Elliot Wave and Fibo for the Newbies - Page 5
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Thread: Elliot Wave and Fibo for the Newbies

  1. #41
    Quote Originally Posted by ;
    quote I believe you misunderstood me I was not apparent in my explanation.we do technical analysis of pairs we exchange right on general basis ? News cant be exchanged about technical analysis ,it must be about fundamentals. I had been giving my views on technical basis because most of the time pair follows the main technical price action after few hours of news influence.
    Ah, I know. It makes a lot more sense like that, before I wasn't entirely sure what you intended. Thank you.

  2. #42
    1 Attachment(s) You will notice that waves 1, 3 and 5 proceed in the direction of the trend. Waves 2 and 4 are actually corrective waves, within the bigger impulsive wave.
    Usually in which you may enter and get stoped out.
    A corrective tide itself is made up of 3 components, called wave 'A', wave 'B' and wave 'C'.
    They also zig zag but in opposite direction to impulsive wave.
    Within these waves, there'll likewise be sub-waves. This is when you return to smaller time-frames and you will see the impulsive waves and corrective waves within the bigger tide.
    On the charts it is more difficult to spot these, I'll post some pictures on great waves.
    There is also a very good method to ascertain where abouts you're within the elliot wave pattern.
    It is called fibonachi. You have this button in mt4 which looks like horizontal dotted lines using an F in the corner. The main one you will need is the one called retracement. I dont really bother with the expansion as the retracement may be utilized as both.
    Now try to find a tide on the chart. Click on the base of the wave and drag to the peak of the wave together with an fibonachi tool. There'll be yellowish lines with numbers.
    Click on the fibonachi tool and and choose fibo properties.
    Add these amounts to it:0.236, call it reverse. 0.784 call it 'continue' 1.382 call it 'wave 5 finish' 1.618 call it 'wave 5 finish' 2.00 call it 'wave 3 ' finish' and 2.618 call it 'wave 3 end'
    So now shud look like this:

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