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Thread: Elliott Wave Trading Discussion

  1. #47461
    Gregory McLeod's Avatar
    Gregory McLeod is offline DailyFX Moderator/Trader
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    Quote Originally Posted by jaylovin View Post
    hi Gregory

    would like to ask you if you have manually labelled the charts yourself or whether you are using software which dos the count and labelling for you?

    thanks

    Jay
    Hello Jay! No, I use Esignal's Advanced Get plugin that automatically labels the charts for me. I have my issues with its count sometimes, but it is a time saver.

    Thanks for your question
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  2. #47462
    Luxuriant is offline Member
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    Quote Originally Posted by aerocom View Post
    Well Gregory, as expected (yesterdays post) we got the break out to the upside in the Eur$. My entry orders were triggered and I am now long the Eur$ and short the Swissy.

    Good Luck.
    Thats great Mr. A.

    Mr. A Are there any rules are guide lines for when a C extends 1.618? Are there any rules are guide lines on the time it takes to complete a C vs the time it took for A to finish? I also was wondering if an A move was impulsive looking. Could the C start with overlapping waves be normal. I can post a chart if you need one. But I am not looking for trading advice. Only the market can change my mind like the rest of the herd. LOL

  3. #47463
    jaylovin is offline Member
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    Quote Originally Posted by Gregory McLeod View Post
    Hello Jay! No, I use Esignal's Advanced Get plugin that automatically labels the charts for me. I have my issues with its count sometimes, but it is a time saver.

    Thanks for your question

    Thanks for letting me know!

    i have seen ELWAVE in action and i don't count EW anymore but used to alot... eventually did get confusing but like you say its a time consuming job...

    thanks for the info

  4. #47464
    Gregory McLeod's Avatar
    Gregory McLeod is offline DailyFX Moderator/Trader
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    Quote Originally Posted by jaylovin View Post
    Thanks for letting me know!

    i have seen ELWAVE in action and i don't count EW anymore but used to alot... eventually did get confusing but like you say its a time consuming job...

    thanks for the info
    You are welcome. My focus in using EW is just on the 5 impulse waves and the 3 -wave corrections that follow. In addition, I look where I can apply the 3 rules. So, in a nutshell, I can count to 5 and I know my alphabet to the letter C plus the three rules. I really don't bother using the other stuff as I lack the patience and skill. So I have a very narrow focus that serves me well.
    Aerocom has to straighten me out from time to time! But he is a true wizard. I could not log into this thread for almost a year, I could only post but I could not read nor enter as there was a glitch that kept old moderators, like me, out. So I am just getting to know the new "faces" here that have kept the torch burning!

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  5. #47465
    Alejandro Zambrano's Avatar
    Alejandro Zambrano is offline DailyFX Analyst and Forum Moderator
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    Aerocom made Moderator

    Help us congratulate Aerocom which just have been made Moderator. Aerocome is an important part of our forum and is one of the most prominent posters in our Elliot Wave thread. Being an active poster and very helpful to new as well as experienced traders we want to show our appreciation and make him a Moderator.

    Thank you
    Alejandro and Greg

    Last edited by Alejandro Zambrano; 01-25-2013 at 02:50 PM.

  6. #47466
    jaylovin is offline Member
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    Quote Originally Posted by Alejandro Zambrano View Post
    Aerocom made Moderator

    Help us congratulate Aerocom which just have been made Moderator. Aerocome is an important part of our forum and is one of the most prominent posters in our Elliot Wave thread. Being an active poster and very helpful to new as well as experienced traders we want to show our appreciation and make him a Moderator.

    Thank you
    Alejandro and Greg

    thanks for the attachments.. i've gone through pretchers books, EWI, wavetimes, etc etc... and even read neely's stuff.. i was hooked on it as a way to show me to forecast...

    however i believe those gifted can really see the overall picture of the market regardless of EW... sadly i am not one of those people.. i have been trading part time for 4 years... not giving up my day job as i love it too much aside from being my bread and butter - also i should really pursue that further..

    however markets are a good way for additional income and swing trading is what i am learning to focus on now as opposed to intraday trading..

    simply put i think we will see an end to this rise in the short term somewhere from 1.3495 to 1.3550... the have a bigger retracement... my only argument to this is there is no REAL supply at this level until 1.41 so can shoot further... but here you have it..

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  7. #47467
    jaylovin is offline Member
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    Quote Originally Posted by Gregory McLeod View Post
    You are welcome. My focus in using EW is just on the 5 impulse waves and the 3 -wave corrections that follow. In addition, I look where I can apply the 3 rules. So, in a nutshell, I can count to 5 and I know my alphabet to the letter C plus the three rules. I really don't bother using the other stuff as I lack the patience and skill. So I have a very narrow focus that serves me well.
    sorry Greg, the below post with attachment was supposed to be referred to you

  8. #47468
    Gregory McLeod's Avatar
    Gregory McLeod is offline DailyFX Moderator/Trader
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    Quote Originally Posted by jaylovin View Post
    thanks for the attachments.. i've gone through pretchers books, EWI, wavetimes, etc etc... and even read neely's stuff.. i was hooked on it as a way to show me to forecast...

    however i believe those gifted can really see the overall picture of the market regardless of EW... sadly i am not one of those people.. i have been trading part time for 4 years... not giving up my day job as i love it too much aside from being my bread and butter - also i should really pursue that further..

    however markets are a good way for additional income and swing trading is what i am learning to focus on now as opposed to intraday trading..

    simply put i think we will see an end to this rise in the short term somewhere from 1.3495 to 1.3550... the have a bigger retracement... my only argument to this is there is no REAL supply at this level until 1.41 so can shoot further... but here you have it..
    Esignal has labeled the Euro Daily chart as in the process of completing wave 5. I'd like to see it move higher with some type of exhaustion/spike/capitulation. PA is way to mellow to rollover now.

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  9. #47469
    jaylovin is offline Member
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    Quote Originally Posted by Gregory McLeod View Post
    Esignal has labeled the Euro Daily chart as in the process of completing wave 5. I'd like to see it move higher with some type of exhaustion/spike/capitulation. PA is way to mellow to rollover now.

    well NY didn't really move this price much... we are still almost 80 pips away from 3550... and monday could be a boring small range day.. my indi's are showing signs of bearishness.. 35 is a psy level.

    the fact we've hardly moved in NY would account to some kind of exhaustion?

  10. #47470
    aerocom is offline Moderator
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    Quote Originally Posted by jaylovin View Post
    thanks for the attachments.. i've gone through pretchers books, EWI, wavetimes, etc etc... and even read neely's stuff.. i was hooked on it as a way to show me to forecast...

    however i believe those gifted can really see the overall picture of the market regardless of EW... sadly i am not one of those people.. i have been trading part time for 4 years... not giving up my day job as i love it too much aside from being my bread and butter - also i should really pursue that further..

    however markets are a good way for additional income and swing trading is what i am learning to focus on now as opposed to intraday trading..

    simply put i think we will see an end to this rise in the short term somewhere from 1.3495 to 1.3550... the have a bigger retracement... my only argument to this is there is no REAL supply at this level until 1.41 so can shoot further... but here you have it..

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    Jaylovin;

    You sight some good sources so, you have a good foundation in EW. That being said, I tend to agree with you and have made this post several times. Here is one from early January. However, the most important element that any trader can have is the ability to recognize a changing environment and quickly adapt. Post your charts, consider others opinions but, trade yours. When it doesn't work out stop for a while.

    I still think this is a valid count and one which would see price reach about 1.3517 based on 5th wave principle. But, wave equality is important and does indicate a price near 1.3800. This count is one of 3 probable bullish counts. The other 2 are more bullish than this.

    Good Luck.
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    Last edited by aerocom; 01-25-2013 at 05:20 PM.

  11. #47471
    lukes8 is offline Member
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    Quote Originally Posted by aerocom View Post
    Jaylovin;

    You sight some good sources so, you have a good foundation in EW. That being said, I tend to agree with you and have made this post several times. Here is one from early January. However, the most important element that any trader can have is the ability to recognize a changing environment and quickly adapt. Post your charts, consider others opinions but, trade yours. When it doesn't work out stop for a while.

    I still think this is a valid count and one which would see price reach about 1.3517 based on 5th wave principle. But, wave equality is important and does indicate a price near 1.3800. This count is one of 3 probable bullish counts. The other 2 are more bullish than this.

    Good Luck.
    Hi aerocom congrets on moderator appointment.

    I saw this chart when you posted it few weeks back, it's played nicely and looks to fit in with my trading plan, i rode that up move on the draghi rally this helped me see it, GL

  12. #47472
    Luxuriant is offline Member
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    Quote Originally Posted by Luxuriant View Post
    Thats great Mr. A.

    Mr. A Are there any rules are guide lines for when a C extends 1.618? Are there any rules are guide lines on the time it takes to complete a C vs the time it took for A to finish? I also was wondering if an A move was impulsive looking. Could the C start with overlapping waves be normal. I can post a chart if you need one. But I am not looking for trading advice. Only the market can change my mind like the rest of the herd. LOL
    Never-mind Mr A I found my answers. The overlapping waves in C that had me puzzled were just a 1-2 1-2 before the 3rd of a 3rd.

  13. #47473
    aerocom is offline Moderator
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    Quote Originally Posted by Luxuriant View Post
    Never-mind Mr A I found my answers. The overlapping waves in C that had me puzzled were just a 1-2 1-2 before the 3rd of a 3rd.
    Luxriant;

    I was busy but, have been considering your questions since yesterday. I reviewed some of my Eur$ and Gbp$ charts to glean an answer.

    There are normal C:A relationships of 1 in both price and time and .618. In addition, I have observed relationships based on my counts of .382, .78, 1.05, 1.382, 1.618 1.276 or 1.28, 2 and 2.618. These relationships can show up in both price and time. Also, the relationships .382, .618, 1.276 to 2.618 occur in irregular corrections with .382 and 2.618 being the most rare.

    Here is another observation, when B is longer in time than A then C tends to take less time than A and price will be less than or about equal to A. In most observed cases not more than 1.05 times A in price but, as little as .382 of A.

    Good Luck.
    Last edited by aerocom; 01-26-2013 at 06:19 PM.

  14. #47474
    NHAppraiser is offline Member
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    Quote Originally Posted by NHAppraiser View Post
    My personal belief is that the USD/CHF gets to .95 before .9090. I think a buy right now yields a slightly better than a 1:1 ratio.
    Any other thoughts.

    I posted this the other day in my journal here
    http://forexforums.dailyfx.com/my-tr...ml#post1500345 (NHAppraisers trading journal and thoughts)

    Over on the Elliot Wave thread Gregg pondered the question about which way the USD/CHF is headed.
    I ran the lines and I see it heading up to around .9515 with a minimum of .9433.
    Currently at .9300. Stops would be around .9089. Slightly better than a 1:1 ratio.
    This is based on a 4h chart so time wise it would take a while.
    Might keep an eye on it for it to get to the 50% retrace of the 01/02-01/04 climb which is .92 but a better entry looks to be .9250 which is where it should intersect another down trend line (4).
    If that happens than I need to look out for .9220 area or a bit lower.

    Currently (01/26/13, 10:20 PM EST) USD/CHF is at .9259.
    Early Friday morning it hit .9222 per netdania (my charts are down for maintenance by FXCM).
    I was told that the E/U and USD/CHF have an opposite correlation. Meaning typically if one goes up the other goes down.
    Here is my question.
    If it is true that one goes up and the other goes down than shouldn't the EUR/USD be about to take a huge dive as the USD/CHF takes the 250+- pip climb?
    I am tempted to bet the farm on the USD/CHF.
    Is it possible for the USD/CHF to climb 250 pips while the EUR/USD also moves up or even sideways?
    Thanks

  15. #47475
    aerocom is offline Moderator
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    Quote Originally Posted by NHAppraiser View Post
    I posted this the other day in my journal here
    http://forexforums.dailyfx.com/my-tr...ml#post1500345 (NHAppraisers trading journal and thoughts)

    Over on the Elliot Wave thread Gregg pondered the question about which way the USD/CHF is headed.
    I ran the lines and I see it heading up to around .9515 with a minimum of .9433.
    Currently at .9300. Stops would be around .9089. Slightly better than a 1:1 ratio.
    This is based on a 4h chart so time wise it would take a while.
    Might keep an eye on it for it to get to the 50% retrace of the 01/02-01/04 climb which is .92 but a better entry looks to be .9250 which is where it should intersect another down trend line (4).
    If that happens than I need to look out for .9220 area or a bit lower.

    Currently (01/26/13, 10:20 PM EST) USD/CHF is at .9259.
    Early Friday morning it hit .9222 per netdania (my charts are down for maintenance by FXCM).
    I was told that the E/U and USD/CHF have an opposite correlation. Meaning typically if one goes up the other goes down.
    Here is my question.
    If it is true that one goes up and the other goes down than shouldn't the EUR/USD be about to take a huge dive as the USD/CHF takes the 250+- pip climb?
    I am tempted to bet the farm on the USD/CHF.
    Is it possible for the USD/CHF to climb 250 pips while the EUR/USD also moves up or even sideways?
    Thanks
    Here is the USDCHF chart with the EurUSD overlayed. The usdchf is candle and the Eurusd is bar. You will notice that until recently there was a near perfect inverse correlation between the pairs

    I have included indicators and you will notice that the RSI has turned down with price on this daily chart. A divergence between price and the RSI when RSI is at extremes will usually indicate a eminent change in trend. I don see any here. What I see is confirmation. Also, the DMI confirms with DMI- (red) above DMI+. One ting of note here, is the trend is likely not sustainable because ADX is above 20 and declining.

    From an elliott standpoint, you will also notice the movement in the usdchf is 3 where the movement in the Eurusd is 5. One could conclude from the movements of the pairs that the Eur$ is in wave 5 and the USdchf has completed wave A and likely wave b of a corrective move. If the conclusion is correct, both pairs are near a reversal up for the UsdChf in wave C and down in the Eur$. What is really interesting is that on the 4 hour chart, the usdchf pair has 2 equal legs down and has moved up. The Eur$ appears to have completed 3 up of 5.

    In summary, I think you are correct in your anticipation.

    Good Luck.
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