Ramy's Journal

[acceleratum]

yes, treat the short and long count separately so now its gonna be the 5 bullish, after that you get the 5 short, its waves within waves, each wave has the 5 waves inside it. Lets see if you understand this:



Notice ewaves puts the wave count above or below the ZL. Thats the count for bullish and bearish waves, also it draws both tzs, but it doesnt mean it will hit both, you want to go for the strongest wave, in this case you could take the long setup but since its a corrective of the short the short setup will be potentially stronger. So If your trading lower timeframe (h1-h4) your probably on the longs, on higher timeframes (Daily) your looking to go for shorts after this green w5 ends.

[rsaemy]

That is a really good explanation... thank you
So basically we had a bullish W3, 4, 5 within W4 of a stronger/bigger bearish wave
My question next question is how can I figure this out by looking at the chart on my own? because for me, this green W3 on eWaves is a strong one!!

Should i go to the daily time frame and see the trend? or how eWaves will look like on daily time frame? Would that be my way of confirmation?

Also, When there is two Target Zones displayed (up and down), does this mean that there is a wave within a wave happening or it doesn't have to be the case?

thanks heaps

[acceleratum]

dont complicate, look at a single timeframe where you trade, dont need to look at anything else, and Look for the big 3, the last one, dont worry about bulls and bears, just focus on the last one, waiting for 4 and take 5.
If theres 3 followed by 3 followed by 3.. its sideways .. if you cant find the 3.. its crap.. Its just a matter of waiting till you see hte pattern clearly, big3 4 with pullback, go into 5.

[rsaemy]

Hi

I wanted to check if i am looking at the following chart the right way
It is the GU D1 chart with a possible setup into bullish W5 i believe
I have added some questions on the chart, i hope i an get help with them


thanks heaps

[acceleratum]

We dont look at hammers/candle types on Setup, thats what the signals are for, they pop on the type of candles we want.
The target is pretty close so wed skip this, not enough for 2R, the AO is fine, small w4 is one of the things we want.
but there's no signals and box is not small enough, id wait for a smaller box with signal.

[rsaemy]

Managed to catch that trade for EU on H1 after my work
Couldn't catch the box breakout so i entered at the next possible level
I exited because of the 12.00am USD news also looking at the levels on the left, that can be a level of Res as well

[acceleratum]

good one but, we avoid entering late because it cuts on your chances of getting profit and may lead to more losses, so its best to do it properly, If you miss the entry just forget it, it can also get you used to bend the rules and hurt in the long run. We also dont open or close manually, always pending order and trail to exit, in this case just hit candle trail and let it go, it might cut a a bit on the profit, but also it might keep going and give you more. Anyway you shouldn't worry about profit but on discipline and applying it properly and that is what makes the strategy profitable on the long run every single rule you bend will hurt you later hence why its best to let it go and either reach tp or come back to sl and avoid the regrets of " it went to tp" " i missed it" "should have cut the loss" etc... apply the rules religiously, the first stage is for that purpose and it is a fundamental of becoming a great trader.

[immy]

Hi Ramy

Firstly thank you for updating your journal it really helps one understand themselves and gives others to have a look and may be comment if they feel like. We are all here to learn and progress. I agree with everything Pedro said. This trade might have been based ona good idea, as you know i'm long my self, but where in the trading stage are you? What are the objectives of your trading plan? that will decide whether it was a good or bad trade. And need I repeat myself that a good but losing trade is FAR better than a BAD but winning trade... yes Good/Bad and Win/Loss are Two separate but connected things....
cheers

[rsaemy]

Thanks Immy and Pedro for the comments and i totally agree
Will limit my entry to S1/S2 breakouts and hunts
I didn't enter above trade with market order. It was a PO above a R level in the direction of the trend. I existed manually about 4-5pips from my preset TP.
Both entry and exit wasn't included in my plan so off course the trade is DS with big ZERO

[rsaemy]

GU trade on M1 chart

Entry was S0

Used manual candle trail for exit

Risk was about 3 Pips and end up in profit of 34 PiPs (10R)

Could be DS0 because i used M1 time frame instead of H1