Newtron Bomb
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July '04 Forex
- Thread starter Newtron Bomb
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Hi everyone,
I have just started applying elliot waves to charts and was wondering if anyone could check this? I am not quite sure on wave 4 as I think it is supposed to be larger than wave 2? And my ABC as I think that wave B is supposed to be lower than wave A?
However there is a clear upward channel from about 1 month back, based on the elliots inside the channel(if they are right) would wave C give us a break through the support also it has bounced right from the 61% fib?
I have just started applying elliot waves to charts and was wondering if anyone could check this? I am not quite sure on wave 4 as I think it is supposed to be larger than wave 2? And my ABC as I think that wave B is supposed to be lower than wave A?
However there is a clear upward channel from about 1 month back, based on the elliots inside the channel(if they are right) would wave C give us a break through the support also it has bounced right from the 61% fib?
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Also here is another chart that I applied (tried) wolfe waves to, please could anyone correct me if my prediction is wrong, which I think it is as a drop to 1.8900 is :-0 unbelievable however knowing wolfe waves it might drop but not so much?
Any comments greatly appreciated,
Ilia
Any comments greatly appreciated,
Ilia
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frugi
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Hi ilia,
In the first example wave 4 would ideally be longer and the ABC correction is invalid because, as you say, the B wave exceeds the high set by A (I refer to the left hand pattern). Unless the wave patterns jump out at you from the chart they are probably not there.
In the second example IMHO the waves are not clearly defined enough to warrant the Wolfe treatment. The lines you have drawn do not represent the price action sufficiently faithfully. Obviously with all 5/3 patterns a line of best fit will have to be drawn, but I think u are using a touch too much artistic licence
Others may disagree - I'm certainly no Elliot/Wolfe expert. Sorry if the above sounds dismissive by the way, but I've been betrayed by enough |"false" wave patterns (probably caused by imposing my opinion and lines on a chart) to only give credence to the clearest ones.
In the first example wave 4 would ideally be longer and the ABC correction is invalid because, as you say, the B wave exceeds the high set by A (I refer to the left hand pattern). Unless the wave patterns jump out at you from the chart they are probably not there.
In the second example IMHO the waves are not clearly defined enough to warrant the Wolfe treatment. The lines you have drawn do not represent the price action sufficiently faithfully. Obviously with all 5/3 patterns a line of best fit will have to be drawn, but I think u are using a touch too much artistic licence
Others may disagree - I'm certainly no Elliot/Wolfe expert. Sorry if the above sounds dismissive by the way, but I've been betrayed by enough |"false" wave patterns (probably caused by imposing my opinion and lines on a chart) to only give credence to the clearest ones.
Illa
I have two comments on your WWs that may prove helpful.
1. Volume is essential to determine whether a move from the #5 pivot is on. Bill Wolve refers to a "cup and saucer" pattern in volume. Unless you trade currency futures on Globex, you will not have volume.
2. The move from the #5 pivot failed.
Remember, that WWs were initially developed for S&P 500 futures. Other traders have tried to apply them to different markets, with varying rates of success.
HTH.
I have two comments on your WWs that may prove helpful.
1. Volume is essential to determine whether a move from the #5 pivot is on. Bill Wolve refers to a "cup and saucer" pattern in volume. Unless you trade currency futures on Globex, you will not have volume.
2. The move from the #5 pivot failed.
Remember, that WWs were initially developed for S&P 500 futures. Other traders have tried to apply them to different markets, with varying rates of success.
HTH.
ilia king said:
FetteredChinos
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morning all, not much time to be online recently. been bloody busy here in t'office.
here is a longer term chart. either the US payroll data today, or the action early next week should see a return to greater volatility as the triangle breaks out.
is that a bear flag i see forming?
hmmm
FC
here is a longer term chart. either the US payroll data today, or the action early next week should see a return to greater volatility as the triangle breaks out.
is that a bear flag i see forming?
hmmm
FC
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TheBramble
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Denham - I was sitting on €$ waiting to hit the buy and I couldn't get a fill manually. So automated or not - today was unusual.denham said:
JT -What fill were you waiting for? A breakout of 7-10am?
I'd be interested to hear of anyone trading with FXCM who may have had stop entry orders to trade the breakout. FXCM say they guarantee all stop/ limit orders.
I'm looking at opening an account with fxcm and obviously if they gurantee to fill stops/ limits, trading situations like todays would be much easier to control and would be a big plus point in their favour.
Also, denham, who are you trading with out of interest.
I decided to stay out today personally, but with guaranteed stops (as per FXCM) I could be tempted back in to "big news" days.
I'd be interested to hear of anyone trading with FXCM who may have had stop entry orders to trade the breakout. FXCM say they guarantee all stop/ limit orders.
I'm looking at opening an account with fxcm and obviously if they gurantee to fill stops/ limits, trading situations like todays would be much easier to control and would be a big plus point in their favour.
Also, denham, who are you trading with out of interest.
I decided to stay out today personally, but with guaranteed stops (as per FXCM) I could be tempted back in to "big news" days.
This maybe be wrong...
The FX Trading Station provides quick order entry and instantaneous execution. There are multiple ways to initiate market orders, including hitting an express ?Buy? button, or clicking the BUY/SELL price of a specific currency pair. Even under the most chaotic market conditions, orders are processed and filled within seconds. All market orders are complete fills and market orders are always executed at the quoted price. Once an order is filled, the order is displayed in the open positions window immediately. This window displays the price of the fill, and the real time profit/loss on the position in both pip and dollar terms. In addition, stops and limits can be placed directly on the position.
A stop or a limit would have probably failed with FXCM today as well if it was a little away from the market. The above suggests that you may not receive a fill or at best a complete fill.
You also need to ask how many pips away from the market do stop orders have to be?
This may make the strategy you wish to trade unusable.
JonnyT
The FX Trading Station provides quick order entry and instantaneous execution. There are multiple ways to initiate market orders, including hitting an express ?Buy? button, or clicking the BUY/SELL price of a specific currency pair. Even under the most chaotic market conditions, orders are processed and filled within seconds. All market orders are complete fills and market orders are always executed at the quoted price. Once an order is filled, the order is displayed in the open positions window immediately. This window displays the price of the fill, and the real time profit/loss on the position in both pip and dollar terms. In addition, stops and limits can be placed directly on the position.
A stop or a limit would have probably failed with FXCM today as well if it was a little away from the market. The above suggests that you may not receive a fill or at best a complete fill.
You also need to ask how many pips away from the market do stop orders have to be?
This may make the strategy you wish to trade unusable.
JonnyT
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I trade thro Mantrad on their own branded Patsystem. The Merc accept stop limit orders so my order was in and held at the exchange - the problem was one of the market gapping and lack of liquidity not a problem with the execution platform/broker. I use two tick stop limits for entry and five tick stop limits for exit - in the past it has never let me down but today it was very expensive. I used to trade the bund market and for all its other faults, liquidity was certainly not one of them.
