Have you read the pdf which Immy produced about understanding thw wave in ten seconds?
The other trouble is what looks like a 3 can turn into another w3 opposite side of ZL instead of a 4
The safest advice against losing rent to w4 is not to trade towards purple line
I also believe there's a dangerous moment in w4 (principle c).... Look for an article in this forum. That can be when purple is falsely breached and catches me out often, during which time I have been persuaded we are back in a 3 not a 4!
Sam's Journal [Awarded Title: The Master of Famous Setup ]
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wiseambitions
- AIMSter
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Re: Sam's Journal
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
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Bettina
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Re: Sam's Journal
Sam,
what I try to look at ( but also works only sometimes ) :
I your TF has finished w3 ( ZL cross after it ) and you get the next setup in the same direction expecting w5 :
1 ) Is the next higher TF ( M5 ) still in W3 ( no ZL Cross ) and has not yet diverged and has small A0 --> I take M1 setup
2 ) Has the M5 w3 already diverged --> don't take it, wait for M5 w4 completed
3 ) Has the next higher TF ( M5 ) had a w5, don't take it ( if it hasn't been a very small w5 with TP1 far away )...
Just my few cents
Bettina
what I try to look at ( but also works only sometimes ) :
I your TF has finished w3 ( ZL cross after it ) and you get the next setup in the same direction expecting w5 :
1 ) Is the next higher TF ( M5 ) still in W3 ( no ZL Cross ) and has not yet diverged and has small A0 --> I take M1 setup
2 ) Has the M5 w3 already diverged --> don't take it, wait for M5 w4 completed
3 ) Has the next higher TF ( M5 ) had a w5, don't take it ( if it hasn't been a very small w5 with TP1 far away )...
Just my few cents
Bettina
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immy
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Re: Sam's Journal
Bettina!Bettina wrote:Sam,
what I try to look at ( but also works only sometimes ) :
I your TF has finished w3 ( ZL cross after it ) and you get the next setup in the same direction expecting w5 :
1 ) Is the next higher TF ( M5 ) still in W3 ( no ZL Cross ) and has not yet diverged and has small A0 --> I take M1 setup
2 ) Has the M5 w3 already diverged --> don't take it, wait for M5 w4 completed
3 ) Has the next higher TF ( M5 ) had a w5, don't take it ( if it hasn't been a very small w5 with TP1 far away )...
Just my few cents
Bettina
Great technique! I'd like to add that, as long as the trend is strong and price is still changing/moving we can be very aggressive and keep taking setups with a belief that the trend will persist. Surely you can use the momentum of your current time frame as well as, as Bettina put so rightly/nicely, momentum of higher time frame. and when the trend is not confirmed we remain very conservative not only with taking trades but also with our money management. The idea is to catch and trend that breaks out in the direction of higher time frame trend and once its done that, we want to make the most of it, as most of the traders would say, "milk it" properly. Trading is a Scientific Art! or Artistic Science!
cheers!
ps: if you see a very strong 3, it would be best to let the price go sideways first before we jump in again. Sure we may miss some moves but we may miss trading at the top of waves as well. So watch for a Tight range at the start of a session, lets say London open, its going to be tricky, so wait and time your initial entries with the breakout and once the breakout is complete then tray trading only in that direction until you see a completed count. There is another subjective measure as well that works more often than not is that if a pair has moved, in pips, about the same amount of pips that it usually does, (ADR: Average Daily Range) it might be time for market to go flat or a reversal. e.g. EJ is doing around 200+ pips a day these days whereas EU is doing between 80-100.etc etc.
pss: i wrote this in a haste, please forgive any nonsense if there is any! gotta dash out!
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!
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immy
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- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Sam's Journal
Aha! my previous post was simply addition to Bettina's post, and now I read your question. How silly of me.. haha..fxsam wrote:Hi,
I have a question if someone can answer.
How long wave 5 takes to form after wave 3 completed ?
It is hard for me to identify wave 5 and i often caught up with some rents as i look for wave 5 immediately after wave 3 completes.
Regards,
Samik
My friend! you're asking solution to something that ALL of us are after! No one wants to pay rent, and no one wants to miss that lovely wave 5 either. But remember we DO NOT trade Elliott Wave. Which means we don't try to trade Wave 5, we just accept that information as a "higher probability event" simply a possibility. So if that confidence measure is there and you take your setups and pay rent, its fine, as long as you trade the SETUP and not SImPLY your expectations, you did the right thing. The wave analysis is for confidence, Why only confidence? because in trading Confidence is everything!
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!
-
wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Sam's Journal
Oh, back to basics, the simple answer like Immy has said, is just to trade the setups
And the purple line will keep us out of a lot of trouble (i.e wave 4s).
An understanding of EW will add to our success, but not when used in isolation
And the purple line will keep us out of a lot of trouble (i.e wave 4s).
An understanding of EW will add to our success, but not when used in isolation
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: Sam's Journal
Sam!
Glad to hear that! and that's the whole purpose of this forum! Getting involved and creating a friendly loving environment for learning and sharing!
cheers
Glad to hear that! and that's the whole purpose of this forum! Getting involved and creating a friendly loving environment for learning and sharing!
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!
-
wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Sam's Journal
I really really wish ever so many more members wrote up their experiences on here. I'm member of another little forum, where there are currently only 12 of us, and we have a rule which keeps us together. It is a useful group to be in, and the rule is simply that if we go several weeks without logging in and posting a contribution to the threads we would get excluded..... I know it isnt really a rule appropriate for a commercial site like this, but it has its place!immy wrote:Sam!
Glad to hear that! and that's the whole purpose of this forum! Getting involved and creating a friendly loving environment for learning and sharing!
cheers
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
-
Bettina
- Free Member
- Posts: 491
- Joined: 28 Dec 2011, 19:55
- 13
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Dave
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