Welcome to an Objective Elliott Wave Thread:
In this thread I will examine the Elliott Wave Structure of selected Forex Charts and attempt to determine the most likely Elliott Wave structure. I will use an objective mathematical approach. I will examine a selection of Forex Pairs and try to select the most likely count from the available alternatives. I will also discuss strategy in respect to methods of trading the Elliott Wave.
I am going to do something that you do not see often, I am going to post Elliott Wave Charts before the event.
To do this I will use three resources:
1. I will use software called “ElWave” (by Prognosis.)
2. I will attempt to identify the correct Elliott Wave counts using the methods explained by Bill Williams in his books: “Trading Chaos and “New Trading Dimensions.”
(I am in no way associated with either of the above beyond being a grateful user and reader of those respective resources.)
3. I will also use MT4 to enable discussion and analysis on the MT4 platform.
Anyone can analyze a chart after the event - but to do it before the next wave arrives is a big challenge. This study of the next wave, before it arrives, requires me to say that:
Any analysis I provided is for educational purposes only.
I will not make recommendations or predictions. What I will do is try to identify the wave count and show how it can be used. How people use it is up to them.
Therefore any trades that anyone subsequently takes are taken at their own discretion and are not in any way my responsibility.
I hope that the people that read this thread and add to the discussion do their homework. There are a lot of resources on line where you can learn about Elliott Wave, Fibonacci and Bill Williams’ methods. There are some excellent relevant threads on Forex Factory in respect to the Bill Williams’ methods that are really helpful and some great people posting good material there. There are also other FF members who post ElWave Charts.
Helpful Information:
Wave Degree Labels.
When I discuss different wave degrees use this key to identify which wave level I am referring to.
http://www.elkvalleygold.com/Forex/F...es%202%20J.jpg
Chart Indicators:
I will be using the Bill Williams’ Indicators: Alligator, Awesome Oscillator, Acceleration Oscillator and Fractals. I believe Alpari has a great introduction to the Bill Williams’ indicators and how they are used.
I will also use Stochastic 14,3,3 RSI 5 and RSI 14 and sometimes, Bollinger Bands.
Fibonacci Ratios:
You can’t talk about Elliott Wave without Fibonacci Numbers. Fibonacci is a topic all in itself. Again, I urge people to do their homework. I do not plan on answering elementary questions over and over again.
Semi-log Chart Scaling:
My ElWave Software can operate in either linear or semi-log scaling. MT4 does not have a semi-log scaling option. I find that semi-log scaling is an important facet of counting Elliott Waves correctly. In some cases it may be apparent that the chart scaling that I use is different to MT4 charts in this respect. I may or may not redo a count in linear scale but my preference is to do the calculations in semi-log format.
Again, I ask readers to do their homework and come to the forum with the appropriate tools. Google semi-log charts and you will get about 309,000 hits. Read a few of them and you will have the required understanding to at least ask pertinent questions.
Requests:
I will seriously study one or more pairs and post useful charts as regularly as I can.
I am not going to do charts by request, nor am I going to venture down into the lower time frames very often.
Motivation:
I have been an educator for most of my professional life. I find the process of teaching very rewarding. I enjoy the interaction between persons who genuinely want to learn and the intellectual rewards that the exchange of ideas generates. I have traded for many years, stocks, options, dabbled in futures and more recently in Forex, but I will always be a student of the Elliott Wave Principle.
I hope to always learn from others.
Forex:
I am relatively new to Forex and I find it is a very challenging arena. I also find it fascinating and appreciate the wisdom, experience and the willingness to share ideas that the Forex Factory Community represents.
Let’s look at some charts ……………..