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MA
MarcinO
Rep: 67
Posts: 5,506
Interesting spot on the euro. It may be the end of a large ABCD on a daily time frame or just a W3 completed with W4 forming bullish ABCD on H1.
DU
Duane
Rep: 100
Posts: 1,095
Hi MarcinO,
Nice chart! I am also looking for a daily ABCD to be completed soon. I am no expert in the Elliot Wave, but I do believe that wave three can not be the shortest impulse wave. I had this count also but wave three fell short of wave one. What are your thoughts on this matter?
Duane
MA
MarcinO
Rep: 67
Posts: 5,506
Thanks Duane.
I am not an Elliot Wave expert either. I try to apply a simplified approach as described by Robet Miner, but I am not very strict with each rule if the big picture remains more or less meaningful. I believe this what he wanted to present with respect to Elliot Wave analysis.
W3:3 is indeed shorter than W1:3, but the difference is only 25 pips compared with 430 pips of W1:3 length.
Another thing which can be argued upon in this wave count is that W4:3 violated W1:4. However, if you consider candles' bodies only the rule is still met. You can find a great example of such a liberal approach to W4 rule on page 72 of chapter 3 of Dynamic Trading, where five W4s violated W1s but the count was still valid.
So the current labelling is far from ideal, but I'll leave it until I see a major violation or better wave count.
Marcin
I am not an Elliot Wave expert either. I try to apply a simplified approach as described by Robet Miner, but I am not very strict with each rule if the big picture remains more or less meaningful. I believe this what he wanted to present with respect to Elliot Wave analysis.
W3:3 is indeed shorter than W1:3, but the difference is only 25 pips compared with 430 pips of W1:3 length.
Another thing which can be argued upon in this wave count is that W4:3 violated W1:4. However, if you consider candles' bodies only the rule is still met. You can find a great example of such a liberal approach to W4 rule on page 72 of chapter 3 of Dynamic Trading, where five W4s violated W1s but the count was still valid.
So the current labelling is far from ideal, but I'll leave it until I see a major violation or better wave count.
Marcin
JI
jimkane
Rep: 3,058
Posts: 33,089
It's so nice to have Sunday nights free again, since they suck now for trading...
DU
Duane
Rep: 100
Posts: 1,095
Yeah, Forex is dead also. I expect we will soon be trading on Sundays again once the S*@T hit the fan!!
JI
jimkane
Rep: 3,058
Posts: 33,089
This sooooooooooooooooooooooooooo looks like it is going to roll over and get totally monkey-hammered. In 'the old days' that is precisely what it would most likely do, in my experience. 'Nowadays' it will tease you a little bit, get you sucked in, then absolutely crush and demoralize you. Then it will roll over a bit before moving up to new highs. Same old, same old.
JI
jimkane
Rep: 3,058
Posts: 33,089
Yep, when the defecate hits the rotary propeller things will get very exciting very fast.
Originally posted by Duane
Yeah, Forex is dead also. I expect we will soon be trading on Sundays again once the S*@T hit the fan!!
DU
Duane
Rep: 100
Posts: 1,095
I am right there with you buddy!! Lets show these Index traders what they are missing!
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