Thanks Caleb. The video stuff is coming along nicely now. I recorded a live trade this morning. I am away until Thursday so have fun figuring it all out. https://youtu.be/yuIVghaL3dA
Thank you Wab for your video, would you please explain more about defining the HH and HL. I am still confused about hot to identify them. it will be nice to have this explained through your next video if possible.
If you wait for a second pass, past the E line (above it in this case) it is a much safer entry. I will explain that in detail in my next video post. Also try to get the Alligator on your side. Going against the Alligator generally fails. Wait until you are sure of the Alligator direction. This can be achieved by monitoring the fractals above and below the Alligator until price breaks one of them.
Not the best example but an illustration of how to wait for a 2nd pass entry with a pending order. (Add a bit of rook for the spread on any pending orders or stops.)
Even the BW fractal entry (first fractal level above or below the red Alligator line) often gives a 2nd pass opportunity.
To answer your question AndreJ07, I have been involved with trading for many years, mostly stocks, then options and a brief foray into commodities. Forex for about four years now.
I still consider myself to be a beginner in Forex but I think I am making good progress. I share my ideas here and I learn a lot from others. I hope that what I share is useful.
Most of what I have found on line is either useless or I just don't understand it. I think we all have to develop our own understanding of the charts and perfect it to our own comfort levels. Many people have helped me along the way and I feel obliged to pass what I have come to understand on in turn. In my professional life I was a teacher and enjoyed teaching and still do.
Stay tuned for my next video. I am sure it will be worth a whole month of written posts. Thanks to Rea for the chart above as it is a near perfect example to work from.
Once again at the 127 level (Bearish this time) and around the Support Resistance line we experience a bit if difficulty, now with our LL HL analysis.
Attached Image (click to enlarge)
The count is easily confused at this point and again we get a false signal. Bearing in mind we are now short and have not yet met our potential Fib target so we are cautious. Alligator is down, AO is negative, check these when confused.
Here is how we work around this as the count clears itself up:
Attached Image (click to enlarge)
I have drawn in the current T to potential E line in white.
(This type of confusion happens when we are working with two different degrees of Elliot Wave showing on the same time frame. Changeling time frame often clarifies the count as fractals show up or vanish in different time frames and the confusion goes along with that. However, this is Elliott Wave without Elliott Wave and I don't want o overload and dive into that too far at this point.)
So, some homework, since we are now in a live analysis. Find the next bullish SETUP.
At this point the M15 is looking like it could be close to it. Watch and see.
Thanks for the video and followup analysis.
How do you determine a HH/HL/LL/LH? I mean, there are small ones and bigger ones on a given chart (I'll try to upload EURJPY later on to demonstrate this), I would value the more emphasized ones over the smaller ones but do they count, as well? The smaller ones, I mean.
The one way is to go to a HTF. and eliminate a lot of the smaller confusing ones.
That way you can identify the main ones and the ones that are inside them. Next video I will try to explain that better.