FullTimeTrader

XAUUSD-long term view according to EW

FX:XAUUSD   Gold / U.S. Dollar
668 13 11
Although im not strictly an elliotician i sometimes look at my counts to understand the general market structures and possible directions of the price.
I will publish my long term counts this days.
Feel free to agree or disagree, it would be better if you send a chart of other alternatives.
Best regards
Hello I have a doubt, in the minor wave the 4 is up to 1, but the rules of elliot wave says that the 4 should be above 1. is it correct or just apply for the big wave?
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FullTimeTrader alan.perego
hello, last wave is an ENDING DIAGONAL, there are special rules for that pattern, check this article....
http://www.thepatternsite.com/EWDiagTriangle.html
+1 Reply
alan.perego FullTimeTrader
Thanks
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Thank you
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Very good EW numbering, I always had problems with the A-B identification (thinking in 3+3 minor waves), since my mind was on an A-B-C type of overall correction. Yes the 5 first waves cover well the wave I, leading to an easy numbering of the rest. It is strange, but this correction deviates from the expected 3 towards the 5 EW structure. Good job. This compliment comes from a very experienced Elliott Wave trader, with a tendency to experiment on different numbering avenues. I believe EW is an open system, subject to many ways of interpretation, as long as one arrives at a viable target.
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I agree, EW must be a tool to help, not to complicate our trading. Regards.
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IvanLabrie PRO FullTimeTrader
I believe the best setups are when they can lead to a wave C or 3...since both should work regardless of the real count.
It can get really tricky, to label things correctly and most people do it wrong all the time (myself included).
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FullTimeTrader IvanLabrie
Sure, i prefer to catch the long waves (the beginning of waves 3 and c) and counter trend - the end of wave 5 and wave C. I dont switch to very lower TF because there are many possibilities there.
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IvanLabrie PRO FullTimeTrader
I find lower tf key in analyzing EW, but you can get away with it if just trading C/3's.
Trying to pick the end of a 5 or C will be harder like that.
I use time at mode to figure these things out though, EW is too tricky on its own. Too prone to subjective analysis.
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FullTimeTrader IvanLabrie
Its the process of testing wich make us better traders. I tested catch the end of wave 5 and works good for me, agree its hard but offers a good R/R ratio if the trades fails, if i am right its very powerfull. For example, last long trades USDCHF and USDSGD (end of wave C) are counter trades and so far with profits.
+1 Reply
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