Thread: Elliott Wave Trading Discussion

Originally Posted by Johnzo

Saettele,

What do you think about this? I have a s&p 500 futures chart (60 min) showing what could be a truncated 5th wave (labeled), and impulsive wave down and a corrective wave 2 that is testing to see whether or not prices can move higher. Watching intraday price action has been making me crazy. Every time you think you are about to see the correction the market is immediately bought up like there is no tomorrow.

Johnzo

i am also bearish but am not watching intraday action because it makes me crazy as well. if you watch my videos, i mentioned at the beginning of last week that there was a fibonacci turn date on friday the 15th...that is when the rally in stocks (dow and s&p specifically) would be equal to 61.8% of the decline (in days). stocks sold off friday and i figured that would continue ...it has not...so we wait. we need to get below friday's lows before i am at all confident in the downside.

Gbp/Usd

Probable Wave-count

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Originally Posted by Johnzo

Mr. Hyman,

I use esignal charts. I Trade commodity stock names and ETFs mostly but I do like to keep my eye on what FX is doing. However, I don't look at spot charts very often. I get my info from the futures markets. I have seen much more legit volume com into the FX futures contracts as well as some of the other cross rates that in the recent past were practically illiquid. I use the volume from the FX futures along with over market indices future volume to get an idea of what is going on. I like to think of the FX futures volume as a realistic sample size of interbank volume.

Johnzo

Thanks for the comments. Awesome!

Do your charts auto-plot the Elliott Wave counts on there or do you have to do them yourself? Just curious.

Eur/Usd

Probable Wave-count

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Mr. Hyman,

I count my waves.

Johnzo

Originally Posted by Johnzo

Mr. Hyman,

I count my waves.

Johnzo

No biggie either way. I was just curious was all. For instance, I know Advanced Get counts them....but it always is good practice I suppose to do our own counts anyway.

Originally Posted by Sean Hyman

Brad, what do you think about this? Would love your feedback since I'm newer to EW and you're more experienced at that.

Sean, your count is valid if you are only taking into consideration price data for the shorter time frame...

I always consider all the price data that I can get my hands on, starting with the long term charts...

Here is what I'm looking at on the EUR/GBP Daily Chart right now ----->

Us Dolllar

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CHART UPDaTE

Brad,

Your overall look on the EUR/GBP is what I am also looking at. I was debating whether to make what I have shown like yours or the group of 3rd wave extensions that I posted. Either way I agree that it is a correction and that lower prices are to come.

Johnzo

Originally Posted by brad_1199

Sean, your count is valid if you are only taking into consideration price data for the shorter time frame...

I always consider all the price data that I can get my hands on, starting with the long term charts...

Here is what I'm looking at on the EUR/GBP Daily Chart right now ----->

Okay, so near term you expect it to go down...but longer term make another run at the old highs then right?

Originally Posted by Sean Hyman

Okay, so near term you expect it to go down...but longer term make another run at the old highs then right?

The important thing to consider is that there is a shooting star in place on the monthly chart which signals a high probability long term top in place... The down move we are seeing now likely ends up turning into a long lasting major bear trend coming off that shooting star... I don't see price going anywhere but down right now, and it's going to be quite a while until the down move ends... All we can do now is hold short and see how things play out in the months ahead... Price may end up going back towards the multi-year highs in the very long term, but that's way up the road, if at all... Bears are running the show now, and that's all we need to know to make a profit...

Thanks for the confirmation Vincy ... this is exactly what I'm looking at too

Originally Posted by VINCY BALBOA

Just My 2 cent Becoz this is very low zizzag pair and tho never Follow the Elliot wave Proper manner

Originally Posted by marketwavez2

Us Dolllar

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Nice work market!

Lets get this C wave over and done with!!

Minimum expectations have been met in the euro!

Originally Posted by speculator84

Nice work market!

Lets get this C wave over and done with!!

Minimum expectations have been met in the euro!

It's a C wave alright, Spec. One that should take us up to test the 90 area on the dollar index. The dollar's long term decline will not continue until later this year.

Originally Posted by Jamie Saettele

i am also bearish but am not watching intraday action because it makes me crazy as well. if you watch my videos, i mentioned at the beginning of last week that there was a fibonacci turn date on friday the 15th...that is when the rally in stocks (dow and s&p specifically) would be equal to 61.8% of the decline (in days). stocks sold off friday and i figured that would continue ...it has not...so we wait. we need to get below friday's lows before i am at all confident in the downside.

Do you have a link to your videos?