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USDJPY: Elliott wave analysis and forecast for 30.10.2020 ...
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Elliott Waves Series Part 2 - The Broad ConceptYou can find Part 1 here: https://www.reddit.com/Forex/comments/hieuyw/introduction_to_elliott_wave_theory_overview_of/ The primary value that the Wave Principle (from here on out, abbreviated to WP) confers on market analysts is the ability to provide context for market behaviour. Having context is incredibly important. To put it simply, the WP can be thought of as a compass. Whenever you feel lost looking at a chart (ANY chart, ANY market!), the WP will help get you back on track. Clearing Up Some Misconceptions About Elliott Wave Theory:
R.N. Elliott first discovered the WP in the 1930s using charts of the stock market. Many misinformed people believe that the WP works “best” on stocks and has been adapted for use in other markets. This is simply false. To be clear - Elliott discovered the WP. He did not invent the WP. The WP is based on human social nature and therefore it cannot be invented. It has always existed. What Elliott did was to start codifying rules and guidelines around how human social nature can be charted. Ultimately, Elliott’s objective was to be able to predict future human behaviour using the historical record. The expression of human social nature generates forms and patterns. As these forms and patterns repetitive, they have enormous predictive value.
Another major misconception around the WP is that it requires a lot of discretionary analysis, and more often than not, analysts shoehorn price action to fit the Elliott Wave model. In fact, the WP has very clear rules (these rules are inviolate under any circumstance) and guidelines (these guidelines should be adhered to almost 100% of the time). While there is a discretionary element involved in counting waves, properly trained wave analysts will ultimately arrive at a consensus because following the rules and guidelines narrows the possible wave counts very quickly. Very often Wave analysts will have 2 counts at hand in terms of where they think the market is presently situated. These counts are known as the preferred count and the alternative count. These counts are validated and invalidated using price levels derived from Elliott’s rules and guidelines. The most dissent I expect from two educated Wave analysts is that one analyst’s preferred count could be the other’s alternative count. This dissent quickly resolves itself as the price action develops and validates or invalidates one count or the other. This dissent usually occurs based on wave patterns of one higher degree. It is very rare that I have seen dissent on immediate market movements.
I didn’t know this was a major misconception, but someone brought this up in my first post, “I stated that Elliott Theory has better success when working in consolidations or extreme ranging markets.” This is completely false. The WP doesn’t work better or worse regardless of the market or the market conditions. That would be like saying that breathing air only works occasionally. The WP is NOT a strategy, it is the definitive model for charting human herding behaviour. Human behaviour does not show up only in periods of consolidation or range-bound markets. The markets are themselves driven by human behaviour, therefore the WP is always equally applicable. From a trading perspective, the WP is perfectly suited to capturing trends.
Well, what about news events? What about supply and demand theory? What about fundamentals?! Doesn’t any of this stuff matter?? In short, the answer is no. I have previously stated that I am a macro-based investor. This is certainly true. Much of the research I consume has to do with market fundamentals and global-macro analysis. This research helps me form a view that I can overlay with the WP. From a trading perspective, when it comes to actually pulling triggers and taking positions, my decisions are always guided first and foremost by the WP. Here is a fantastic quotation from Bob Prechter on this topic, “Sometimes the market appears to reflect outside conditions and events, but at other times it is entirely detached from what most people assume are causal conditions. The reason is that the market has a law of its own. It is not propelled by the external causality to which one becomes accustomed in the everyday experiences of life. The path of prices is not a product of news. Nor is the market the cyclically rhythmic machine that some declare it to be. Its movement reflects a repetition of forms that is independent both of presumed causal events and of periodicity.”
The Bottom Line: Elliott Wave Theory is the best forecasting tool in existence. It has determined that the market’s progression unfolds in waves. Waves can be thought of as patterns that carry the market in a direction. There are a fixed number of the different kinds of patterns these waves can take. If you really boil this down to its essence, successfully applying the WP is as simple as identifying what kind of wave the market is currently in. I will end this now. The next part will deal with the overriding wave structure that the market is in, the different kinds of waves we will see, and why this wave structure exists in the first place.
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The online metatrader platform is the platform of choice for almost all Forex traders. Even traders that are not currently using it, know what the platform is and its capabilities. The platform is offering three types of charts that are possible to be used when analyzing the market: a line chart, a bar chart, and candlesticks chart. A line chart shows a simple line that rises and falls together with the price of a currency pair. It has little or no importance in the technical analysis of a market. Bar charts show bars in a time frame that have the high and the low of that time frame, as well as the opening and closing level. This is enough for trading theories to be developed and for traders to try to interpret and forecast future prices based on how a bar chart is looking like. A bar chart on the monthly chart means that each bar represents one month and the high and the low in that bar, as well as the opening and the closing prices, are the ones corresponding to that timeframe, the monthly time frame. What to do with MetaTrader platform For this reason, the trading theories developed based on interpreting bar charts are considering the time frames used in the analysis. From the daily chart above to the weekly and monthly, the trading style is suited for swing trading and investing, while lower time frames are favored by traders that scalp their way in a trading session. A candlestick chart is, by far, the most popular chart type used by retail traders. There are multiple candlestick patterns that can be interpreted and used, thanks to the Japanese Candlesticks techniques. The Western world was surprised to find out that the Japanese have their own way to predict future prices: patterns based on candlesticks. Up until this moment, it was believed that the classic patterns like the head and shoulders, the rising and falling wedges and others alike, are the only approach to technical analysis. Trading theories like Elliott Waves and other were not even invented when the Japanese candlesticks became popular. The candlestick techniques are mostly used to forecast reversal after strong trends. A candlestick has two part: the body and the shadow. The body is being marked by the space between the opening and the closing price. If the closing price is higher than the opening price, the candle is bullish, and typically it is colored in green, as this is the color associated with a market advance. If the closing price is lower than the opening one, the candle is a bearish one and it is associated with the red color. The hammer is the most popular Japanese candlestick pattern. It is formed out of a single candle, and the body of a hammer can be either red or green, without influencing its outcome. As a rule of thumb, the hammer is a bullish pattern, and this means it appears at the end of bearish trends. A bearish trend that ends with a hammer will most likely reverse, as the hammer shows bulls are stepping in. Typically, a hammer is having a very long shadow. The bigger the shadow, the more powerful the pattern is. The opposite of a hammer is called a hanging man, and the idea behind trading and interpreting it is the same like in the case of a hammer, with the only distinction that the hammer calls for long trades to be taken, while a hanging man is a bearish pattern and shorts should be traded. The idea behind this article was to get you familiar with the Japanese candlestick techniques and the hammer is the most representative of them all. Other patterns fit in this category as well, but they should be the subject of a different topic.
Find best Elliot Wave cycles about set ups for Forex Trading. Discover a complete elliot wave analysis and forecast. Elliott Wave International is the world’s largest independent financial forecasting firm. We have guided our subscribers through major market and economic moves for over 40 years. USDJPY: Elliott wave analysis and forecast for 23.10.20 – 30.10.20. From liteforex.com. Main scenario: consider short positions from corrections below the level of 106.10 with a target of 100.87 – 95.00. Alternative scenario: breakout and consolidation above the level of 106.10 will allow the pair to continue rising to the levels of 109.84 – 112.19. Analysis: Daily time frame: presumably ... For Traders Forex Analysis Wave analysis 29.10.202009:17 Simplified wave analysis and forecast for GBP/USD, USD/JPY, and EUR/JPY on October 29 Relevance up to 07:00 2020-10-30 UTC+00 GBP/USD Analysis: Since October 21, the rate of movement of the British pound sterling is set by a... Instaforex . 29.10.2020 . 1 . Forex Wave Analysis. 29.10.2020 08:30 Elliott wave analysis of GBP/JPY for ... Gold (XAU/USD):Price Analysis, Investing and Trading with Technical Analysis Elliott Wave Forecast and Trading Levels - tradinglounge.com Gold & Silver... 2020-10-30 USDJPY: Elliott wave analysis and forecast for 30.10.2020 – 06.11.2020 Alex Geuta Main scenario: consider short positions from corrections below the level of 106.10 with a target of 102.50 – 100.87. GBPUSD: Elliott wave analysis and forecast for 30.10.2020 – 06.11.2020. From liteforex.com . Main scenario: consider long positions from corrections above the level of 1.2867 with a target of 1.3300 – 1.3485. Alternative scenario: breakout and consolidation below the level of 1.2867 will allow the pair to continue declining to the levels of 1.2679 – 1.2443. Analysis: Daily time frame ...
Weekly Forex Forecast Elliott Wave Analysis 29 June - 3 July 2020 IndoWaveFX. Loading... Unsubscribe from IndoWaveFX? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 27. Loading ... Forex Elliott Wave Analysis analyzing EURUSD, GBPUSD, USDCAD, USDJPY, NZDUSD and Gold. For More Elliott Wave Analysis Head over to our Free Telegram Channel t.me/norecafx IF you have Questions you ... Forex Forecast Elliott Wave for S&P 500, EUR/USD, AUD/USD, Gold (September 28, 2020) In this video I will show you Elliott wave forecast on the following ins... Weekly Elliott Wave Forex Analysis & Forecast for GBPJPY, GBPUSD, EURGBP, EURUSD, NZDCAD. Click this link to SUBSCRIBE https://www.youtube.com/channel/UCQv... Weekly Elliott Wave and Market Structure Forex Analysis & Forecast for EURUSD, GBPUSD, USDCHF, XAUUSD. Click this link to SUBSCRIBE https://www.youtube.com... Weekly Elliott Wave + Harmonic Patterns Forex Analysis & Forecast for GBPCAD, GBPJPY, EURGBP, XAUUSD, EURUSD. Click this link to SUBSCRIBE https://www.yout... This channel is dedicated to Elliott Wave Analysis in different time frames. We will post videos about Forex pairs, Commodities and Indices. We have modified Elliott wave theory and added new ...