hello fellow traders, i am a newbie to forex trading. i have been live trading for about 5 months now and demo trading for a year and a half.
i trade early mornings (US) and occationally open a position and go to work with stop and target in place, and close when i arrive home.
after much demo time using multiple indicators like any good newbie i have come to the belief that any indicator based on a moving average is lagging and truely does nothing but tell me what i can so easily see in the candles above. i have since concentrated on knowing candle patters coupled with simple fib-ing, pivot points, and RSI for entry/exit times.
i have recently in the past month tried to apply elliot waves for pull-backs and overall potential price direction.
My issue is i never truely feel like im counting the proper waves. I can easily take my 1 wave and make it a 3rd wave if i scan back in time abit, and the same with the others. im never sure if im ending a 5th wave and headed for the correction faze of the wave pattern. I also struggle to decipher when a wave pattern is in a ABC correction or has changed trend to form a whole new wave pattern into that new trend.
I know that the elliot wave is ultimatley up to interpritation of the trader but if their is any key things that any vets could share to lessen the learning curve id greatly appreciate it.
thanks all and happy trading
nick818
i trade early mornings (US) and occationally open a position and go to work with stop and target in place, and close when i arrive home.
after much demo time using multiple indicators like any good newbie i have come to the belief that any indicator based on a moving average is lagging and truely does nothing but tell me what i can so easily see in the candles above. i have since concentrated on knowing candle patters coupled with simple fib-ing, pivot points, and RSI for entry/exit times.
i have recently in the past month tried to apply elliot waves for pull-backs and overall potential price direction.
My issue is i never truely feel like im counting the proper waves. I can easily take my 1 wave and make it a 3rd wave if i scan back in time abit, and the same with the others. im never sure if im ending a 5th wave and headed for the correction faze of the wave pattern. I also struggle to decipher when a wave pattern is in a ABC correction or has changed trend to form a whole new wave pattern into that new trend.
I know that the elliot wave is ultimatley up to interpritation of the trader but if their is any key things that any vets could share to lessen the learning curve id greatly appreciate it.
thanks all and happy trading
nick818