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| Discuss Correct Elliot Wave Setup? at the Technical Analysis within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi All, I was going thru EOD charts of CINEMAX and found some intresting patterns. ... |
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#1
14th January 2010, 06:13 PM
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Correct Elliot Wave Setup?
Hi All, I was going thru EOD charts of CINEMAX and found some intresting patterns. I guess its a good setup for Elliot Wave.  Wave 1 has started from almost base of previous correction at sub 41 levels. Wave 2 has retraced to near perfect 38.2% level of 59 and Wave 3 of impulse has formed. If theory is to be followed, this counter should go up to 91 odd levels which is 161% of Wave 1. As a disclosure, I am not sure if this setup is correct, but just I am trying to learn EW and apply principle to price patterns. Is this setup correct? 
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#2
16th January 2010, 03:39 PM
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Re: Correct Elliot Wave Setup?
hi Fanatic Trader,
First there is three basic rule to qualifies E-Wave. i am also newbie learning E-Wave i wish to share some thing that i have learn from others! E-Wave is 5 wave which direct the Trend of any time frame.Rules are 1. Wave-2 cannot trade beyond the beginning of Wave-1. 2. Wave-3 cannot be the shortest in price of waves 1, 3, and 5. 3. Wave-4 cannot make a daily close into the closing range of Wave-1 Also, Wave 1,3,5 should be 5 wave Wave 2,4 may be correction Please Add Stochastic and Fibonnic Time Retracement to ensure your wave 
Last edited by kainiteh; 18th January 2010 at 09:18 AM.
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| The Following User Says Thank You to kainiteh For This Useful Post: | ||
FanaticTrader (17th January 2010) | ||
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#3
16th January 2010, 07:40 PM
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Re: Correct Elliot Wave Setup?
Hey Kainiteh,
Thanks for the prompt response. I would keep the points mentioned in mind. Any inputs on using Stochs and Fib Time zones?
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#5
17th January 2010, 11:22 AM
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Re: Correct Elliot Wave Setup?
Quote:
Can you be please more specific? Why do you think EW is rubbish ?
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#6
17th January 2010, 09:06 PM
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Re: Correct Elliot Wave Setup?
Quote:
Still we are learning phase! please spot the mistake that we have posted that may be helpful! Thanks Last edited by kainiteh; 18th January 2010 at 09:26 AM.
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#7
17th January 2010, 09:13 PM
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Re: Correct Elliot Wave Setup?
Quote:
Please read book "High Probability Trading Strategy" By Robert Miner. i have learn E-Wave and ABC correction with Dual TF Momentum,Price Pattern,Time Pattern and Specific Objective Entry and exit! Really that book change and give me a confident to trade for real rather than testing a strategy in Paper! Thanks
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| The Following User Says Thank You to kainiteh For This Useful Post: | ||
FanaticTrader (18th January 2010) | ||
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#8
17th January 2010, 09:48 PM
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Re: Correct Elliot Wave Setup?
Quote:
But in most cases you will find extension in wave 3 making it longest though it is not necessary under EW principles.... Best wishes, Trade well.... Smart_trade
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| The Following 2 Users Say Thank You to Smart_trade For This Useful Post: | ||
AW10 (18th January 2010), FanaticTrader (18th January 2010) | ||
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#9
18th January 2010, 09:24 AM
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Re: Correct Elliot Wave Setup?
Quote:
i have modified my post as exactly as in the Book...
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