Thread: Elliott Wave Trading Discussion

Originally Posted by brad_1199

Andy judging from what I see in the monthly candles of AUD/CAD, I think it's likely we wiLL not see AUD/CAD break below .9229 untiL April.... Just a head up

Thanks - you may be right.

However - this is how I'm tying things in on the shorter term (4Hr) chart.

I took the trade on the bounce back before the HUGE hammer formed. Not a great sign for bears but then it hasn't formed after a well defined downtrend so would be a less reliable bullish indicator.

I will now trade the plan regardless and let the market decide.....

Don't see much point in buying currently looking to buy at 61.8 fib (if gets there ) for better risk reward will look for reaction at 9070-80 for possible end of B wave

see previous text

USD/CAD Daily Chart --->

Price action has slipped through prior support and now bounced back toward the prior support area looking for resistance... Bears are offered yet another chance to seLL...

Hello Traders,

I have been doing some ew counts... can you please take a look at this and tell me what you think?

the charts are as foollow: weekly, daily, 4h, 1h.

Originally Posted by mkos

Hello Traders,

I have been doing some ew counts... can you please take a look at this and tell me what you think?

the charts are as foollow: weekly, daily, 4h, 1h.

Hi mkos
On your daily and 4 hr charts your are depicting wave 4 as a traingle with both trend lines rising and your wave "E" is higher than wave "C", both these things are no no's for triangles. I do agree that that area is possibly wave 4 but it can't be a valid triangle. You also show wave "v" of 3 as an ending diagonal with a truncated wave 5 in it, which is very rare and unlikely. Apart from those things , your count is a possibility I think.

Regards

Originally Posted by brad_1199

Sure... No Problem Jayrad --- 90.11 represents major fibonacci resistance... The market has been unable to get above there on a closing basis in nearLy a year now... Not only is there fibonacci resistance at 90.11, but there is also long term trend line resistance asweLL in this area... Basicly, I just saw this months candle was starting to look over extended and took note of the 90.11 resistance and made an educated guess that price should find a top there...

See monthly chart below ---->

Thanks mate, makes much more sense to me now. My platform's data doesn't go back that far unfortunately which is why I couldn't work it out. I got short from 89.70 based on an my EW count and a few indicator which also suggested an impending downside slide. Do you have an long term target for this pair?

Originally Posted by mkos

Hello Traders,

I have been doing some ew counts... can you please take a look at this and tell me what you think?

the charts are as foollow: weekly, daily, 4h, 1h.

Originally Posted by Gray

Hi mkos
On your daily and 4 hr charts your are depicting wave 4 as a traingle with both trend lines rising and your wave "E" is higher than wave "C", both these things are no no's for triangles. I do agree that that area is possibly wave 4 but it can't be a valid triangle. You also show wave "v" of 3 as an ending diagonal with a truncated wave 5 in it, which is very rare and unlikely. Apart from those things , your count is a possibility I think.

Regards

Here are a couple of different counts for the wave 3 & 4 area. I think you'll agree that that area is a bit of a mess and there is probably many more valid counts for the same area.
At this point it doesn't really matter anyway. What does matter is we are seeing trend line breaks to the downside with an impulsive looking structure that could be the first wave down of wave 5.

Cheers

Hi Everyone,

I am new to Elliott methods . Can someone please suggest where to start from? Some good websites . Thanks

Originally Posted by Gray

Hi mkos
On your daily and 4 hr charts your are depicting wave 4 as a traingle with both trend lines rising and your wave "E" is higher than wave "C", both these things are no no's for triangles. I do agree that that area is possibly wave 4 but it can't be a valid triangle. You also show wave "v" of 3 as an ending diagonal with a truncated wave 5 in it, which is very rare and unlikely. Apart from those things , your count is a possibility I think.

Regards

Originally Posted by Gray

Here are a couple of different counts for the wave 3 & 4 area. I think you'll agree that that area is a bit of a mess and there is probably many more valid counts for the same area.
At this point it doesn't really matter anyway. What does matter is we are seeing trend line breaks to the downside with an impulsive looking structure that could be the first wave down of wave 5.

Cheers

Hi Gray!

Thank you for your effort and time! :-)

It`s a mess... i totaly agree. But like you said ... it doesn`t really matter. We broke the trend line and we are making fist wave down (of 5).

Right now i am looking and figuring out where this wave 1 (of 5) will end. I think tecnicaly we need to reach at least 1.3440ish. And we still need 5 small waves within this first wave down.

Here˙s the chart...

Originally Posted by mkos

Hi Gray!

Thank you for your effort and time! :-)

It`s a mess... i totaly agree. But like you said ... it doesn`t really matter. We broke the trend line and we are making fist wave down (of 5).

Right now i am looking and figuring out where this wave 1 (of 5) will end. I think tecnicaly we need to reach at least 1.3440ish. And we still need 5 small waves within this first wave down.

Here˙s the chart...

I think wave 1 of 5 is already done and working on 2 of 5 as shown in this chart I posted Friday...

Pretty much in the same boat. I'm looking at "2" up to re-short. Two targets in mind are 1.3625 area and 1.3664 area. Those are the 38% and 50% retrace points. 50% is also wave 4 of 3 area and just a smidge above a daily pivot.

/eurusd0321101h.gif

TAfool

Here are my primary and secondary counts for USDJPY. I like the looks of them with the exception of the strength of C of 2. It is a little stronger than what i would like to see. It is a clear five waves (sorry I don't have it labeled) with wave 1 of c of 2 being the extended wave. I need a break of this 92.14 level before I enter.

In reference to my previous post I believe wave i (on smaller time frame) is a leading diagonal.

hi all,

my aud/usd h4 chart..

Looks me to a very good opportunity to go short..