Thread: Elliot Wave and Fibo for the Newbies

Hit goal of 1.4670. Another 45 pips.
Complete = 114.
Now move stop to about 1.4565.
I expect a retracement now to about 1.4660.
If it breaks 1.4660 then next change shud be approximately 1.4585.
But if a candle sticks below 1.4575 then shut place.
Next upside goal is =1.4775
You cud place a brief about now but its not in favour of this trend direction.
I believe there'll be a lot of power for it to retrace by to much so likely not worth the risk.

Overnight price did loe little support around 1.4645 but broke through and hit the stop in 1.4565. So another 9 pips was made.
Minus the spread of 4 pips = five pips.
Total pips made 119.
If price breaks 1.4660 I'll enter another two positions with initial target at 1.4855. Second target of 1.4930. This is really for the 5th wave.
SL set at 1.4530.

Entered at 1.4682.
SL in 1.4540.
TP1 in 1.4840.

I do however see powerful resistance at 1.4730 so might have to shut out if this level is too powerful.

Well that 1.4730 resistance was too strong and price reversed, so the 5th wave stopped quite early. Lost around 62 pips such as disperse, closed at 1.4624.

EDIT: I do stil see prices going higher as it has struck another support zone around 1.4500.
Heres a chart showing what Im searching at:

Here

Hay friend, do you have another trading sytem that quiet profitable and consistent? Coz elliot is therefore make me confusing to know where is there first tide? Can you explain that matters? If u dont mind, may I know your pm so that I can ask from the very first to know how to make elliot wave? tHanks bro

Hey dashboard. U can send me a pvt message if you wish.
I do have a profitable egy im using, I'm not 100% sure on whether it's consistent, but so far so good. Trust me on this though the key to a profitable egy isn't the egy so to speak. Its about your judgement, interpretation and experience of the market, and a huge part is cash management and physcology. I'm still making errors in my personal trading that I perhaps shudnt be.
Yes elliot wave is an artwork, it requires time to see where price is in the elliot wave pattern.
Below are a few pointers to assist you identify the various waves.Tip 1: Find a wave, this is the area where price has gone into a consitant direction. Pull on the fibonachi tool in the ground to top. Wait for price to 'retrace', ie it's going in the opposite way. So if your wave was going up, you're now watching price come down. Wait untill price stops, and changes direction again. Look at where price has stopped. Can it hit the reduced 23.6 fib level or perhaps 38.2 degree? If it did, this is possibly a wave 1. Wait until price proceeds beyond the 76.4 degree. If it accomplishes this level, there's a larger chance that this is a wave 1, but not fully confirmed. If price goes beyond the 100 degree, then there's a strong possibility it being wave 1 and if at least reach the 1.382 expansion. Hint 2: So now price is ongoing up. Wait for price to reverse and stop. Where does it stop at? If it's re-entered the subject of wave 1, then this is not wave 4. It might be a smaller wave 2 of the bigger wave 3.
Good suggestion if you think you find a wave 4 but price goes into place of wave 1, then this isn't a wave 4. To get a wave 4 to be valid it cannot enter the subject of wave 1 and 2. Merely to clear it up slightly. Hint 3: Wave 3 is never the smallest of wave 5 and 1. The smallest wave will always be wave 5 or 1. You may take a big wave 1 but must have a small wave 5, vice versa. Usually though wave 3 is the largest wave.
It isn't simple to get accross the thoughts, if you're interested try a search engine and type elliot wave. You'll receive much better advice there and explained a lot easier than I can.

Hope this was helpful.

Originally Posted by ;

Hello, I thought I wud post a egy I have been looking at for the past few weeks. Just fort I wud discuss it in the new people section cause I doubt that the seasoned wud be curious. Its an excellent egy, its only being able to identify at which the price is in the Elliot Wave, that's the slightly tricky part. So first things first. Only gona go over a few basics of elliot wave. You've got two main types of waves: Impulsive Corrective The impulsive wave is the biggest movement, also knows as the 'fad'. Just think that price is shing 'impulse'....

Counting waves Is Essential

Well, fibo is helpful for all kind of traders such as news traders! I use this specialized tool for differentiating major swing points of market! On the other hand, my news trading knowledge is my core purpose of success.