Thread: Elliott Wave Trading Discussion

Originally Posted by apipintime

Are you anticipating a potential triangle forming for this possible B wave ('A wave' being the move from 1.36-1.70)? The velocity of the move from the 1.57 lows could be potential evidence that this may be a leg of a triangle?

Hi Apipintime,

It's impossible to know ahead of time which pattern will unfold, so at this time I'm not worried about trying to choose which one it will be. What we do know though, is that if the decline from the 1.70 top was a three-wave move then any of the seven counts below are possible. We also know that all seven of those counts require at least a three-wave rally from the recent 1.57 lows. So far we have only had one leg of that three-wave rally, so now I'm just waiting and watching this unfold. I closed out my long position yesterday and am now waiting for the small (b) wave to unfold before getting long again. Once that next rally is complete then we'll be able to start narrowing down the list of possibilities as to which one of those seven counts it is actually going to be.

Originally Posted by Thomas Long

Here is an interesting chart. The first thing you should notice is that there are no prices, dates or any kind of description of what this market presents. That is intentional as this exercise is meant for you to find out more about how you look at markets.

The simple question here is where you think this market is heading...up or down. There is no right or wrong answer today as nobody can predict the future. But these are the kind decisions that are made by traders when identifying potential trading opportunities. The idea is for you to look at a market without any bias or opinion and to note your thoughts. This is about what you think, not what you think others will think. Write down a couple of points about the trend, support and resistance, and any potential trading opportunities you see that might set up. Then when you find out what this market is, see if that information changes your mind about your initial thoughts. If you do change your mind, then you should ask yourself if you trust this new opinion more than what you see. But of course, the real question is, do you trade based on your observation of what the market is doing or based on what you think the market should be doing? That is a big difference and is a question that has to be answered by each of us before moving up to the next level of trading. Only you know the answers to these questions and only you know what your trading results are from month to month. So only you know whether you need to change the way you approach the markets or to just improve your current approach. Be honest with yourself...be critical of your thought process...and develop a consistent
approach to trading as that is what leads to consistent results.

By the way...you can find out more about this chart at this link:

http://forexforums.dailyfx.com/daily...tml#post365699

Thomas;

I think I know what it is also. However, it is an interesting exercise. So, here it is.

Good Luck.

Originally Posted by aerocom

Thomas;

I think I know what it is also. However, it is an interesting exercise. So, here it is.

Good Luck.

Your large wave (b) decline is in five-waves...

Originally Posted by justy10125

Hi Apipintime,

It's impossible to know ahead of time which pattern will unfold, so at this time I'm not worried about trying to choose which one it will be. What we do know though, is that if the decline from the 1.70 top was a three-wave move then any of the seven counts below are possible. We also know that all seven of those counts require at least a three-wave rally from the recent 1.57 lows. So far we have only had one leg of that three-wave rally, so now I'm just waiting and watching this unfold. I closed out my long position yesterday and am now waiting for the small (b) wave to unfold before getting long again. Once that next rally is complete then we'll be able to start narrowing down the list of possibilities as to which one of those seven counts it is actually going to be.

Great stuff. Thanks.

Eur/Usd


( short-term view )
--------------------------------- ------------------ ----------------
Onjy a Probability ! ................. Not Cast in Stone !

================================

this ...............

Originally Posted by aerocom

Thomas;

I think I know what it is also. However, it is an interesting exercise. So, here it is.

Good Luck.

Here is my count:

Guys,
Is this a diamond top or the kite is about to fly?

Thomas, here's a chart of the EUR/USD going into the key Armstrong 2015 date... ( Things could get very messy for Euroland)

Originally Posted by MrWilson

Thomas, here's a chart of the EUR/USD going into the key Armstrong 2015 date... ( Things could get very messy for Euroland)

Hey MrWilson,

As was noted earlier on Aerocom's chart, your B wave subdivides into 5 waves. Freelancer's count ( a couple of posts back) looks good. Not to pick favorites, or anything

Originally Posted by freelancer

Here is my count:

Nice count, especially the alternation between waves 2 and 4.

That 2005 /2006 pattern ?

Originally Posted by apipintime

Nice count, especially the alternation between waves 2 and 4.

Thanks Jay

Originally Posted by apipintime

Hey MrWilson,

As was noted earlier on Aerocom's chart, your B wave subdivides into 5 waves. Freelancer's count ( a couple of posts back) looks good. Not to pick favorites, or anything

This one ? 2005/2006 w-x-y ( y as a tri)

Originally Posted by aerocom

Thomas;

I think I know what it is also. However, it is an interesting exercise. So, here it is.

Good Luck.

Hi aerocom,
I think we all know this the chart of EurUsd monthly.
I was just measuring the size of proposed wave A and wave C=A at 1.6980.
If we draw the EW channel for the recent POTENTIAL wave C this price level @1.5000 is not even close to the top of the channel line!!
Some thing to consider.
Another aspect is the oil price which is going sky rocket, not to mention the gold!
PS; The whole decline from 1.6 can also be counted as 3 waves.
I will post a chart to show what i mean!
Ed,