If you want, share your wave count here in the forum and I can better assist in gauging where the stop-loss should be set.
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DislikedUpdated AUD/USD count - getting close for long entries?
http://www.aspentrading.com/uploaded...AUDUSD_3hr.pngIgnored
DislikedWell, given that this is a Miner thread with an EW foundation - how would you set stops based on the above chart? If Wave 2 lows are in and we are in a 5-wave move higher in Wave 3 - stops should be set at levels where that wave count would be invalidated - right?
Not being coy - but think about that and post your thoughts - happy to offer feedback on your answer.Ignored
DislikedAUD/USD longs are not in play yet - Friday's break below 1375 made longs a no-go for now. Gotta look at equities when trading AUD/USD
http://www.aspentrading.com/uploaded....16.12sp60.pngIgnored
Dislikedoh, I thought you were in favour of LONG last week. Now things have changed huh........ your method is not easy to understand...Ignored
DislikedMy/our method is not terribly complicated - although it does take some effort and a checklist of items before you make trades. Yes, last week AUD/USD did look good from a long entry perspective and if one wanted, there were modest profits to be made. BUT, if you were watching the S&P's (which you have to in order to trade AUD/USD) the break below 1375 on Friday negated the near-term bullish count and now points towards 1350/60. In the interim, longs in AUD/USD (or any risk related FX pair) is not advised until the S&P's find support and begin...Ignored
DislikedHi Dave, eur/usd is not looking too good at the moment, where do you place your stop?Ignored
DislikedWow! Good analysis Dave!
Hi lithium1! Meet you here.
I am planning to create a system for wave analysis. Currently no ideas that i should use what kind of reference value/conditions. Would like to know about how to definite a proper wave count? Does it obeys the theory?Ignored
DislikedHey Darren, thanks for the kind words. If you reference the S&P chart in post #115 above on the S&P's - the chart below shows the updated count - it has been spot on overall - we still see the S&P's l....Ignored
DislikedHi Dave!
Would you mind to share your techniques ,that usually which wave count for entry is the best? Of course there is a possibility of trend reversal as this wave might not be the right. Just like the S&P that you posted, will the wave 4 nearing completion. What is the validation for wave 4 to be completely end? Break previous wave B or 3?Ignored
DislikedDarren, regarding Wave counts - we go with what has been outlined in the Elliott Wave Principle. The only thing we do, and we think it adds a lot of value, is using inter-market analysis to verify/refute the wave counts we come up with. Charts/wave counts alone are not enough - you need to understand what asset classes are driving each other etc etc....Ignored