20160422 - short in corrective wave, TP set to cloud bounce

FX:EURUSD   Euro Fx/U.S. Dollar
11 months ago
First time I'm attempting to read Elliot waves and us them in conjunction with Ichimoku .

Seems we are in a corrective wave after the 4/12 high point near 100% fib, with a sensible goal set to the flat-top bullish cloud, which also coincides with the 61.8% fib for the long-term range the EURUSD             has held.
11 months ago
Comment: now that i look at it, the (2) wave should be several bars back, where price dips below the cloud and bounces off the 23.6% fib.
11 months ago
Comment: Forgot to add my SL, which is at 1.1355 - the location of the most recent Chikou high
11 months ago
Comment: 1.1355 SL also coincides just above a long flat-top cloud on the 4H chart. If price can break that, we should reconsider the trend,
11 months ago
Very interesting

I would love to know how your decision making was based on Ichimoku or how it integrated with the other elements

Great job
Ichimoku_Trader Ichimoku_Trader
11 months ago
I mean, do u have a process?
highwisdom Ichimoku_Trader
11 months ago
Recently I've been trying to understand Elliot Waves. First looked at weekly, and saw a very obvious range pattern since February. So I took that as the "critical levels". Until those are broken, we will be stuck in range. Current range move is downward from the top.

Then moving to Daily and 4H showed me more pronounced waves. I drew the waves at the 4H level. (As it turns out my count was wrong, see replies to my comment on your "It's your turn" post).

Then I put the ichi chart back over top of it to find possible areas of resistance and likely reversal points. I checked the Daily and 4H ichi for these.

This led me to place SL at the latest CS high, and TP just before the kumo flat top.
+1 Reply
Would love to see the combo bro but we can't have Wave 4 dip back so deep it comes into the price territory of Wave 1. So we need to rethink that.
Have been enjoying the Ichimoku charts from Ichimoku Trader lately and happy to see you jumping in and bringing the two together. Cheers
highwisdom frankm.internetsavvy
11 months ago
You're right about the wave count being wrong. This was my first time trying to use them.

Things like ABCxABCx patterns, or WXY patterns still confuse me greatly, but I think maybe what I have labeled 1-2-3-4 might actually some kind of ABC correction, with 4's low being the start of a new impulse wave. My final ABC then becomes the 1-2 correction wave.
frankm.internetsavvy highwisdom
11 months ago
I agree we are in correction. I believe it is a complex correction with x-y-z involved in a triangle. Thinking wave C just finished, possible pulling down into wave d. MInd you I have only been studying Elliot for about a year...and haven't been totally focused on it for over 6 months.
Now the question begs......... how does that sync up with Ichimoku.................... I think using EW with any other trading system as a "confirmation tool" is a great concept and a great way to go.... Again, happy to see someone tying these together. Cheers
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