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Attachments: Coreg's EW+HP+D/W Range
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Coreg's EW+HP+D/W Range

  • Post #361
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  • Edited 12:02pm Jul 18, 2024 11:44am | Edited 12:02pm
Quoting rehmatkhan00
{quote} Most of the the time both GU and EU make similar pattern.
All instruments I trade go in the same direction (GU, EU, Gold, MES futures, SPY options) that's why I took only trade in one. I don't feel MES today. I'm missing the targets by 3 ticks or taking profit 10 points ahead. But I'm OK with it.
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Always trade your own plan...I don't provide trading signals.
AU on 4hr.
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Quoting Coreg2004
{quote} All instruments I trade go in the same direction (GU, EU, Gold, MES futures, SPY options) that's why I took only trade in one. I don't feel MES today. I'm missing the targets by 3 ticks or taking profit 10 points ahead. But I'm OK with it.
Yup exactly and looking at all of them together sometime give earlier sign of reversal.
It looks like a really strong correction if not then it may be a reversal.
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The first area of interest to watch for GU is between 1.2940 and 1.2957, the zone for potential wave 4.
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Always trade your own plan...I don't provide trading signals.
A similar setup is on the EU 1H chart. Zone to watch 1.0894-1.0909 for potential continuation to the downside if the zone holds.
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Always trade your own plan...I don't provide trading signals.
Quoting Coreg2004
A similar setup is on the EU 1H chart. Zone to watch 1.0894-1.0909 for potential continuation to the downside if the zone holds. {image}
For me the current level is really important if holds and reclaim 1.0900 level then it’s likely that the correction has been finished however if it makes another lower low, it may then heading toward much deeper correction or complete reversal.
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Quoting Coreg2004
The first area of interest to watch for GU is between 1.2940 and 1.2957, the zone for potential wave 4. {image}
The daily chart shows the first zone for swing traders to buy at 1.2890-1.2829.
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Always trade your own plan...I don't provide trading signals.
Quoting rehmatkhan00
{quote} For me the current level is really important if holds and reclaim 1.0900 level then it’s likely that the correction has been finished however if it makes another lower low, it may then heading toward much deeper correction or complete reversal. {image}
This is the second possibility which can happen
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Quoting rehmatkhan00
{quote} This is the second possibility which can happen {image}
I think wave 4 should be a complex correction wave but if 4th is in place the standard zone for wave 5 is 1.0871-.xx65
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Always trade your own plan...I don't provide trading signals.
Quoting Coreg2004
{quote} I think wave 4 should be a complex correction wave but if 4th is in place the standard zone for wave 5 is 1.0871-.xx65 {image} {image}
Yeah you are absolutely right, it’s highly likely to go 1.0970 if wave 1 is equal to wave 5 but I have also seen most of the time that the 5th wave can cover the same distance as 3rd wave and this is just my personal experience and it is not in the Elliot Wave Principles.
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Quoting rehmatkhan00
{quote} Yeah you are absolutely right, it’s highly likely to go 1.0970 if wave 1 is equal to wave 5 but I have also seen most of the time that the 5th wave can cover the same distance as 3rd wave and this is just my personal experience and it is not in the Elliot Wave Principles. {image}
this is one of the many examples which I saw it recently and you can clearly see that wave 3 is almost equal to wave 5.
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Quoting Coreg2004
{quote} I think wave 4 should be a complex correction wave but if 4th is in place the standard zone for wave 5 is 1.0871-.xx65 {image} {image}
I think maybe correction is still incomplete as C leg of 4th seems to be missing which should final move to the upside.
If it makes double bottom then these two are the areas where C leg can complete before resuming to the downside.
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Quoting rehmatkhan00
If it makes double bottom then these two are the areas where C leg can complete before resuming to the downside. {image}
Or it may also make contracting triangle
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Quoting rehmatkhan00
If it makes double bottom then these two are the areas where C leg can complete before resuming to the downside. {image}
Quoting Coreg2004
{quote} Support at the bottom of the channel held. Now is decision time.{image}It's hard to mark waves on the daily chart with high confidence so I would go with the last swing up on an hourly chart.{image}
I know the retracement zones from bigger swings and trade to these targets if they appear on the intra-day chart. Let's say we mark on the intra-day chart @1.0838 then when the price gets there we trade it as a horizontal line.
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Always trade your own plan...I don't provide trading signals.
Quoting Coreg2004
{quote} {quote} I know the retracement zones from bigger swings and trade to these targets if they appear on the intra-day chart. Let's say we mark on the intra-day chart @1.0838 then when the price gets there we trade it as a horizontal line. {image} {image}
thanks for guiding me in the right direction and your help means a lot to me. I am reading your post again to see where I made mistakes and how I can avoid them in the future. One thing I want to ask you that you have been using EWT for long time and I am wondering it’s profitable strategy over long term
Quoting rehmatkhan00
{quote} thanks for guiding me in the right direction and your help means a lot to me. I am reading your post again to see where I made mistakes and how I can avoid them in the future. One thing I want to ask you that you have been using EWT for long time and I am wondering it’s profitable strategy over long term
rehmatkhan, you as a trader make strategy work not the other way around. As with any other method/strategy, the EWP helps you to find potential support/resistance zones. How you trade it, it's up to you. Discretionary trading is an art, not a science. Anyone can learn any method out of 100s available in one week, but only a few are profitable. If 5% traders are profitable don't you think some use the EWP? It's unlikely that all 95% of unprofitable traders use the EWP so we should abandon it and not waste our time.
What about PP, market profile, supply/demand zone, Wyckoff theory, MAVGs, range, HP, and other methods? If these methods are bulletproof, why don't use them exclusively?
I laugh at reading people's posts about how terrible the method is without posting one chart and explaining why.
People can have any opinion even if they are uneducated on the subject.
Always trade your own plan...I don't provide trading signals.
Quoting Coreg2004
{quote} rehmatkhan, you as a trader make strategy work not the other way around. As with any other method/strategy, the EWP helps you to find potential support/resistance zones. How you trade it, it's up to you. Discretionary trading is an art, not a science. Anyone can learn any method out of 100s available in one week, but only a few are profitable. If 5% traders are profitable don't you think some use the EWP? It's unlikely that all 95% of unprofitable traders use the EWP so we should abandon it and not waste our time. What about PP, market profile,...
I like Elliot wave a lot because it made me a profitable trader for the first time in my trading career and I was wondering if it can me profitable in long term. Anyway I will have to test it by myself and see if it also works the same over long term
Let's see if it unfolds as I am expecting.
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