Illustrating a Classic Elliott Wave formation

FX:GBPAUD   Pound British/Dolar Australia
Dilihat 81 kali
81 1
The afternoons of trading are times for logging, reflection, and learning. Earlier in the morning my scanner picked up a 10 minute timeframe breakout on the GBPAUD currency pair. The breakout itself fit my rules for a trade and I took it from 1.7389 down to 1.7288 for a morning 100 pip day trade. I wanted to get a higher level understanding of why this trade worked as well as it did so I zoomed out to the 2 hour timeframe.

When I looked at the price action of the higher timeframe my Elliott Wave training immediately recognized a classic pattern. This yielded a fantastic learning opportunity. I take lots of screenshots to look back on to reinforce what I know and provide reference for future instances. Price action patterns repeat again and again.

What I had caught was a 4 count Wave; the pullback/profit taking following the largest 3 wave. In addition to the 4 wave being easily identified it also fit the rule that the 2 and the 4 wave will have inverse behavior. In this case, the 2 wave was a consolidation and choppy which would suggest that the 4 wave will be quick and sharp. The corollary would be if the 2 wave had been sharp then the 4 would have been choppy. Capturing part of a quick 4 wave is the ideal situation.

Now to see if this pattern completes into a full textbook Elliott Wave we can look for a 5 Count Wave to happen next. Price must respect the 50% retracement where it is hanging around as of writing or the 61.8% and then make a move to retest the high. I would not take it long here as the current price action is breaching the prior consolidation pattern and suggesting it will reach the 61.8%.
Komen: Got to the 61.8, did a shakeout below, now going up to the 5 wave

Completed the 5 wave all the way to 100%
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Penyaring Saham Penyaring Forex Penyaring Kripto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Dalaman Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Tetapan Profil Akaun dan Pengebilan Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikut Mesej Peribadi Perbualan Daftar Keluar