Bettina's Journal

[immy]

I suggest two things on how to stay away from getting whipsawed.

1. Check what is the direction of the trend on the higher time frame. Eg. if M5 is going sideways, no need to trade m1. Check what m15 is doing. if M15 is also sideways, better wait for a break out. then wait for m1 to Setup when M5 is already open in that direction.

2a. When you see a wave 3 peak, and if you access to premium section, check Steve's 1-5 retrace technique. It is essentially ABC of Wave 4 but Steve's eWave's nicely picks it as 3 and 5 waves, usually the peaks are much smaller as compared to the peak of Wave 3. There are some illustrations in there as well.

and 2b. Learn to recognise the principle C , in other words, if you are comfortable with Elliott Wave then learn to spot the ABC formation or also called zig zag retrace. using AIMS levels and peaks of AIMS Waves one can easily spot abc. Once that is comfirmed look for setup with 1-2 in the direction of the previous peak of 3. if nothing like exist then choose to not trade EU m1 is a prime example today.

The above might be a bit technical for some, but I'm posting because I know Bettina is quite technical and most probably will understand what I'm on about, otherwise, please accept my apologies.

cheers

[Bettina]

Hi Immy,

Thanks a lot for your summary on what might be necessary to care for. This is really hitting the nail in the head !

ad 2a ) I'm rather familiar with EW and the ways w4 could be formed. Regarding setups I usually wait for a second peak ( "c" ) of w4, but... ( see 1 )

ad 1 ) This is the major thing to be improved : I often do that whilst m5 is still sleeping or going up and down around its purple. And w4 might have a lot more peaks than those a and c ( there is a b in between! )

ad 2b ) Yes, that's important too : Even if I know, that also w2 has an abc structure, I don't think of that when I'm fixing my SL, when I'm in a w1 trade. Watched GU in this respect : It's very often only 1 or 2 pips and then leeds to missing w3. So either I try to avoid w1 ( see watching m5 already open ) or I overthink my SL strategy.

3 ) Between all that, - not to forget - there are trades, which are nonsense, just because I thought it woulda coulda...., impatience

Well, rather technical also I will try to find some examples of your 3 points. Thx again.
Bettina

[immy]

Bettina

I agree with what you said. Of course this does not mean we trade Elliott Wave on its own, we trade the setup but the wave gives us confidence. And we don't know what is happening better not trade it. IF we know what is happening better trade the setup.

Well Said!

[Bettina]

GU looks nice, w5 down !
Any comments ?
Bettina

[msk185]

Hi Bettina

I am watching this setup also, although recent swing high made a higher high on the AO so will look for a lower high before taking a short

Mike

[Bettina]

Hi,

please don't laugh, opened EUR again, when the cable was torn down by the speech of 11:30 data. Got some pips ( 5.1 ), even if it was a late decision, when I noticed, that it was also an M5 w5.
On M1 there was w5 already before with divergence, so I didn't dare to take the dot before.
Exit between TZ1 and TZ2 of M5
Bettina

[Bettina]

Hi,

this is one of my typical rents ( -4 pips ). It didn't form a green w5, but nevertheless seemed to be a valid abc correction. I also thought, that M5 alli was open - hmmmh, next.

Bettina

[Bettina]

Another one - BE-, to slow to book some pips, but it's ok

[Bettina]

Typical problem as well :
All the time it was supposed to be only a w5. So I saw m5 open and set my po, but didn't trust in much pips - and then it turned out to be a nice new w3 - sigh

[Bettina]

Got some pips - finally (whew) : 17.6
... have a nice afternoon to all !
Bettina