FX:GBPAUD   British Pound/Australian Dollar
92 5 0
SHORT Position, Target is 1.8640. Looking for the 5th Elliot Wave . Stops above 1.8800.
Just curious why you are using numbers for both impulsive waves and corrective waves.
Is it a proprietary system on your part ?
Thanks for your thoughts !
Reply
Hazegrey dojitrader
I am combining 2 schools of thought for my analysis. First very basic trend lines. I use a higher time frame to "set my trade boundaries." Then I look for Elliot Wave trends within. First Wave is long, Second corrective wave cannot be longer than #1, Third wave pushes higher. 4th cannot be lower than #2 and finally the Fifth wave is the longest ending the pattern. The Elliot wave analysis is an indicator within trend view. Very reliable. I have had excellent results.
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That's why I was wondering if you had made a proprietary system from EW.
Pure EW would not be counted in the way you have presented..
Best of luck and lots of pips in 2014 !!!!!
Reply
Hazegrey dojitrader
Thanks Doji, I spend a lot of time on these things and its really good to get some feedback. It's not very good dinner table conversation. lol! Where do you see the currency pair moving? How can I improve my method?
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Well, I always enjoy discussing EW, HOWEVER,
if you've got a proprietary system based on EW that is working well
for you --- I'd hate to screw that up for you with a lot of different rules
that might confuse the issue.
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