Anyone scalping the FTSE Futures??

et. said:
Nor could I but within the last week I suddenly realised how to spot them... Wave 2 corrections usually pullback 61-100% to touch a range recently broken from, while Wave 4 correction are 23-38% and do not get back that far.

EW exist at all timeframes. The EW on the highest timeframe drives the ones below. On lower timeframe in a powerful trend driven by upper level you can get lots of Wave 4 fakes, what appear to be many "Wave 4" corrections in a row are actually Zig-Zags. This will occur on occasion at higher timeframe because ultimately nobody can observe the highest timeframe.

if you draw the Fibonacci from origin to current high/low at the highest level when the EW is in usually the most powerful Wave, Wave 3, you can observe on the lower charts when the price pulls back and continues 23-38%. That happens because the lower timeframes, in succession, all have to pass through their Wave 4 corrections, and they do that at about 23-38%. This is why after a period of really strong trending chart you can get hours and hours of chop and spiky continuation - it's the 30 min+ timeframes all going through their Wave 4s.

It's still not easy to base a strategy on it alone though.


BTW my view of today was - within the higher timeframe possible Wave 1 (may not be) - the morning was Wave 1. Then we got a 61% correction which I predicted to the range. The surge in the afternoon was Wave 3. IMO you were expecting Wave 5 to reach a new high. however, Wave 5s are often truncated which means they don't reach a new high.
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hi et, i was expecting a new high which we got over night so if that was wave five are you now looking for abc? on the hourly chart august 21st down to sept 5th makes a good 12345 case with yesterday wave A?...maybe even C?
 
Lord Flasheart said:
I sort of read the bases of it a while ago.Glad to see its been profitable for you guys.Are you all sticking to the rules are is there your own discretion involved
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Surprising face to see on the thread - nice to see ya, flash :) and mornin' guys.

There's always got to be discretion involved in deciding when the "difference" has become extreme and that varies depending on the volatily of the markets. It's been running at around 50 recently.
 
today I would be tempted in at 5775 and out at 5840 from a day trading point of view
 
Dick Lexic said:
hi et, i was expecting a new high which we got over night so if that was wave five are you now looking for abc? on the hourly chart august 21st down to sept 5th makes a good 12345 case with yesterday wave A?...maybe even C?
Click to expand...

Dear Dick Lexic, any chance of an eliot wave chart? with notations ?

thanks
 

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the 8:30 struck five minutes late, push down to low of day for the 9:00am?
 
Good morning all.

Dick Lexic said:
hi et, i was expecting a new high which we got over night so if that was wave five are you now looking for abc? on the hourly chart august 21st down to sept 5th makes a good 12345 case with yesterday wave A?...maybe even C?
Click to expand...

I'm not used to looking for them over long time periods on low timeframes, as 1hr is over a few weeks. Too messy.

I'd look at the day chart.

On the day a possible count from 13/8/12 to 5/9/12 is 1, 3, 5 with a zig-zig in wave 3. Supporting this, perhaps, Wave 2 pulled back 100% while Wave 4 pulled back to 38%. We'd now be in Wave 1 of a new EW. If that is true then looking at at least 5950s. I'm not convinced totally yet though.
 
Lord Flasheart said:
Morning guys

so few trades in forex this week,thought Id have a look at ftse again. like many I started years ago by trading the Ftse and like many got no where. I wonder if it was just my discipline and MM, so Ill try a few again using my forex patterns. So ill try some small stake trades. Great thread always have a read every day

Short at 5777 sl 5797
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not the best start. How do you guys view the last hrs trading. Is it a clearout,a doji,a spike?
 
Again Sterling has pushed forward against the Dollar and booked another 30, on the way to 1.63..........
Whats pushing it forward........?? Nothing obvious that I can see or read.
 
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