LOOK - It's easy! - All you need to know in a Picture

[Wayn33]

Elliott wave theory basically says that the market is either going up or down, and if the chart doesnt fit five times up three times down pattern, its just a new wave structure inside a bigger one. So the whole theory might be cool to have or good to know, but applying it is kind of impossible.

[purplepatchforex]

but applying it is kind of impossible.

That’s the point, we only apply a few of the basics, just enough to give a massive ‘edge’ over the market!

[o990l6mh]

I’ve been thinking about this trade and I’m pretty convinced you’re on the wrong side of it, this is my reason why.

This is the way I see the Daily Chart.

I’m sure I remember Elliot wave theory saying that when you get one of these:-

It is likely to be followed by one of these:- (and vice versa)

And I’m convinced that is where we are at, so still bearish would be my bet.

Given that the previous low failed without putting up much of a fight I agree with the bearish view purple.

[dobro]

I wonder how an odds better would look at the above chart: a triple top and a double bottom. I personally would sit on the sidelines or trade a lower TF. d.

[forexhood]

@purplepatchforex

I’ve been thinking about this trade and I’m pretty convinced you’re on the wrong side of it, this is my reason why.

This is the way I see the Daily Chart.

I’m sure I remember Elliot wave theory saying that when you get one of these:-

It is likely to be followed by one of these:- (and vice versa)

And I’m convinced that is where we are at, so still bearish would be my bet.

Just like I said I have a swing trade @1.34 from a gartley pattern. I just took a quick scalp for 55 pips up. We are in a AB=CD pattern on the weekly chart. Overall market sentiment is bearish!

I’m taking a long position for a scalp up @ the market open. According to my wolfe count it should give me 20- 150 pips up.

[forexhood]

Elliott wave theory basically says that the market is either going up or down, and if the chart doesnt fit five times up three times down pattern, its just a new wave structure inside a bigger one. So the whole theory might be cool to have or good to know, but applying it is kind of impossible.

Experience pays the most dividends. You need proper education to actually apply it, knowing the rules is not good enough. It’s an art knowing where to enter with Elliott with less risk possible.

[PerchTird]

Is there an email alert, or some sort of alert for this set up? That you would be willing to share?

[purplepatchforex]

@PerchTird

Is there an email alert, or some sort of alert for this set up? That you would be willing to share?

I’m working on it! but in the meantime you could use this Horizontal line alert.

HLine Alert.mq4.zip (850 Bytes)

[PerchTird]

Thank You.

[TalonD]

Looks like one of your setups is forming on the Aussie.

Short from the 0.9940 resistance if price retraces?

On the 4H it looks good for a short I think. It’s at .9954 right now

[forexhood]

@forexhood

Just like I said I have a swing trade @1.34 from a gartley pattern. I just took a quick scalp for 55 pips up. We are in a AB=CD pattern on the weekly chart. Overall market sentiment is bearish!

I’m taking a long position for a scalp up @ the market open. According to my wolfe count it should give me 20- 150 pips up.

Up Up the euro. I’m taking profit @ 1.3004 or 1.3087 lets see how far this thing pulls back before I short this again.

[forexhood]

On the 4H it looks good for a short I think. It’s at .9954 right now

I don’t know about this, I’m looking at 1.0021 level to hold if it doesn’t it might be going back up to around 1.0441 to create a new high.

[TalonD]

I don’t know about this, I’m looking at 1.0021 level to hold if it doesn’t it might be going back up to around 1.0441 to create a new high.

I sold AUD/USD at 0.9957 and take profit at 0.9934 just a short 20ish pip scalp

[forexhood]

@TalonD

I sold AUD/USD at 0.9957 and take profit at 0.9934 just a short 20ish pip scalp

It might be ready to resume it’s current trend?

[TalonD]

It might be ready to resume it’s current trend?

right now it kind of looks good for a quick 20 to 40 pips sell on 4H, on the other hand it looks to be in a fairly good position for a buy on the monthly uptrend. This isn’t using PP’s thread idea though, just something else I look at.

[forexhood]

@TalonD

right now it kind of looks good for a quick 20 to 40 pips sell on 4H, on the other hand it looks to be in a fairly good position for a buy on the monthly uptrend. This isn’t using PP’s thread idea though, just something else I look at.

Where do you see a sell zone? I see a good hammer on the 4hr.

[purplepatchforex]

This isn’t using PP’s thread idea though, just something else I look at.

Feel free, it’s relevant, and this is all good stuff, too long term for my liking, but it’s so similar to my scalping strategy, it just goes to show how enduring the best stuff is.

[datamonkey]

purplepatch - are you still using this method to profitable effect?

Thanks

[purplepatchforex]

Basically the market ranges or the market trends, that’s all I was illustrating with this thread, strip all your trading strategies down and what you end up with is either how to trade a range or how to trade a trend, keep those basics in mind.