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Thread: Analytical reviews by Torben Melsted: discussions and questions to the author

  1. #21 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Hi Torben,

    Is EUR/JPY wave IV ending at 137.92 as it seems that Tweezers Top is developing?

    Is it advisable to use trailing stop? I've been trying to use it so as to secure profit but I have problems calculating how many pips to use for the trailing stop so that it would not hit even when the wave retraces. Is there some guideline as in how to calculate? For example, at the start of wave 1 of an bull impulse, I enter a trade and put my SL 50pips away and TP 300pips above my entry price, is there a way to calculate Trailing stop such that I can reach my TP without getting kick out of the trade by retracements of wave 2 and wave 4 such that I profit all till wave 5?

    Before you're using 4hr chart and now using 8 hr chart, how long usually you stay in the trade? How do you manage your emotion when trade is going against you such that it go against yr prediction more than what it usually retraces by Fib Ratio? Do you close the trade once it is retracing/moving more than what it should by Fib Ratio to minimize losses or you strongly believe the initial analysis is correct and hold the trade till it hit the SL?

    Thank You,

    Best Regards,
    Rodney

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  2. #22 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    HI Torben,

    Regarding "The second scenario tells us, that the correction from 145.69 ended at 135.73 and that a new impulsive rally could be unfolding. Looking at the structure of the rally from 135.73, we prefer the expanded ending diagonal scenario for one final decline towards 134.34, where wave C will be equal in length to wave A."

    The retracement from 145.69 (Wave 1) isn't suppose to hit at least 135.36 according to the Elliott Wave Rules " Wave 2 Must retracement min 20% of Wave 1" if this rule is valid. Is this one of the rules according to Elliott? I've written a few message to you regarding Elliott Wave Rules and Guidelines and wave count. So far it has only retraced 19.3% of wave 1. If this rule is valid then it should at least hit 135.56, right?

    Best Regards,
    Rodney

    I'm seeing different method of counting and some counts is not complying to the rules of Elliott wave count that I have, thus i'm not sure if the set of rules I have is actually correct. Would you be able to share your set of rules and guidelines?

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  3. #23 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Hi Torben,

    I see that you're using Elliott Oscillator as a indicator. I'm interesting in learning it. Would you be able to teach how this Oscillator assist in wave count? What other indicator you're using to assist in wave count or analysis?

    I'm currently using Bollinger Bands, Slow Stochastic, MACD, 24hr and weekly Pivot point. Is this enough or you could recommend me better indicators?

    Thank You.
    Rodney

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


  4. #24 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    Hi Dawoodzeshan,

    Please write me at ews@elliottwavesurfer.com


    Kind regards
    Torben Melsted

    ---------- Post added at 10:32 AM ---------- Previous post was at 10:17 AM ----------

    Hi Rodney,

    Try to think of it this way. To maintaine the balance in you count, it would make sense, that a correction of a larger degree is bigger than the correction of one lessor degree, That means that wave 4 in an impulsive rally will be bigger in both time and points, than the smaller corrections within wave 3.

    Remember that the Elliott Wave structure is fractal, which means wave 3 itself will be made up by five smaller waves and to maintaine the balance in the count the look has to be right and if you had a very small wave 4 smaller that wave iv of 3 then the balance will be lost.

    I only know one exception from the oevrlap rule and that is when you are dealing with an diagonal (leading or ending) this is the only time, when you can accept an overlap between wave 1 and wave 4.

    I'm sure that the one that have made the rule regarding the leverage security has made he/shes homework and studiet it closely, but it's not a rule that R.N. Elliott has put forward and to be tru to the Elliott Wave Principle, then you should not accept a rule like that expect you can verify it yourself.

    Kind regards
    Torben

    ---------- Post added at 10:46 AM ---------- Previous post was at 10:32 AM ----------

    Hi Rodney,

    You can use trailing stops. They can be nice to use, if the move seems close to a top or bottom to maximize to profit. I don't advice useing trailing stops, when you enter a trade early in an expected impulsive rally, as the risk of being taken out early will be to big. I think that a risk/reward of 50/300 is a very nice risk/reward, but when you set your reward target you have no idea, whether price will make it to that target. So you will want to move your stop as the price move up or down to make you loss as small as possible and ideally be in a situation, where you will make a profit no matter whether to take profit target is hit or your stop is hit.

    The reason, why I shifted from a 4 hourly chart to an 8 hourly chart, was to give a better view of the count is was tracking. No hokus pokus about that.

    I'm not able to manage my emotions, but I stick to the rules of the EWP and let them decide, when I'm rigth or wrong in my count. If you get scared every time wave 2 moves below the 61.8% corrective target of wave 1 then you should not trade currencies as this is more the rule than not. So let the rules do the job for you or you will make to many costly mistakes.

    Quote Originally Posted by Rodney     
    Hi Torben,

    Is EUR/JPY wave IV ending at 137.92 as it seems that Tweezers Top is developing?

    Is it advisable to use trailing stop? I've been trying to use it so as to secure profit but I have problems calculating how many pips to use for the trailing stop so that it would not hit even when the wave retraces. Is there some guideline as in how to calculate? For example, at the start of wave 1 of an bull impulse, I enter a trade and put my SL 50pips away and TP 300pips above my entry price, is there a way to calculate Trailing stop such that I can reach my TP without getting kick out of the trade by retracements of wave 2 and wave 4 such that I profit all till wave 5?

    Before you're using 4hr chart and now using 8 hr chart, how long usually you stay in the trade? How do you manage your emotion when trade is going against you such that it go against yr prediction more than what it usually retraces by Fib Ratio? Do you close the trade once it is retracing/moving more than what it should by Fib Ratio to minimize losses or you strongly believe the initial analysis is correct and hold the trade till it hit the SL?

    Thank You,

    Best Regards,
    Rodney


    ---------- Post added at 11:00 AM ---------- Previous post was at 10:46 AM ----------

    Hi Rodney,

    There is only three Rules to remember and I'm sure you already know them well, but they are:

    1) Wave 3 can not be the shortest, than does not mean that wave 3 have to be the longest.
    2) Wave 2 can not move below the origin of wave 1
    3) wave 4 can not overlap wave 1 - except when dealing with a leading or ending diagonal

    Again the rule about wave 2 haing to correct at least 20% of wave 1 seems reasonable, but it is not a rule that R.N. Elliott has set and therefore you will have to verify the rule yourself to see if it can stand the test of time.

    If the rule is correct and it might well be, then wave 2 can not be over, but wave 2 could easily be more complex, remember you always could have an X-wave combinding more corrections, that will fulfill the 20% target. When I look at the correction from 145.69 in EUR/JPY I think it could look complet timewise, but lack more price-wise, but I will not fight the market as that would make me loss money for sure and I don't like that. You can not trade without taking a loss from time to time, but there is no reason in taking a loss because you think you know something better than the market, because that is a game you will loose for sure.

    You should always be true to your own count until proven wrong. So if you encounter a count that is incorrect, just notice that is wrong and move on. The Elliott Wave Principle is a subjective methode and there can be more than one count, but the important thing is to know, when you are wrong as that will keep you out of the really big trouble.

    Quote Originally Posted by Rodney     
    HI Torben,

    Regarding "The second scenario tells us, that the correction from 145.69 ended at 135.73 and that a new impulsive rally could be unfolding. Looking at the structure of the rally from 135.73, we prefer the expanded ending diagonal scenario for one final decline towards 134.34, where wave C will be equal in length to wave A."

    The retracement from 145.69 (Wave 1) isn't suppose to hit at least 135.36 according to the Elliott Wave Rules " Wave 2 Must retracement min 20% of Wave 1" if this rule is valid. Is this one of the rules according to Elliott? I've written a few message to you regarding Elliott Wave Rules and Guidelines and wave count. So far it has only retraced 19.3% of wave 1. If this rule is valid then it should at least hit 135.56, right?

    Best Regards,
    Rodney

    I'm seeing different method of counting and some counts is not complying to the rules of Elliott wave count that I have, thus i'm not sure if the set of rules I have is actually correct. Would you be able to share your set of rules and guidelines?


    ---------- Post added at 11:11 AM ---------- Previous post was at 11:00 AM ----------

    Hi Rodney,

    You should work with the indicator, that provides the signals you know and can find easily. If that is EWO, RSI, MACD or anything else does not matter if you are comfortable with the signals it provide. They all provide the same signals like divergence, positive and negative reversal signals, which are the most important signals. Do not ever use them as overbourght/oversold indicatores as the most powerful moves always happens when the flashes overbought or oversold. I do not think overbourght/oversold is a valid signal and it will jus leave you stading on the platform, when the train leaves and worst case you will have traded against the trend. Is is commonly seen just before wave 3 accelerates.

    I will see if I can incorrporate in my daily analysis how to use the indicatores.

    Kind regards
    Torben

    Quote Originally Posted by Rodney     
    Hi Torben,

    I see that you're using Elliott Oscillator as a indicator. I'm interesting in learning it. Would you be able to teach how this Oscillator assist in wave count? What other indicator you're using to assist in wave count or analysis?

    I'm currently using Bollinger Bands, Slow Stochastic, MACD, 24hr and weekly Pivot point. Is this enough or you could recommend me better indicators?

    Thank You.
    Rodney

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    sir i wanted to buy Elwave is it good tool for Elliot wave analysis or not ?

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    si plz share your email id
    your skype id
    your any other id . many of use want to connect with u
    sir i want to buy Elwave is it good enough to buy ? and accurate for calculating EW ?

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  7. #27 You can automatically minimize the read posts in your account in the 'Forum Settings'
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    You can reach me at ews@elliottwavesurfer.com

    I'm sorry, but I don't know Elwave and has never used it, so I'm not able to say anything regarding the system.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Quote Originally Posted by forexlosser     
    si plz share your email id
    your skype id
    your any other id . many of use want to connect with u
    sir i want to buy Elwave is it good enough to buy ? and accurate for calculating EW ?
    Hi Forexlosser

    You can reach me at ews@elliottwavesurfer.com

    I don't know and have never used Elwave so I can't give you any opinion regarding the system.

    Kind regards
    Torben

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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    Sir i am biggest fan of u plz teach me your way of trading ...

    ---------- Post added at 03:19 PM ---------- Previous post was at 03:18 PM ----------

    thousands of people follow u plz keep providing your free analysis and trade recommendations via instaforex and mt5 bundle of thankx
    and plz teach me your way of analysis

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    Can you analysis or Recomendation on GBPUSD... Your Elliote Wave anlaysis is very nice.

    Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.


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