GBP.USD

[arco]

DB

On your previous chart I notice your wave three in the smaller count is shorter than 5, which does not follow the EW rules. I show here an alternative possibility for consideration.

rgds - arco

[dumbass]

3 doesn't have to be longest just not the shortest

but your count is a possibilty ,wave 2 is more often a zig zag rather yours is a complex

very subjective really

[arco]

Yes the EW rules are very complex and Neelys interpretation is different to Prechter.

Impulse Rules: An Impulse is a five Wave pattern labeled 1-2-3-4-5 moving in the direction of the larger trend. It is the most common Elliott Wave pattern.

• Wave 1 must be an Impulse or a Leading Diagonal.
• Wave 2 may be any corrective pattern except a Triangle.
• No part of Wave 2 can more than retrace Wave 1.
• Wave 2 must retrace Wave 1 by a minimum of 20%.
• The maximum time for Wave 2 is nine times Wave 1.
• Wave 3 must be an Impulse.
• Wave 3 must be longer than Wave 2 in gross distance by price.
• The gross price movement of Wave 2 must be greater than either Wave 2 of Wave 1 or Wave 4 of Wave 1. The gross price movement of Wave 2 must also be greater than either Wave 2 of Wave 3 or Wave 4 of Wave 3. Wave 2 must also be greater than 61.8% of the gross movement of each of the above 4 sub-Waves.
• Wave 3 and Wave 1 cannot both have 5th Wave failures. (A Failure is an impulsive Wave where Wave 5 is shorter than Wave 4 by price.)
• Wave 3 cannot be less than 1/3 of Wave 1 by price.
• Wave 3 cannot be more than 7 times Wave 1 by price.
• Although there is no minimum time constraint for Wave 3, its absolute maximum time limit is 7 times Wave 1.
• Wave 4 can be any corrective pattern.
• Waves 1, 2 and 4 cannot overlap except by 15% of Wave 2 with leveraged securities, and then only for a maximum of less than two days.
• The gross price movement of Wave 4 must be greater than either the gross movement of Wave 2 of 3 or Wave 4 of 3. The gross price movement of Wave 4 must also be greater than either the gross movement of Wave 2 of 5 or Wave 4 of 5. The gross movement by price of Wave 4 must also be greater than 61.8% of the gross movement of each of these four subwaves.
• The gross movement by price of Wave 4 must be greater than 1/3 of the gross movement of Wave 2 by both price and percentage movement.
• The gross movement by price for Wave 4 must be less than three times the gross movement of Wave 2 by both price and percentage movement.
• Wave 3 and Wave 4 cannot both be failures. (A Failure is an impulsive Wave where Wave 5 is shorter than Wave 4 by price.)
• Although Wave 4 has no minimum time constraint, the maximum time for Wave 4 is twice the time taken by Wave 3.
• Wave 5 must be an Impulse or an Ending Diagonal. However, if Wave 5 is longer than Wave 3 by price, then Wave 5 must be an Impulse.
• Wave 5 must move by price more than 70% of Wave 4. (This is not gross movement. Only consider the end points of both Waves.)
• Wave 3 must never be shorter than both Wave 1 and 5, by either price distance or percentage price movement.
• If Wave 5 is truncated, or contains an Impulse that is truncated, then neither Wave 3 nor Wave 4 can contain a subwave that is truncated. (A truncated pattern is where Wave 5 is shorter than Wave 4. This is also known as a failure.)
• The maximum movement of Wave 5 is six times Wave 3 in both price and time.
• Wave 5 has no minimum time constraint.

Full set here

http://www.geocities.com/WallStreet/...es/EWRules.htm

rgds - arco

[dumbass]

HOLLY ****

i thought i was getting on top of the rules

[arco]

DB

Try a read of Glen Neelys version of EW if you can find a copy in Borders.

Also Miles Wilson Walker from Auckland has an interesting slant on the short term trading using EW, (How to Identify High-Profit Elliott Wave Trades in Real Time), and Steven Poser is another EW 'master' - (Applying EW Profitably).

Mind boggling

rgds - arco

[arco]

Updating the previous EW chart

Interesting that both 261.8 wave one projections terminate in the same area

Time alone will tell.............

[dumbass]

i just got a friend of mine to give me his ew on gbp , he subscribes to elliotwave .com

Signal = Sell stop below 2.0800 area.

Risk Reward Ratio = 2.39+ (Medium Risk)

Our First target profit at 2.0657 area.Second will be at 2.0535.


Stop Loss at above 2.0927 area.

Great Britain Pound Elliott wave Analysis :-

Last Friday we had a clear correction downward form at GBP/USD chart.

That is the first signal of more possible down fall moves if cable continue to loose bullish momentum.

We see last friday downfall as our first sub-wave a of wave (iv).

The duration of our objective target sub-wave c may vary.Its all depends on market movement.If it made a strong move down, we will see sub-wave c may complete in very near future.And if market have a slow bearish momentum, we could see market take a longer time to complete sub-wave c of wave (iv).

Critical zone of wave (iv) would be at 2.0370 area.If Cable break that support and trade below 2.0350 point , it will be a major downfall for a logger period of time.

Latest GBP/USD Elliott wave analysis on medium term basis

[dumbass]

if anyone was clever enough to pick top of wave B 3oo + pips to be had yesterday

safer trade now on as price taken out A low

butterfly in progress on hourlies

[peat]

was long Eur against the pound last night got 80 pips.

[dumbass]

hitting critical level of 20370 area have closed out shorts

if this is taken out serious correction in progress worth another short

c wave worth 500 +
safe trade 150 +