Now that I see price moving down, I wonder if a CCT would have been valid. There is divergence off the HH and a 123. So do CCTs become possible as soon as a new trend becomes valid?
IS the LH not at 913/914? These LH occured at a level which had been support and is now resistance.
Please correct me if I'm wrong - still trying to get my head around these levels!
Thanks
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Delite, I picked 924 because that was the last swing high since the new low, or at least the highest swing high since the last low (3/8/11). It was also an area where support (on 3/3/11) became resistance.
With the new low of today we have three LLs and two LHs since the high on 3/7/11 -- that's a five wave move to the downside. Divergence mentions this early in the thread. Elliott wave theory calls for five wave moves followed by three wave corrections. We may in a correction phase now. See hourly chart below...
I understand this just enough to be dangerous to myself and others. I would love for Div to confirm or correct my view of it.
Delite, I picked 924 because that was the last swing high since the new low, or at least the highest swing high since the last low (3/8/11). It was also an area where support (on 3/3/11) became resistance.
With the new low of today we have three LLs and two LHs since the high on 3/7/11 -- that's a five wave move to the downside. Divergence mentions this early in the thread. Elliott wave theory calls for five wave moves followed by three wave corrections. We may in a correction phase now. See hourly chart below...
I understand this just enough...
Ignored
Hey Brapp
Thanks for the reply! This is where I am getting a little confused. I had the same Lh as you but then when I looked at swings where support became resistance, I switched to my version. I am sure its not that complicated really, but just need to get it clear in my head.
Divergence - if you are looking in here, I would like to thank you for bringing to FF one of the most informative and helpful threads.
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Joined Nov 2009
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Status: surf the trend
|338 Posts
It looks like a promising set up but it's early in the australian/asian day and volumes are problematic. I find it more interesting when traders post potential set ups rather than posting trades that have worked whether they took them or not - there is obviously no way of verifying whether they are just using the benefit of Harry hindsight.
It looks like a promising set up but it's early in the australian/asian day and volumes are problematic. I find it more interesting when traders post potential set ups rather than posting trades that have worked whether they took them or not - there is obviously no way of verifying whether they are just using the benefit of Harry hindsight.
Ignored
Yeah, but with Harry Hindsight, I am 100%. I look back at all the trades I should have taken and sure enough, I gained pips on every single one of those trades. Amazing, isn't it?
I agree that it would be nice to post some charts of upcoming potential trades. This would allow others to see how people are looking at the charts. It might help some get into a good trade and stay out of bad ones. I also know that learning by trial and error is a great method. I have plenty of experience trading the wrong way, ie impulse trades, not being patient etc.
Divergence, I am NOT asking you to be a signaling device for this system. Just to be clear.
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Joined Nov 2009
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Status: surf the trend
|338 Posts
I'm very happy to post the potential setups I'm looking at as others might pick up something that I have overlooked. An example was a short I took on the audusd pair yesterday and after i placed the trade i noticed that a divergence was showing, i cut the trade square and it then went up - another pair of eyes would have picked up that anomaly. hard to see how you can miss these things when all you have to look for is has a trend developed, what stage in the trend are we in and is there any divergence showing.
