Thread: Elliott Wave Trading Discussion

Wow, lots of information being swapped around. Let's see if I can insert my .02 and answer questions.


Triangle patterns happen in the X, B, 4, and as the last combination of a triple combination.

Triangles have very objective s/l zones. You just pick a direction for the triangle (usually in the direction of the trend first) and trade it until it gives you a reason to change directions. If you pick the wrong direction, just put a pending order at your previous stop loss (like the beginning of what used to be wave-a) in the opposite direction. The burst out will be at least 75% of the widest leg of the triangle, so you should profit regardless.

The only time...ONLY TIME...and IT IS VERY RARE...that wave 4 can overlap wave 1 is in a diagonal/terminal impulse. These are extremely rare (Unless your italm..then you think you see them everywhere) and are major reversal patterns. Price should completely retrace the terminal pattern in less time than it took to form. Usually takes 1/3 of the time.

Now, there are times when wave 4 can overlap wave 2. That's when there's an irregular flat in the wave-2 position (meaning strong b-wave/b-wave that extends below the start of wave-a).

I don't post my counts up often here because they won't cater to the attachment issue. I'm not going to spend the extra time ON top of the time I take to count to crop my pictures down to size.

If they fixed the issue, I'd post charts up here like crazy.

Originally Posted by AdrianEI

I don't post my counts up often here because they won't cater to the attachment issue. I'm not going to spend the extra time ON top of the time I take to count to crop my pictures down to size.

If they fixed the issue, I'd post charts up here like crazy.

Hi adrianEI

I found it to be a pain to save get this and do that to make my charts fit too so I got a simple program "snagit" and use it to take a picture of my chart. There are no size problems and you can ad lines, text, funnyfaces, whatever.
It has a 30day free trial.

A couple of pips but its worth it.

http://www.techsmith.com/screen-capt...KgoogleStmhome

It would be the same amount of effort. I'm just not going to invest time..and especially not money to cater to dailyfx.

Does anyone have any advanced Fibonacci Indicators for MT4? I really need a good Time fib indicator. I've also seen several different types of uses for the Fibonacci series for channeling and what not. The time one would really help with alternation and expected time consumption for wave counts.

Originally Posted by brad_1199

Hi there Gordon.. Here is a short term count for EURUSD.. Price usually goes the way it opens and we can clearly see that there was a downward gap in price over the weekend... So my guess is, EURUSD goes a little lower before we start heading higher again .. I believe we are now in a wave "C" down, when this downward wave terminates, I expect price to continue higher in a larger Wave 3..

Hi Brad that is also what I am counting. I droped 1/2 my position in hopes it retraces before it goes down further and then reset for the free pips. Free? not really, I have paid my dues on this pair.

Thanks Gordon

Originally Posted by Big Mike

Hre is an excerpt from Bob Prechter re wave 1 and 4 overlap (in italics)

""The most common motive wave is an impulse. In an impulse, wave 4 does not enter the territory of (i.e., "overlap") wave 1. This rule holds for all non-leveraged "cash" markets. Futures markets, with their extreme leverage, can induce short term price extremes that would not occur in cash markets. Even so, overlapping is usually confined to daily and intraday price fluctuations and even then is extremely rare. In addition, the actionary subwaves (1, 3 and 5) of an impulse are themselves motive, and subwave 3 is specifically an impulse""

I saw a webinar by EWI few weeks ago on the topic of USDJPY, showing some characteristic setup, presented by Jim Martens.
And the wave 4 definitely moved into wave 1 territory (mind you, by just few pips, but definitely did) on his presentation chart.
I couldn't believe it, so I watched it over and over. And his wave 4 definitely did overlap by few pips with wave 1.
If we consider that EWI is an authority, which is not doubtful to most of us, then the answer is clear.
Mike

Originally Posted by AdrianEI

The only time...ONLY TIME...and IT IS VERY RARE...that wave 4 can overlap wave 1 is in a diagonal/terminal impulse. These are extremely rare (Unless your italm..then you think you see them everywhere) and are major reversal patterns.

I MOST CERTAINLY DO NOT! I don't know what your talking about.
BTW, Possible ending diagonal on Eur/USD for all those dollar bulls like me!

Originally Posted by Big Mike

I saw a webinar by EWI few weeks ago on the topic of USDJPY, showing some characteristic setup, presented by Jim Martens.
And the wave 4 definitely moved into wave 1 territory (mind you, by just few pips, but definitely did) on his presentation chart.
I couldn't believe it, so I watched it over and over. And his wave 4 definitely did overlap by few pips with wave 1.
If we consider that EWI is an authority, which is not doubtful to most of us, then the answer is clear.
Mike

I'd like to see it and run my own analysis on it.. No, I've seen some REALLY bad predictions come out of EWI. I've also seen some great ones. I don't trust a count where 4 goes into 1. I definitely won't trade it, and I won't base any decision on it. I'll wait for a pattern to develop.

Originally Posted by italm31

I MOST CERTAINLY DO NOT! I don't know what your talking about.
BTW, Possible ending diagonal on Eur/USD for all those dollar bulls like me!

I'm a dollar bull too, but here you go again with those diagonals. For starters, you're on a 30m chart ... Mr. "I only use the three wise men."

Originally Posted by AdrianEI

I'd like to see it and run my own analysis on it.. No, I've seen some REALLY bad predictions come out of EWI. I've also seen some great ones. I don't trust a count where 4 goes into 1. I definitely won't trade it, and I won't base any decision on it. I'll wait for a pattern to develop.

Wave 1 overlapping wave 4 is a recurring topic on these pages.
Myself, I am with you. I discount any wave 1 and 4 overlap; my comment about EWI was shown just for the sake of objectivity.
Likely, this webinar is no longer on their website; they take them off usually after few weeks. But I will keep my eyes open and alert you, guys, if I see something similar gain.
Mike

Hey Adian, I use the the three wise men to tell me where I am. Once they give me the signal to be a bull or a bear, I look at smaller charts to get me in. I did go short at 1.5467 with a stop at today's high 1.5488. My risk is 21 pips. whats my reward?



BTW, for those following Aussie from since my post last week on the possible wave 5 truncation, I do believe we just entered III of 1 down at the break of today's low.

Originally Posted by italm31

I MOST CERTAINLY DO NOT! I don't know what your talking about.
BTW, Possible ending diagonal on Eur/USD for all those dollar bulls like me!

Hey guys, it might be time to start looking to short Euro again. Heres an update of my ending diagonal short trade setup I placed about an hour ago. Not bad for a Sunday night!

Originally Posted by FlaGordon

Hi Brad that is also what I am counting. I droped 1/2 my position in hopes it retraces before it goes down further and then reset for the free pips. Free? not really, I have paid my dues on this pair.

Thanks Gordon

Here is an alternative to the immediate bear count that could surprise tothe upside. The timescale is hourly. An E or 5th wave up in the overall correction could challenge 1.60xx. I agree with the EWI sentiment that there are too many bearish calls right now, even though another small leg down is possible.

Originally Posted by AdrianEI

I'd like to see it and run my own analysis on it.. No, I've seen some REALLY bad predictions come out of EWI. I've also seen some great ones. I don't trust a count where 4 goes into 1. I definitely won't trade it, and I won't base any decision on it. I'll wait for a pattern to develop.

Adrian and anyone else reading... Do you allow wave 4 to enter wave 1 in your counts In the case of a leading diagonal... ??? See this picture... If this is not correct .. I would be interested in seeing the correct counting...

Originally Posted by texas pipster

For comparison only. Counts always subject to change.



no email from you yet market. where did your gbpusd and usdchf charts go???

Can you post an update to this count? Thanks.