Elliott Wave EUR/USD

This is a discussion on Elliott Wave EUR/USD within the Trading Journals forums, part of the Reception category; Originally Posted by JahDave more. I'm posting a current chart and with my notes on it. That's the thing about ...

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Old May 1, 2010, 3:01am   #29
 
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Re: Elliott Wave EUR/USD

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I'm posting a current chart and with my notes on it. That's the thing about corrective waves. They take more patience to trade because there are more possible patterns than impulse waves. I carried my short through the weekend for a nice profit, but have closed that position and am sitting out until this chart unfolds some more.
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Old May 3, 2010, 2:51am   #30
 
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Re: Elliott Wave EUR/USD

JahDave started this thread
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Originally Posted by jeanlee411 View Post
I'm posting a current chart and with my notes on it. That's the thing about corrective waves. They take more patience to trade because there are more possible patterns than impulse waves. I carried my short through the weekend for a nice profit, but have closed that position and am sitting out until this chart unfolds some more.
I agree that corrective waves are harder to read because there are more possible outcomes until closer to the end of the pattern. Please post your chart. I love to look at other people's charts so that I can learn from them. Thanks. Anyway, I am posting up my day and hour charts. The day chart is reaching a critical juncture soon and we will know if this is an ending diagonal or an impulse down.
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Old May 4, 2010, 4:35am   #31
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Here is my daily chart today. My thoughts are if the euro goes below 1.3114 then we are in a third wave down and the ending diagonal count is void.
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Old May 5, 2010, 1:58am   #32
 
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Re: Elliott Wave EUR/USD

JahDave started this thread The euro broke down below the 1.3114 today, so I have ruled out the ending diagonal and this is an impulse down.
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Old May 5, 2010, 3:48pm   #33
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Re: Elliott Wave EUR/USD

Does the Elliot Wave Theory have specific advantages for use in currency trading compared to other indicators?

What's a good book to study Elliot Wave Theory?

Reading your posts I think it may help you to read up on fractals or maybe familiarize yourself with spotting fractals on a chart. I read something about it {i can't remember where, though} and I get a sense it would mend well with the EWT.
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Old May 6, 2010, 2:49am   #34
 
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Re: Elliott Wave EUR/USD

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Originally Posted by MaxGriddy View Post
Does the Elliot Wave Theory have specific advantages for use in currency trading compared to other indicators?

What's a good book to study Elliot Wave Theory?

Reading your posts I think it may help you to read up on fractals or maybe familiarize yourself with spotting fractals on a chart. I read something about it {i can't remember where, though} and I get a sense it would mend well with the EWT.
I bought the book "Elliott Wave Theory" written by frost and Prechter back in 1978. They found some of R.N. Elliott's writings and studied and expanded them. Funny you should mention fractals, because that is a large part of EWT. IMO, one of the best things about EWT is that you can use it on any time frame because the charts are fractals. Frost and Prechter state in the book that EWT measures mass social mood, so it works better with bigger markets compared to smaller markets.

Here are my charts today. I think the euro is entering into wave 4, so it should go up a for a while before making wave 5 down. I just bought it at 1.2825 with a stop at 1.2750 and a limit at 1.2975.
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Old May 10, 2010, 3:51am   #35
 
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Re: Elliott Wave EUR/USD

JahDave started this thread Here is my daily chart tonight. If you notice the move down, then you will notice it doesn't have any subwaves going down in wave 5. I have 2 counts here on my chart. The one in brackets is my alternate count based on a logical progression and the size of wave 5 down, ( The green 5) But since wave 5 down doesn't have any subwaves in it then I am actually leaning towards my alternate count as being correct. This would mean that wave 5 will be extended and long.
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