Thread: Elliott Wave Trading Discussion

Originally Posted by Luxman

Creating various kind of trendlines and channels, and counts too, is easy. We do not practically have any rules for that, except the few for ew. Even they can be applied in numerous ways, and count obvious impulses (imo of course) as corrections and vice versa. This might be one of potential scenarios. How probable, it is you to decide

that's right .....
after deciding in a wave count that you like ,

you then you have to decide where to entry and where to exit based on
your own Money Management rules that you have set for yourself

All these wave counts mean nothing with out a Money Management plan ! .....



Money Management is a subject that should be studied extensively

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Short term.

There is a good chance that at least short-term 5 waves down are completed.

Awesome Market,

even though your wave 1 high was breached it still worked out just like u said.

so from a learning point of view whats the correct count from here!!

JJ

Originally Posted by marketwavez2

Usd/Yen

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Trade Result

Both targets now reached

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Originally Posted by brad_1199

As i posted here yesterday, EUR/USD looks like it may be carving a major top... Price has continued lower after breaking through a rising trend line the market had respected for quite some time... Bears have now firmly taken control of the market... I'm looking for price to hit 1.4575 fib support followed by a strong bounce that should force the market back upwards to re-test the under side of the broken trend line...


EUR/USD Daily Chart ------------>

Brad_1199 i've just checked it out ----

The long term trend line in the Eur/Usd has not been broken yet

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( see chart below )

Originally Posted by forex friend

Awesome Market,

even though your wave 1 high was breached it still worked out just like u said.

so from a learning point of view whats the correct count from here!!

JJ

There is never a correct count , because the only way to know you have the correct count is after price reaches its target

until then it is just another Probability ! .............. learn to treat it as such

meaning,
you don't know if you have the correct wave count until after the fact !


All wave counts have the same potential to be correct or incorrect

Only Time will tell , if you have the correct count .........

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I'm long at 1.4685, S/L @ 4665, to be moved below lowest FIBO cluster @ 4724-37.

Wave 2 Yellow projected at cluster of Alternate Price Projections, near upward test of 9 Month trend line.

I'll feel a lot better about this after rise above 1.4755 swing low!

Originally Posted by marketwavez2

Brad_1199 i've just checked it out ----

The long term trend line in the Eur/Usd has not been broken yet

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( see second chart below )

we'LL see what happens... I'm short from 148.25 with a stop at break even...

Originally Posted by brad_1199

we'LL see what happens... I'm short from 148.25 with a stop at break even...

well , good luck ...... anyway Brad

maybe you are in early from a long term perspective

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Originally Posted by marketwavez2

Brad_1199 i've just checked it out ----

The long term trend line in the Eur/Usd has not been broken yet

---------------------------------------- ----------------------------------- ------------------
( see chart below )

Hey Marketwavez, I have coordinates for trend line at 1.2456 on 3/4 @ 02:45, and 1.2885 on 4/22 @ 10:10. By those criteria, the line comes in at about 1.4890 right now.......

Going by hourly close data, it's about 35-40 pips higher.

Originally Posted by Dave618

Hey Marketwavez, I have coordinates for trend line at 1.2456 on 3/4 @ 02:45, and 1.2885 on 4/22 @ 10:10. By those criteria, the line comes in at about 1.4890 right now.......

Going by hourly close data, it's about 35-40 pips higher.

Post a chart Dave 618 showing what you are saying ! ....... thanx


---- lets see if they touch the trendline ----

i already posted mine above

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Ok I understand.

Just going back to your chart the price of your wave 1 high was breached, i just wondered how you would now count that chart.

JJ

Originally Posted by marketwavez2

There is never a correct count , because the only way to know you have the correct count is after price reaches its target

until then it is just another Probability ! .............. learn to treat it as such

meaning,
you don't know if you have the correct wave count until after the fact !


All wave counts have the same potential to be correct or incorrect

Only Time will tell , if you have the correct count .........

//////////////////////////////////////////////////////////////////////////

This is the best I can post, since both points are not visible on anything tighter than a 1H chart.

Originally Posted by forex friend

Ok I understand.

Just going back to your chart the price of your wave 1 high was breached, i just wondered how you would now count that chart.

JJ

i wouldn't count it at all .......

that trade set up is over ,,,,,,,

it has reached its target ......... it has reached its goal

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it is time to move on to something else now

Interestingly, if one plots the line according to daily close data, it appears to account for some price behavior on Monday. I've had my best success trading on S/R and trend line strategy, but EW appeals to the mathematician in me, and I'm eager to get more familiar with this very powerful tool!
I watch this forum for all the excellent analysis.

US Dollar

a work in Progress .............

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