Slight and Stars,
Thanks for the responses. I am glad that I was at least thinking along the same line that they must be a W4 of some sort for those pairs. Now I know that I am learning something with all of this.
I am looking to trade the higher timeframes and really looking to be as patient as I can. That is hard at times. It is very easy to make a chart look like what you want it to look like when in reality it isn't. That can lead to some very bad trades. I have tested that theory a few times in the past. Not very good results.
Is there a way to make the MT4 platform go to a different type of time frame like a 2-day or 8 hour chart? Basically manipulate it to give you a different timeframe than the ones they have preprogrammed. I have looked and cannot find a way. So when that is the case, how do you look for the 100-140 bars to count? Seeing that you cannot get it on the correct timeframe and the count is more difficult and doesn't make sense.
Question about playing and waiting for the W5 to start: I know it is difficult to predict the end of wave 4, so is there any validity in placing a trade at the down fractal at the end of W3, in this case? Basically, looking for a breakout trade to continue with the 5 wave count down. Although, just thinking out loud here, I do know that sometimes W5 fails to make a new high or low, in this case. Therefore, the trade would never be triggered. And the fact that if it truly was a W5 we could probably notice that a bit earlier on a larger timeframe. Maybe I just answered my own question. Any thoughts?
Thanks for the info this week. I look forward to studying more this weekend and seeing how things start playing out for the next while. I will have more questions later.
RCSWSO
Thanks for the responses. I am glad that I was at least thinking along the same line that they must be a W4 of some sort for those pairs. Now I know that I am learning something with all of this.
I am looking to trade the higher timeframes and really looking to be as patient as I can. That is hard at times. It is very easy to make a chart look like what you want it to look like when in reality it isn't. That can lead to some very bad trades. I have tested that theory a few times in the past. Not very good results.
Is there a way to make the MT4 platform go to a different type of time frame like a 2-day or 8 hour chart? Basically manipulate it to give you a different timeframe than the ones they have preprogrammed. I have looked and cannot find a way. So when that is the case, how do you look for the 100-140 bars to count? Seeing that you cannot get it on the correct timeframe and the count is more difficult and doesn't make sense.
Question about playing and waiting for the W5 to start: I know it is difficult to predict the end of wave 4, so is there any validity in placing a trade at the down fractal at the end of W3, in this case? Basically, looking for a breakout trade to continue with the 5 wave count down. Although, just thinking out loud here, I do know that sometimes W5 fails to make a new high or low, in this case. Therefore, the trade would never be triggered. And the fact that if it truly was a W5 we could probably notice that a bit earlier on a larger timeframe. Maybe I just answered my own question. Any thoughts?
Thanks for the info this week. I look forward to studying more this weekend and seeing how things start playing out for the next while. I will have more questions later.
RCSWSO