Here i have started a thread on this general idea. url Im not very good at explaining but i think the pictures speak for themseleves.

choosing hi/lo point for drawing fibs

Here is a view on this wave we have been plotting in a 4 hour chart. So this wave cud have netted around 800 pips in a week.

Elliot Wave and Fibo for the Newbies

In this case there was so much buying pressure that it didnt retrace past the continue line, it instead bounced off the continue line and hit wave 5.

Elliot Wave and Fibo for the Newbies

Now we need to look for where the final 5th wave will go. So plot the fibonachi on this large wave 3.

Elliot Wave and Fibo for the Newbies

Here we go, here it is hitting the end of wave 3.

Elliot Wave and Fibo for the Newbies

In that last pic it is of the first wave one. So plot the fibonachi on this, and now we look for the wave 3 end projections. This pic shows in red lines where we expect the market to go to, which is wave 3. As you see on the early hours of 8th dec, ...

Elliot Wave and Fibo for the Newbies

OK doesnt look like to much interest in this, maybe i am not very clear with what im talkin about. But here is a great example of some good trades that cud have been taken with GBPUSD on the hourly. In this little consolidation area im going to ...

Elliot Wave and Fibo for the Newbies

No i wasnt being sarcastic at all. It looked like a nice set up.

BIG Calls

denver, why do they say that in their terms and conditions that when you buy they sell and vice versa? now you say that they go with you if your profitable? I can see why they might do this but it goes against their terms and conditions. Plus if ...

Brokers Do Take Opposite Trades!

quote: 'not the brightest bulb on the tree?' I cant see why such a proffessional such as ur self is arguing with me about something I am quoting from a brokers terms and conditions. Really your quite pathetic.

Brokers Do Take Opposite Trades!

Oh actually i think retail brokers give different prices that banks and institutions get such as the large brokers themselevs. What alpari are actually stating is that they will modify the price to suit their needs i.e. if they cant actually sell or ...

Brokers Do Take Opposite Trades!

ok. anyway, has anyone noticed the massive price spike for GBPCHF monthly? I dont think iv ever seen such a massive range for a candle.

Brokers Do Take Opposite Trades!

yes sure, i appologise for my name calling. At least alpari have actually got the decency to tell you about it. im sure it is not much of a deal anyways. What choice have i really got anyway, got to use some kind of broker.

Brokers Do Take Opposite Trades!

yes.

Brokers Do Take Opposite Trades!

Oh ignore those 'buy' lines on my chart, those are my long term trades in demo account. Also this wave is not a fantastic example as the fibonachi goes, but it is clear enough to show what i mean by identifying waves on the chart.

Elliot Wave and Fibo for the Newbies

Here is the fibo plotted on wave '3'. As you can see once price cleared the 'continue line, it went straight for the last wave '5' end and then reversed.

Elliot Wave and Fibo for the Newbies

Ok. You see where I have drawn the fibonachi retracement on that wave. From the bottom point to the top point. This wave here is a wave '1' that i have drawn it on. You see that price has stopped around the 'reverse' level on the fib. And then ...

Elliot Wave and Fibo for the Newbies

You will notice that waves 1, 3 and 5 move in the direction of the trend. Waves 2 and 4 are actually corrective waves, inside the larger impulsive wave. Usually where you will enter and get stoped out. A corrective wave it self is made up of 3 ...

Elliot Wave and Fibo for the Newbies

Thats the great thing about forex, but also the bad thing at the same time. I prefere the fluidity in these markets, and the fact its 24 hour 5 day a week. Much more action. It is just a shame that if you do make profit the brokers are gna make it ...

Brokers Do Take Opposite Trades!