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Daily :
More toward Elliot Wave analysis where there is two question arises :
1) Is it wave 3 ended and we are starting wave 4?
2) Where will Wave 4 end?
H4:
Two Support TL. The TL will be the medium term Support and also the most important key lvl to watch with.
Last edited by mphpopular; 06-05-2009 at 05:22 PM.
Hi there, your not allone here
came across your tread today and read it all, and must say I like it very much, Iam still learning and your analysis is a great help, keep on doing this good job, looking forward to your next full analysis.
Wish you a nice weekend
Btw, sorry for my bad english, its not my native tongue too
This is what I see when looking at your chart. Not saying what I've drawn is correct as I couldnot apply any measurment to the price cycles from a screen shot.
Some rules that you may want to consider when using and analysising trend lines are;
1 The primary trend must alway start from an area of non trending price, That is, a ranging area. The last primary low pivotal point in range area will almost always
establish the first primary pivotal point in the new up trend. The reverse is true on a down trend. The last primary pivotal high point in the ranging area will be the
starting point in the primary down trend line. (one exception to this rule will be explained in rule 8 below.)
2 A Secondary trend line can only be started from a Primary pivotal point. Exception to this is; A secondary trend can also be started from a secondary pivotal
point off an exsiting secondary trend line.
3 Like wise a minor trend line can only be started from either a primary or secondary pivotal point. The exception applys here too. That a Minor can also be
started from a minor pivotal point off an existing Minor trend line.
4 Any established trend line can be moved up in an uptrend or further down in a down trend, if the location of a new pivotal point of a given trend line
indicates that trend's angle has increased (decreased). However the start of that new trend line must originate from a pivotal point off an existing trend
line of equal intensity. That is, a new primary must start from an exsiting primary pivotal point off the exsiting primary line. This applies with secondary
and minor trends, as well.
5 In no case do you ever move any trend lines down in an uptrend or up in a downtrend.
6 Only one primary trend line can be in effect that being the last one constructed.
7 on the break of the primary trend line an assumtion is made that price will go into a period of non trending price action. The range of this can
be determined between the last primary pivotal high point and the last primary pivotal low points that were established.
8 On price action that breaks the primary trend line and also breaks through the last established pivotal point in the counter direction of the last
established trend, will indicate a trend reversal. In which case rule number 7 will not apply. That is, if in an uptrend price breaks the primary trend
line and proceeds to break the last established pivotal low point we would have a trend reversal to the down side without any non trending price
action. The new down trend line would then be started from the last primary pivotal high that was created before the break of the trendline. Rule
number one will have no effect in this case.
9 one must have a means to determine the classification of each pivotal point. This is done with the use of PRICE cycles as contrary to
TIME cycles....which is a topic to itself.
Keit
Last edited by cockeyedcowboy; 06-06-2009 at 07:10 PM.
Linear Mode
