Nice bullish wolfe wave on eurusd
with now a bearish one in m30 with a good AB CD pattern
with now a bearish one in m30 with a good AB CD pattern
Avoid the crowd. Be chess player, not chess piece
- #1,964
- Oct 12, 2017 6:29am Oct 12, 2017 6:29am
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Pride always comes before destruction.... -Proverbs 16:18
- #1,966
- Edited 11:39pm Oct 12, 2017 9:52am | Edited 11:39pm
Trade Different
Multi 3000 All Time Pips:
23,606
- #1,969
- Oct 14, 2017 1:50am Oct 14, 2017 1:50am
Hi all,
Hopefully these are valid? Been practicing for the past few days haha.
GBPUSD 5 Minute chart.
USDJPY 1 Hour chart. (Took a BUY entry on demo)
Appreciate all who have contributed on this thread. Thanks a million. :-)
Regards,
Kenny
Hopefully these are valid? Been practicing for the past few days haha.
GBPUSD 5 Minute chart.
USDJPY 1 Hour chart. (Took a BUY entry on demo)
Appreciate all who have contributed on this thread. Thanks a million. :-)
Regards,
Kenny
Trade Different
Multi 3000 All Time Pips:
23,606
- #1,970
- Edited 3:34am Oct 14, 2017 2:57am | Edited 3:34am
- Joined Aug 2013 | Status: Trader | 4,901 Posts
{quote} Hi Kurt, USDJPY Daily Chart Would you say that the D leg (wave #5) is forming? Would you keep the lines there to wait for it to finish forming? Is this a valid CWW? :-) Hopefully this is not a stupid question haha. Regards, Kenny {image}
Yes I would leave them there. Once I locate a valid WW that has started on the D leg, I then map out the completed wave by finding where the AB=CD is located. That doesn't mean that price has to reach that level to make it a valid wave, it's just a level I want to have mapped out in advance. Now I can see if that level or zone has any confluence (pivots, fib levels, S/R, supply/demand zones, etc etc). In this way I can know in advance if the completion level may offer a higher edge of reversal if price reaches full AB=CD.
Having this done in advance lets me sit back and monitor price action as the D leg moves closer to the end point. Keeping an eye on the wave structure as far as symmetry as well as keeping an eye on the fundamentals/sentiment of the moment. If D is reached I am now prepared in advance to take action. Maybe I will be scaling in as the sweet zone is penetrated down towards point D. Or, maybe I will wait to monitor price action at point D and then enter after there is some sort of reversal confirmation.
Finding the WWs should be like riding a bike or chewing gum. Once you get to that stage, then you can use your filtering tools to find the WWs that provide the best edge. It's an individual endeavor. Each trader will have a different style/method of entering a trade. In many ways it's an art form and the chart is the canvas.
I look at the forex market as a living organism that lives and breathes based on the behavior of human beings. And all human beings, to some extent, are driven by fear and greed, especially in the forex market. Just remember that retail traders are the human prey and the market makers and big players are the predators. You must stay one step ahead at all times.
Be prepared, be patience, and above all else, be prudent with your capital. Without proper risk management it won't matter what strategy you are using.
Having NO position is still a position. The worst feeling in the world is chasing trades that aren't there and being so over leveraged that you have no available capital left to enter a trade when a golden opportunity arises.
Cheers, -Kurt
Here's a very basic process I go thru. Just the first layer of thinking. This is a WW that is 1000s of pips on GBP/JPY but a wave that I will keep stored and ready for future analysis and action if it remains valid.
Potential wave found and mapped out. You can use "parviz" WW indi which finds the AB=CD level for you, or use a modified ZIGZAG indi that shows the pips for each leg, or you can just measure AB manually and put a horizontal line where point D should be. I like to do that then put 2 triangles on my chart to keep it from being cluttered with to many lines. So here it is, very basic, all mapped out.
Now I zoom out just to have a look at the bigger picture. Of course looking left we see some interesting activity. I notice the 50FIB retracment is right there at the AB=CD level. Hmmm, coincidence? Could be, but certainly interesting considering we are talking about a move of over 7000 pips!! Anyways, we make note of this and look for more confluence on smaller time frames using multiple filtering tools if/when the WW gets near point D.
Pride always comes before destruction.... -Proverbs 16:18
- #1,974
- Oct 14, 2017 10:27pm Oct 14, 2017 10:27pm
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Pride always comes before destruction.... -Proverbs 16:18
- #1,975
- Oct 15, 2017 2:08am Oct 15, 2017 2:08am
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Pride always comes before destruction.... -Proverbs 16:18
Hi there!
Thanks for the thread, very interesting. Im trying to 'backtest' your wave theory but im not sure i got the hang of it. Would you guys have a look and tell me what you think. The circle and the target zone is my take, on what would have been a take profit, so in this case, according to myself, this may be a failed trade, am I right??
Its the daily chart and the red trend line is all 'my work'.
Thanks, best of luck
Thanks for the thread, very interesting. Im trying to 'backtest' your wave theory but im not sure i got the hang of it. Would you guys have a look and tell me what you think. The circle and the target zone is my take, on what would have been a take profit, so in this case, according to myself, this may be a failed trade, am I right??
Its the daily chart and the red trend line is all 'my work'.
Thanks, best of luck
- #1,977
- Oct 16, 2017 12:56am Oct 16, 2017 12:56am
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Pride always comes before destruction.... -Proverbs 16:18
- #1,980
- Oct 16, 2017 12:27pm Oct 16, 2017 12:27pm
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Yen pairs can be tricky at times but thought I'd dive into this one as my first trade for the week. So far so good. Initial rejection about 5 pips short of point D, a retest and now going back up. All SLs to BE.
EUR/JPY 30MIN BULLISH CWW
EUR/JPY 30MIN BULLISH CWW
Pride always comes before destruction.... -Proverbs 16:18