EU Elliott waves 1H chart

1 H chart for EU Elliott waves counts on asia open before NY.

A retracement is justified to the level of 4700 or 4766. After this retracement could be another swing up to 4900 level as previously suggested. But a good practice is to see the reaction or trader psychology as suggested by candle formation on the level bofore a decision.

Good luck on forex trading!

EU Forex Elliott Waves

A daily time frame is chosen for a general view for next new trading week in May 2011.

My preferred Elliott waves counts from June 2010 is (A) -(B)-(C) in which (C) yet to be completed. The channel in (C) is a linear regression channel for purpose of wave equality in that degree.

In the (C) channel my preferred count is again 1-2-3-4-5 waves as opposed to alternate count A-B-C. The daily RSI 14 is entering 72 level in which show a tight room but to achieved 149.xx for a count of wave 3(or C). The candle also has entered the upper standard deviation line that could say a down move is ready for a correction. 

I believe that the minute retracement will occur for a lesser degree count ( 147.xx) before 3 or C is achieved in early days in first week of May. However if 146.30 is broken the count of 3 or C has already achieved at top of Friday trading day. Forex is a risky trade decision and this is my personal view only.

Forex Elliott Waves Introduction.

This is my new personal site for analyzing FOREX mostly using Elliott Waves theory.

Foreign exchange (FOREX) market is known as over the counter financial market for currency trading and has a huge trading volume. There are many trading systems and I am aware of all development since many years ago but today I am using Elliott waves theory for describing past moves and prediction what will be the next.


The Elliott Waves is a way of  people behavior in area involving primitive judgment including in financial decision. It reveals that mass psychology swings from pessimism to optimism and back in a natural sequence, creating specific and measurable patterns.

The financial market including Forex does not react to outside event consistently but to our inside primitive judgment in area of unforeseeable event. Using Elliott waves is an exercise probability and with the knowledge of waves pattern we are likely to expect what will be the next moves.

Elliott waves pattern consists of “impulsive waves” and “corrective waves.” An impulsive wave is composed of five subwaves. It moves in the same direction as the trend of the next larger size. A corrective wave is divided into three subwaves. It moves against the trend of the next larger size.


They would be a mistakes here and there but by exercises I am looking for  a better trade entry and exit using the Elliott waves principle as a major government in forex decisions.

Thank you,
Azamli Nawi
MD.