. When you try to pick the exact pattern that is unfolding in real-time, you are most often just guessing. That is why my favorite approach to EW analysis is to wait for a three- or five-wave move to end, and then work up the list of possible counts based on that move. I think it's the most objective way to get a sense of what could be happening.

Originally Posted by forex friend

Very nice Justy

So It is not possible in the chart I posted showing a possible expanded flat possibility of the 5 wave of C that I posted earlier. Or it isnt a possibility?

Thanks

If you count the GBP/USD decline from the 1.70 top as an already completed three-wave move, then no the expanded flat is not possible. But, if you do not think that decline is finished yet then many other things are possible.

The thing that leads me to believe that the decline is over is the most recent rally, visible on the short-term charts. The rally is unfolding impulsively, and the ROC is strong which is indicating to me that alot of people are stepping into the market right now. If you study the rate-of-change indicator, you will notice that trend changes are often accompanied by strong ROC changes.