Dear AIMS Forum,
I'm hoping someone will be able to clarify my attempt at a possible wave count for the most recent trading day. My comments are written in the screenshot however, if the resolution is too low and you're not able to read it, please let me know and I'll upload screenshots with higher resolutions.
Thanks.
Update: The screenshots were replaced with ones more readable.
Elliott Wave Newbie Count
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takin
- Free Member
- Posts: 20
- Joined: 27 Dec 2011, 04:20
- 13
Elliott Wave Newbie Count
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Last edited by takin on 01 Jan 2012, 21:40, edited 2 times in total.
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immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Elliott Wave Newbie Count
Hi
Good Attempt and a Good Count!
Before I Say Anything Further Here is what you must know.
1. We do not trade Elliott Wave
2. It is an opinion (Fact and opinion are two different things) it is there to give us confidence
3. EW Count is an Ungrounded Assessment (Grounded assessment is that which Everyone Agrees upon - The Indicators are Grounded)
4. We use the count for exits not the entries. Entries are made only using the Setup Rules
5. The moment you are confused about which wave is it at the moment, job done you're in 4th wave.
Screen Shot 1: Your count is correct.
Screen Shot 2: This is not Divergence. Please read of divergence here. Regular Divergence Remember we dont trade divergence as people suggest or in this link. I post here just so that you can go and learn what a divergence is... But i'm sure you know what divergence is. Just in case someone else reads they might have a looksie!
Suggestion: Do not focus on Wave 1-2 and abc) Focus on the AO Bars not the price bars/candles.
1. Cross of ZL (Usually 1-2, W4, abc happen around here)
2. Peak of AO = 3
3. Cross of ZL after Peak of AO = W4
4. After point 2 and 3 seen, Peak of AO with Divergence = W5.
Simple thats EW in 10Seconds!
Cheers
Good Attempt and a Good Count!
Before I Say Anything Further Here is what you must know.
1. We do not trade Elliott Wave
2. It is an opinion (Fact and opinion are two different things) it is there to give us confidence
3. EW Count is an Ungrounded Assessment (Grounded assessment is that which Everyone Agrees upon - The Indicators are Grounded)
4. We use the count for exits not the entries. Entries are made only using the Setup Rules
5. The moment you are confused about which wave is it at the moment, job done you're in 4th wave.
Screen Shot 1: Your count is correct.
Screen Shot 2: This is not Divergence. Please read of divergence here. Regular Divergence Remember we dont trade divergence as people suggest or in this link. I post here just so that you can go and learn what a divergence is... But i'm sure you know what divergence is. Just in case someone else reads they might have a looksie!
Suggestion: Do not focus on Wave 1-2 and abc) Focus on the AO Bars not the price bars/candles.
1. Cross of ZL (Usually 1-2, W4, abc happen around here)
2. Peak of AO = 3
3. Cross of ZL after Peak of AO = W4
4. After point 2 and 3 seen, Peak of AO with Divergence = W5.
Simple thats EW in 10Seconds!
Cheers
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
