I think thread starter trades 1-2-3 patternt of minor waves in derection of intermediate and major wave. The main issue is to define those big waves
Ignored
Thank you Dezil ,
i have mentioned this from the beginning, yes the key is the definition of the major ,intermediate and minor waves to be able to trade this way.
THE KEY TO ALL THIS
The internet is full of information on what the trend and support and resistance are , its easy to say buy the dips in an uptrend to resistance and sell the rallies in a downtrend to support.
The key is the method i use to clearly define the trend , retracements ,support and resistance, peaks and troughs and fractal waves in a visual manner with no ambiguity across a range of timeframes and trading instruments including forex,cfds,indexes,gold and oil.
If you have read the thread from the beginning you will know that this method of trading involves various aspects of market behaviour
Peak and trough analysis
the key which is how the waves are created
Trend
right side chart trading in the direction of the trend
Waves within waves
using the major ,intermediate and minor waves to ensure we are going in the right direction and taking our entries using market trend timing principles and placing our stop in a logical place according to price action.
Support and Resistance
left side chart using the areas created by previous peaks and troughs to identify areas of support and resistance.
hmmm, i think you need to re read the information again, find the major wave , then the intermediate trend and retracement in the major wave and use the minor wave trend to reenter in the direction of the intermediate trend of the major wave .
I will not be taking any questions on charts as we are not singing from the same hymn book , how you constuct the waves is up to you but clearly it will not be the same way as i do so no point in comparing charts.
nicholas[/quote]
Hi Nicholas,
Thanks for the advice. I will read the information again.
hmmm, i think you need to re read the information again, find the major wave , then the intermediate trend and retracement in the major wave and use the minor wave trend to reenter in the direction of the intermediate trend of the major wave .
I will not be taking any questions on charts as we are not singing from the same hymn book , how you constuct the waves is up to you but clearly it will not be the same way as i do so no point in comparing charts.
nicholas
Ignored
Hi Nicholas,
Thanks for the advice. I will read the information again.
Thanks[/quote]
Hi
your welcome chanlf,
here is a live example,
in the chart we have a major wave which is composed of an intermediate trend with an intermediate retracement ,its just a case of waiting to see if the minor trend of the intermediate retracement starts trending up.
The first blue line is the prior trend reversal point and the next is our resistance target.
Remember this is not a forecast as we are following the market ,it may well be that the retracement does not show a minor up trend so i would not take the trade.
The EURJPY has the exact same scenario with the target at 116.10 infact the wave structure is almost identical , the retracement on both charts may not be over yet ,we will only know when or if we see the minor waves trending up.
Hi Nicholas,
do u use 3 timeframe, 1m, 5m and 15m for this strategy?
Ignored
jibran,
for this strategy we can use any combination of 3 timeframes , in the charts from the previous post i am viewing the intermediate and minor waves/trend from the 15 minute.
just an update on the 2 set ups i posted , at the moment the retracements are still in play so as soon as there is any change and the minor trend starts to develop, if they develop i will post an update.
Here is a nice example from today of what we are looking for , cadjpy is not one i watch but its was pointed out to me earlier by one of my co traders.
In the picture we can see the major wave in blue with its intermediate trend and retracement and the minor trend confirming the continuation of the intermediate trend in the direction of the major wave , trend reversal area marked by first blue horizontal line and resistance the next blue line.
we have the major wave in blue with its intermediate trend and retracement , if we see the minor trend developing that will confirm the continuation of the intermediate trend in the direction of the major wave.
We have trend reversal as indicated by the first blue line and resistance at the next.
Once again these are not forecasts as we are following the markets , if the trade set ups do not develop the way we expect then we pass and wait for another set up.
I will come back later to the 3 set ups i have posted so far with any developments.
the three set ups i posted are now cancelled as they did not give an entry ,it just goes to show, the trend was clearly up had we used fibo retracements we would of ended with losing trades , so tomorrow i will post again if any set ups occur as i would like to show some real live trades as they occur to give any one who wants to try this method the confidence to do so.
the three set ups i posted are now cancelled as they did not give an entry ,it just goes to show, the trend was clearly up had we used fibo retracements we would of ended with losing trades , so tomorrow i will post again if any set ups occur as i would like to show some real live trades as they occur to give any one who wants to try this method the confidence to do so.
We have a cable short but i did not have time to post it this morning and as i said i dont want to post after the fact , i usually follow 6 pairs , eurusd,gbpusd,usdjpy,usdchf and gbpjpy with around 7-10 trades per week average so patience is required .
i think it will be ok to post this one as the price has not moved too far at the moment .
In the chart we have the intermediate trend and retracement of the major wave and a minor trend confirming the continuation of the intermediate trend in the direction of the major wave.
the last trade was stopped out for a loss of 40 pips ,shame it was the first one i posted ,it happens, a quick evaluation of why,well nothing wrong with the analysis the intermediate trend ended its as simple as that so we move on to the next opportunity.
Hi some nice trades i have not been able to post ,
usdjpy , see the chart ,minor trend ,confirming the continuation of the intermediate trend moving in the direction of the major wave ,i understand any evaluation will be on live trades and i would not have it any other way but as my main concern is to trade and not to post here i will post up to ten live trades as an when i am not busy and that will give a fair evaluation . A few other really good trades this week but i will keep the after the fact trades to a minimum just for reference.
back from holiday and back to business so lets kick the day of with a trade.
USDJPY , on the daily there is a nice wave moving down , this wave has subdivided into a new short wave on the 4 hour and we have a retrace on the 60 minute ,our entry is confirmed at 90.41 for a short trade with the stop above 90.58.
