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Sonic
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- #25,342
- Aug 24, 2011 4:25am Aug 24, 2011 4:25am
Ok, as long as you know what you do,,,
aligater
yeah... to have a trend as you know you have to have 4 points which makes 3 legs. HE starts a different point. Different teachers teach different things.
- #25,344
- Aug 24, 2011 6:37am Aug 24, 2011 6:37am
- | Joined Nov 2007 | Status: Trader | 1,157 Posts
wave counting.
Now I am bit more confused reading the different parts of your wave count, as you edit some count saying initial count wrong.
Perhaps you may want to use different colours for your text so show more distinct which wave belongs to which wave count.
It would be nice that you can show more future wave counts (in your style, not EW style) in your future charts.
- #25,346
- Aug 24, 2011 6:48am Aug 24, 2011 6:48am
- | Joined Jan 2010 | Status: Trader | 1,354 Posts
"Being picky only cost your time - not MONEY"...Hans
- #25,347
- Aug 24, 2011 8:11am Aug 24, 2011 8:11am
OK, part 6 means your Wave Counting.
Now I am bit more confused reading the different parts of your wave count, as you edit some count saying initial count wrong.
Perhaps you may want to use different colours for your text so show more distinct which wave belongs to which wave count.
It would be nice that you can show more future wave counts (in your style, not EW style) in your future charts.
to have a part one is to recognize simple H L HH HL or the reverse. You have to point to the origination of the start of the wave which is why my part one is where it is. That is why you are always reflectinback to see a wave. Part 3 to 4 is always the confidence wave. Failure to meet part 6 showed that 4 was the start of the pattern down and notice it went hard.
using different time frame shows waves count and weakness of up trends or down trends on higher charts in PA. I use a MACD and the signal line as wave counting with C&D. 1-3-9-27 or a 1-5-15-60 TF's either way you are looking at wave patterns. I just choose to be consistent and see things on each chart. Also the 3-9/10 TF combination is better IMO than the 5-15 when looking at waves. Either work just fine.
I alway enter off of weakness toward future strength...long term trend which is what many teach.
- #25,351
- Aug 24, 2011 8:49am Aug 24, 2011 8:49am
- | Joined Nov 2007 | Status: Trader | 1,157 Posts
foxybunny look at my chart which is a 1M in relationship to the 3M TF. I can see the 15M pretty much on my 3M though it is a MA not the actual dragon seen. With me and any chart for that matter I can see multiple TFs/charts above me and one chart below me on the MACD. always trade two charts strength above you is my experience. Which is why I watch the 3 which is basically the strength of a 27/30 M with entries on a 1M. They are very easy to see. I have incorprated a style of Sonic into my lineup which was somewhat similar to what I did before....
Cannot afford to have fat fingers on these timeframes.
Basically you are putting 3 timeframes of Moving Averages on your single chart.
And you entered based on SonicR.
With 3 timeframe Moving Averages, at which MA when price crosses would you trigger your entries usually ??
For wave count, if is EW, it is important to catch Wave-3 as more explosive here.
For your wave count, which part you want to catch ??
Keep sharing and explaining clearly with charts, as it may take some time for me (and others) to catch on.
- #25,352
- Aug 24, 2011 8:52am Aug 24, 2011 8:52am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #25,353
- Aug 24, 2011 9:08am Aug 24, 2011 9:08am
- | Joined Nov 2007 | Status: Trader | 1,157 Posts
GU:
TP reached. EP = 1.6501, minus TP = 1.6420, minus spread equals net profit of 77 pips.
Very nice short.
Missed the SL by a little bit, good placement of SL.
TP hit and then price starts up.
I am wondering whether to go Long now ??
- #25,354
- Aug 24, 2011 9:15am Aug 24, 2011 9:15am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #25,355
- Edited 9:36am Aug 24, 2011 9:21am | Edited 9:36am
Surprising that you are trading on M1 and M3.
Cannot afford to have fat fingers on these timeframes.
Basically you are putting 3 timeframes of Moving Averages on your single chart.
And you entered based on SonicR.
With 3 timeframe Moving Averages, at which MA when price crosses would you trigger your entries usually ??
For wave count, if is EW, it is important to catch Wave-3 as more explosive here.
For your wave count, which part you want to catch ??
Keep sharing and explaining clearly with charts, as it may take some time for me (and...
- #25,356
- Aug 24, 2011 9:36am Aug 24, 2011 9:36am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #25,358
- Aug 24, 2011 9:47am Aug 24, 2011 9:47am
- | Joined Jan 2010 | Status: Trader | 1,354 Posts
"Being picky only cost your time - not MONEY"...Hans
- #25,359
- Aug 24, 2011 9:48am Aug 24, 2011 9:48am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
Very nice short.
Missed the SL by a little bit, good placement of SL.
TP hit and then price starts up.
I am wondering whether to go Long now ??
I won't take credit for that. I still believe placing a SL is a crap shoot. You might have one close that does not get hit, and you might have one 50-100 pips out that PA runs thru like nobody's business! PA is driven by devious minds, and there is no technical for that aspect of the business that we can use to help us decide where to place a SL.
The SL is still my nemesis. I am wondering if a close one is best. What the hell, just let 'em take my money,.....I'll wait out their play and re-enter. Or, maybe just not trade untll the play is over, which would mean trading only from the late London session to the late US session.
Anyway, I am trying to stay with using a SL.