Next level to watch 1.028, and 1.015. I might close my shorts from 1.04.
thoses numbers must be what daddybear is talking about as previous lows.
thoses numbers must be what daddybear is talking about as previous lows.
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DislikedWeeee! Forex market is going to open again. Without any market activity, life is meaningless.Ignored
Dislikedpps I am using MT5 with candlesticks, P/sar, ema's @9,12,26, the MT5 MACD (default), full stoch and cci. Any comments on these indicators in concert?Ignored
DislikedYou will have a long journey of learning ahead of you, more like a life time of learning. The more you learn the more you earn......
Play the uptrending channel at it's extremes until it shows you different. The fiscal cliff news will have an effect on the direction when it is known, so beware..... You must also look at other TF's, before and after the H1 TF. I show a bottom on a M15 chart right now , but the H1 shows more room to come down, the H4 could come down a bit more for now. The biggest thing most traders never learn....is to stay out...Ignored
DislikedNumber One Rule In EWP....... Don't get lost, or Obsessed with wave counting....It will make you miss your trade......Ignored
DislikedNext level to watch 1.028, and 1.015. I might close my shorts from 1.04.
thoses numbers must be what daddybear is talking about as previous lows.Ignored
DislikedJollyBean, this is one of the reasons I don't like holidays after trading the Forex markets became a part of my life.Ignored
Dislikedlol well, the good thing is unlike many others, we actually enjoy our work.Ignored
DislikedThis was Luis' response to my comment about his EWC posted in his thread.
Here was my comment to his response.Ignored
QuoteDislikedDaddy Bear: Furthermore, your wave 1 of 3 is also a corrective pattern and both you and Luis marked it as an impulsive wave 1.
DislikedInsults are the last refuge of a scoundrel or the out argued.
Agreed, it is clearly corrective not impulsive, even more clear on 4h. I believe your wave count is correct and we are currently in a corrective phase now. The only confusion is that it appears rather complex.
I have never heard of the 7x rule for wave 3 but if you do the math, it is basically irrelevant. For example, look at 3rd wave of S & P from WW II to 1968, huge move in terms of duration and price. Not sure knowing it can not move more than 7x is helpful but it is also not...Ignored
DislikedInsults are the last refuge of a scoundrel or the out argued.
Agreed, it is clearly corrective not impulsive, even more clear on 4h. I believe your wave count is correct and we are currently in a corrective phase now. The only confusion is that it appears rather complex.
I have never heard of the 7x rule for wave 3 but if you do the math, it is basically irrelevant. For example, look at 3rd wave of S & P from WW II to 1968, huge move in terms of duration and price. Not sure knowing it can not move more than 7x is helpful but it is also not...Ignored
DislikedWrong, previous lows never change. It does not matter what TF you are trading.
Your charts are very hard to read. I will simply skip.Ignored
DislikedI guess it is their concept not an universally accepted rule. At least, I know R.N. Elliot did not include this in his EWP.Ignored