Elliott Wave Simple

[JahDave]

Here is My longer term Aussie update from my daily charts. I have it labeled in a very large ABC correction. If I am correct then this means that the Aussie will make new highs against the USD at some point in time. But this point in time may be some years away because it appears that the "C" wave is just about ready to begin or it is in the early stages of the "C" wave already. If I am correct then the "C" wave should go down in five waves and it should be long and strong. I will have to adjust my lower target as the waves unfold but my first target is around the .40 area. This obviously will take a long time to get there but I think the downside is inevitable.

 

[JahDave]

I'm rolling the Red Carpet out. At least I'm subscribed to your thread.
Thanks for coming to Traderji, Dave.

Hi Paul,

Thanks for the kind words. I hope this thread will benefit some good people.

 

[JahDave]

Here is My longer term Aussie update from my daily charts. I have it labeled in a very large ABC correction. If I am correct then this means that the Aussie will make new highs against the USD at some point in time. But this point in time may be some years away because it appears that the "C" wave is just about ready to begin or it is in the early stages of the "C" wave already. If I am correct then the "C" wave should go down in five waves and it should be long and strong. I will have to adjust my lower target as the waves unfold but my first target is around the .40 area. This obviously will take a long time to get there but I think the downside is inevitable.

By the way this is a longer term chart. I do believe that on the 1 hour chart this pair could go up to 1.0550. I am watching this level before I take a short.

 

[timepass]

Oh.. simple, is it ?? I saw the thread title and thought it would be something like "Elliott Wave for Dummies". My bad, I guess

 

[rajesh.sadhanala]

The most basic form of Elliott Wave Theory is this........................If a move down is strong then that is the trend,,,,,,,,,,,,,and after five waves down then expect a 3 wave move back up....................This premise is very simple and can apply to almost any trading method......................All of my charts have the TRIX and Fractal on the Charts.....................I do adjust the time periods for whatever time frame I use, but this is my most relied upon indicator...............I count Elliott Waves from this indicator.............I am attaching the 5 minute EUR_USD chart here and the TRIX/Fractal says buy..............I would think to sell right now but I am buying short term because of the TRIX?Fractal...............

Hi Dave,

Just can give a high level overview about the Wave in your own words. So it will be relative.

Regards
Raj

 

[HARESHRM]

Good one brother

 

[4xpipcounter]

.4000!?!? Wow! One thing about your EW, it can see farther than my ichimoku or my S&R's.

The one thing I do see coming is another humongous splash.

Here is My longer term Aussie update from my daily charts. I have it labeled in a very large ABC correction. If I am correct then this means that the Aussie will make new highs against the USD at some point in time. But this point in time may be some years away because it appears that the "C" wave is just about ready to begin or it is in the early stages of the "C" wave already. If I am correct then the "C" wave should go down in five waves and it should be long and strong. I will have to adjust my lower target as the waves unfold but my first target is around the .40 area. This obviously will take a long time to get there but I think the downside is inevitable.

 

[4xpipcounter]

LOL, Timepass, just stay tuned. I'm sure this won't be EW for Dummies, but stay subscribed to the thread. There will be things you'll pick up and learn. I'm sitting here as one of his students ready to enjoy it all.

Here's a little tidbit. Let's say you enter the market right now (Don't do it! This is just for example.) with a wide enough stop. We are the top of the larger scheme of things, so it is ready to splash. You come back a year from now to check on your trade, and you are a happy camper.

I'm still chuckling over your comment.

Oh.. simple, is it ?? I saw the thread title and thought it would be something like "Elliott Wave for Dummies". My bad, I guess

 

[timepass]

You come back a year from now to check on your trade, and you are a happy camper.

How does one short anything for a year ?? Here I can't trade beyond three months.

PS : "For Dummies" is a popular and useful series of educational books, like "Computers for dummies", "English for dummies" etc..

PPS: Now I have found a site which gives eod charts for nifty and has ichimoku clouds too. Just lemme learn to interpret them and I'll see you in your thread

 

[4xpipcounter]

Uploaded with ImageShack.us

I'm posting my chart in fishing for a comment from you within your context.

I started using TL's after you and I became acquainted. You and I have never talked about his pair recently, but my thinking is you would agree with me that within the grander scheme of things this pair is headed much lower. That dip at 1.5207 is going to be taken out in favor of the 1.3800's being revisited, and even lower than that.
The thing that has stood out in my mind is the TL gets a clear picture of the waves within the trend. It is clear that since the red TL DOWN was formed, we have already had a 1-2-3-4 (maybe 3 1/2--lol) formed, and that the market will soon be making the break for the 5th, and we will see a new low on this TF.
My blue line was drawn off the daily which a clear 1-2-3 corrective pattern can be seen.

I'm not an EW person, but it is just an observation through my usage of the TL's. I'd like to hear your thoughts about this.