MT4-Elliott Wave Trading - page 3
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Ok, here is the deal. I went back and freshened up a bit on the EW rules. The rules state that Wave C needs to be greater in price and time range than previous Wave A. Neither of these points have been accomplished yet based on market move thus far contrary to my previous assessment above. So what does that mean? If my pattern count is correct and the market is indeed completing an ABC pattern, we still have more down to go on time and price. It took Wave A 8 days to move about 851.4 pips and price has currently traveled around 500 pips from the high on 11-22-2010 (2 days) so it still habs at least 350+ pips to take out Wave A's range in the next 6 days or so (my bet is on 1.31222 price area).
Of course, all of this assessment could go up in smoke if the market is not completing an ABC pattern or forming a complex retracement pattern. This is only provided for your entertainment.
Never trade on anticipation, only facts.
Cheers,Mr. Pip
Your potential TP on 1,31222 is not far from my Fib TP I have my near 1,3127!!
which is also near 200MA. Lets see if our TP will be good.
I have also attached NU daily chart where your EW indicator act perfect on the first pullback but like you can see the next bear move is amazning big and I think that it is not possible.
Can you explain my why the second move is so big? I have some bad setting on your EW?
I have tried play with you EW also on 15M and 60M chart and the best result is only for a first wave. I have 8 from 10 pullbacks that ends exactly on your rectangle but like you can see also on the picture the next wave didn't work for me good. Maybe I do something wrong.
THX
[QUOTE=avi1;
. if break 3260-down to3150, 3070
nice!!
Excellent work! It always helps when you have consensus
Cheers,
Excellent work! It always helps when you have consensus
Cheers,king! who was the teacher
So, the forecast support on daily chart has been reached and violated somewhat, but time has not expired yet. 2 more days are left for the Wave C to break the range of Wave A. So, according to my calculation the next support levels to look for are 1.27523 (Daily), 1.29732, 1.28721, and 1.26578 (H4), and 1.29473, 1.28717, and 1.28293 (1H).
Hello everyone,
In addition to being a big fan of Fibonacci price projections, I am also a huge fan of Elliott Wave analysis. Why? Because one will tell you potential reversal points, while the other will tell you the position of the market. Combining the two is a killer combination.
But, as we all know, MT4 does not come with an EW indicators and it will most likely will not, but that should not be a problem. You really don't need a super indicator to do the count for you since having a specific count isn't really the issue. You can do well with simply understanding the basics of the Elliott Wave principal and just trade when the count is clearly visible, other wise just stay out of the market.
To that end, I have found an indicator on the MQL code base that is just fantastic (thanks to whomever created it). I am experimenting with it right now and would like to open this thread for discussion on currently forecasting using that indicator. I have attached the indicator to this thread for other to use.
So, attached it to your favorite instrument and let us discuss our forecasts to the market.
Here is mine:
In the figure below you will see two degrees of forecasts, the larger degree shows waves 3 and 4, with a projection for wave 5. In addition, you will see the projection of the lesser degree for waves 1 and 2 of wave 5. So, my analysis is forecasting a continued uptrend to the 1.31000 range. So, I took a long trade at 1.29804 with a stop loss set at the low of wave 4 pivot. I used this point since if my count is correct, price should advance beyond wave 1 of the lesser degree. I set my profit target at 1.30790, which slightly lower than than the target area (to be conservative).
Now, even though I am bullish on the EURUSD cross, I do realize that we are nearing the end of the bullish trend, since wave 5 of the larger degree is commencing and it will be followed by a corrective move higher in magnitude in time and price than all previous corrections in the bullish trend preceding the correction. That is also why my profit target is lower than the anticipated price target for the larger and lesser wave 5 and wave 3, respectively.
Also, please note that I have take this trade relying solely on EW analysis and with no supporting indicator because I want to sharpen my skills with EW analysis without influence of any other indicators. I am in practice mode right now.
I would really love it if other Elliott Wave enthusiasts to join me in using this indicator and participate with me in forecasting the markets.
Cheers,Sorry for my English, I use a translator.
Glad I could help you!
If you have questions or suggestions for improving the indicator, then I am ready to help you! My site Google Translate
Happy trading!
Sorry for my English, I use a translator.
Glad I could help you!
If you have questions or suggestions for improving the indicator, then I am ready to help you! My site Google Translate
Happy trading!If it isn't already clear, Cmillion is the author of the Elliot Wave indicator. It is the first of its kind in MT4. Thank you Cmillion.
If it isn't already clear, Cmillion is the author of the Elliot Wave indicator. It is the first of its kind in MT4. Thank you Cmillion.
Indeed! Thanks Cmillion for the great tool
Sorry for my English, I use a translator.
Glad I could help you!
If you have questions or suggestions for improving the indicator, then I am ready to help you! My site Google Translate
Happy trading!Hi Cmillion,
Thanks again for the great tool, but I have a question and potentially a suggestion. Is it possible to add the option to use the ZigZag indicator for automatic calculation of wave projections?
Thanks,
Dear Dancostar,
I am very sorry for not responding to your post a while ago. I am usually attentive to these kinds of things so I apologies for overseeing your post.
Although it may be a bit late now but I will attempt to answer some of your questions in hopes that they may help you now and for future reference.
Mr. Pip
Your potential TP on 1,31222 is not far from my Fib TP I have my near 1,3127!!
which is also near 200MA. Lets see if our TP will be good.
My forecast for TP was based on Fibonacci levels
It is important for me to point out that I am not the author of the indicator and Cmillion is, second, it is important to understand that markets behave however they want to behave and they do not conform exactly to a certain behavior; and thus our objective is always to capitalize on instances when the market is expected to behave in a quasi predictable manner (i.e. a trade setup). So, what you need to do is to adjust your thinking in that don't expect the market to follow the indicator but more so that the indicator follows the market. So, the real question is did the indicator correctly forecast market behavior instead whether the market followed the indicator correctly. Do I make sense? This shift in paradigm in your way of thinking will help you in selecting your trades much better.
As for your questions, many things influence market behavior on short term basis. News, political unrest, government interference, data releases are all potential causes behind the spike, but that is not what is important, what is important is for the trader to recognize the failure in anticipated behavior and capitalize on it if possible.
You see, there are two types of trades an offensive trade and a defensive trade, or also knowing as an active trade and a re-active trade. An offensive/active trade is a trade you take when the market behaves according to your confirmed setup (in the case the market would travel to the target box for full profit or trade entry). A defensive/reactive trade is when your initial setup fails and a new counter setup forms (in the case market would reverse direction away from target box or break-out of the target area). The important thing here is to recognize that not only are you able to make money on successful setups, but also on failed setups.
I doubt you did something wrong when it comes to settings, it is more likely that the market is behaving in its usual fashion. It is also worth mentioning that EW is best applied to higher time-frames (H4, D1, WK1, MN, etc) because higher time-frames include longer trends that do not change direction easily and are not susceptible to short term interference as lower time-frames, this translates to better outcome when using the EW indicator.
I know I said a lot in this post but I hope you find it helpful.
Cheers,
Pip