Thread: Elliott Wave Trading Discussion

Originally Posted by Traderfringez

This is the less widely followed EGX70, The EGX30 has bottomed in december 2011 and has not confirmed the new lows made this year by the EGX70 as expected. The Egyptian market gentlemen is setting stage for a strong rally despite the global risk off mode. The Egyptian economy is going to experience 'catch up' growth as did many of the economies in the emerging markets.


Regards,
Ahmed Farghaly

P.S. Confirmation would be a close above 440 (aggressive) A close above 530 ( conservative) on this index. Stop Bellow the low that is forming/has formed.

P.S. Confirmation would be a close above 440 (aggressive) A close above 530 ( conservative) on this index. Stop Bellow the low that is forming/has formed.

Originally Posted by JoeyLee

Do you see the bearish candles now ? Elliot wave is wonderful, isn't it ?

I see EURUSD complete A B C(12345). I am long in here. Have to take some risk.

I can't see anything on your charts except colorful lines. Maybe you could make a simple bar or candle chart that shows what you are trying to say.

Good Luck.

Originally Posted by aerocom

I can't see anything on your charts except colorful lines. Maybe you could make a simple bar or candle chart that shows what you are trying to say.

Good Luck.

Clearly labelled time frames (1hr,daily, monthly) would be a benefit as well as which pair the chart represents. I always have a difficult time identifying these on the charts.

Originally Posted by Gizmo

Clearly labelled time frames (1hr,daily, monthly) would be a benefit as well as which pair the chart represents. I always have a difficult time identifying these on the charts.

Allright. This is a weekly USDX. The degree of colouring is :

Midnight Blue - Month Up
Maroon - Month Down

GreenYellow - Year Up
Plum - Year Down

Sometimes I do not label it because it is obvious for my view due the zigzag wave formation. Can you see all the charts have 3 zigzag lines - Blue, Yellow Red ? I set it by using fibo ratio. I only label it at the important point. My count never have two types either bull or bear with all these bigger timeframes as a guideline.

Gold is not going to go down anymore. I can see it is truncated.

Originally Posted by JoeyLee

Gold is not going to go down anymore. I can see it is truncated.

Very good waver said: truncation is illusion, truncations are visible for guys which want to force their very strong bias - and bias is a devil

My view regarding EUR/USD historical data from ( 1971 – 2012 ),

I think we will bounce up in corrective patterns in the form of a minor wave for the next couple weeks,

then it will drop again to complete intermediate pattern (Y) .

Originally Posted by szaman1977

Very good waver said: truncation is illusion, truncations are visible for guys which want to force their very strong bias - and bias is a devil

Cool We would see that bias is devil or angel.

(PS: I am not simply said that it is truncated.Truncated is based on the rhythm under certain rule.)

Originally Posted by JoeyLee

Allright. This is a weekly USDX. The degree of colouring is :

Midnight Blue - Month Up
Maroon - Month Down

GreenYellow - Year Up
Plum - Year Down

Sometimes I do not label it because it is obvious for my view due the zigzag wave formation. Can you see all the charts have 3 zigzag lines - Blue, Yellow Red ? I set it by using fibo ratio. I only label it at the important point. My count never have two types either bull or bear with all these bigger timeframes as a guideline.

Thanks. Yes, those zig-zags are present. It's a good post and very clear chart. Here is my interpretation of the movements.

Good Luck.

Originally Posted by almouammr

My view regarding EUR/USD historical data from ( 1971 – 2012 ),

I think we will bounce up in corrective patterns in the form of a minor wave for the next couple weeks,

then it will drop again to complete intermediate pattern (Y) .

You contradict your own chart. What is that about?

Good Luck.

Originally Posted by JoeyLee

Gold is not going to go down anymore. I can see it is truncated.

Silver usually leads. What do you see there? Consider Ganns rule of four.

Good Luck.

How about this one? For a start counts with wave e ending in Feb/2012 just don't look right in proportion, and more like a forced count to suit bias. And another thing that many market veterans say is: any count that relies on many 1-2, 1-2 to go with cannot be trusted.

Originally Posted by SKG2592

How about this one? For a start counts with wave e ending in Feb/2012 just don't look right in proportion, and more like a forced count to suit bias. And another thing that many market veterans say is: any count that relies on many 1-2, 1-2 to go with cannot be trusted.

Probably not. Show us the rule that states "wave e cannot end in Feb 2012." We can also see that there are no biases in your count. A count that ignores the likely hood that the first move down is a zig-zag and that all of the waves within the triangle are zig-zags with varying connectors between wave a and c. The likely hood that wave d completed at 1.2623 with 2 three wave moves of about the same length, where the final wave C is a little longer than wave A.

Next time you comment on bias, you might want to check yours at the door.

Good Luck.

Originally Posted by aerocom

Probably not. Show us the rule that states "wave e cannot end in Feb 2012." We can also see that there are no biases in your count. A count that ignores the likely hood that the first move down is a zig-zag and that all of the waves within the triangle are zig-zags with varying connectors between wave a and c. The likely hood that wave d completed at 1.2623 with 2 three wave moves of about the same length, where the final wave C is a little longer than wave A.

Next time you comment on bias, you might want to check yours at the door.

Good Luck.

My bias is very simple, euro would not collapse as many 1-2. 1-2.1-2 counters would like to see. Everytime it came down, people kept screaming that it would go to parity and below. It never did. Fundi-wise, however foolish and procrastinating politicians are, there has been too much political capital put into the EU project. Also the current financial/banking system in the world is too joint together to have a euro collapse now. Eventually something or someone would have to compromise. I think people underestimated the geopolitical underlying of the EU project, however flawed I think it structurally is.

As for wave e not in Feb/2012, it's not about rules, but just a bit of commen sense judgement. To me it seems too small and looks odd, that's all. And that zig-zag in d can have different division and so make it end in June too. The thing about EW is that it's hard to pinpoint a count that is 'the' right count. It's all about if it 'looks' right and if it can give the right direction. In that sense, all a bit of a muddled guess. Even for those 1-2/1-2 ers.. they have different subdivisions too. At the end of the day, it's really a pick of 2: up or down from here. I've taken my pick.