Elliott wave outlook

No at all

better lower 45

o or 30

45 is still pretty far. =/

Thought GBP/US would hit 15700,then turn around

Still went long anyway,small trade

it's no problem, i will add if the price is lower ... hehe

Oooooo loads of posts to catch up on, charts to update! Lots and lots of people here following blindly but without posting reasons for trade. Lets see some more charts posted and thought behind trades... You need to be able to think for yourself, form your own opinions and place your own trades without listening to anyone else.

Talk of learning EW over the weekend. You should aim for two years to become proficient (if you can study fulltime). I average 12 hours a day, (sometimes 16/17, other days less), that's 2500 hours a year, so i'm talking about 5000 hours. Requirements are; massive determination and a never say die attitude. The market will keep putting you on your arse. Just keep getting up, until you think you can't get up any longer, but keep doing so. imagine the market as the biggest mofo on the planet and your not doing 12 rounds.... more like a thousand rounds...

Eventually through getting up off of the floor, you will grow stronger. Imagine the markets surprise when you finally start to fight back!
It's a long long journey, The mistakes never end, but that's fine... its good, just learn from them. What doesn't break you, makes you stronger, so keep lots of money available. Demo's are good, but nothing like losing real money to sharpen one's wit and resolve, even microlots work...
Getting a count wrong is absolutely nothing to be ashamed of. My most common mistake will be labeling a 4th/5th of an extending move, when it was actually the 4th and 5th subwave of the 3rd, (yesterday being a prime example). It doesn't matter because the fib levels are the same and the acceleration channel for the 3rd will work perfectly, but you must not be short such a move, 5th's can extend and then its own subwaves can extend. Its all in the charts. They just need to be diciphered...

Happy pip hunting...

Ok, this was last night and here's the chart showing the reason for entry. The channel line had been set up earlier off of the 38.2% retrace of the 'i'st subwave. I prefer the first chart, but have added a second to show that its possible to easily mistake a further set. Personally i think the 3rd is done because we have broken out of the acceleration channel;

http://i1168.photobucket.com/albums/...ry25-01-13.png

Both red circles were entry points coinciding with fib retracements of prior wave. Stop goes a handful of pips below the lower channel line. This is high probability, low risk/high reward trading. I also then get valid flag triggers to both trades. I had it labeled differently yesterday, but as you can see, it doesn't matter at all. It works exactly the same, (just goes on for longer!).

If you are a buy and hold merchant, it matters little, but for me, i like to be in and out, with a target price for each individual trade. I didn't know we were going to go straight up yesterday. I personally thought this would be forming a sub 5w for an overall larger 5th, now i think this will be completing the 5th of the overall 3rd and thus straight up to the daily channel line to complete the 3rd. I will stick that chart up in a minute as a chart says a thousand words...

here is the second chart, its a possibility, but i don't think its correct for reason given above;

http://i1168.photobucket.com/albums/...y25-01-13a.png

Ok, the above charts are on the 15min. Now look at the daily. Look familiar?
The recent correction, i believe, was the 4th of the 3rd. We didn't break out of the 3rd wave acceleration channel, indeed, it became support. The chart i posted yesterday and comment (along with Pepperap) about expecting a deep 4th due to alternation, will still happen. It also explains this fast blast in one set of 5 waves to get us to the top channel;

http://i1168.photobucket.com/albums/...y25-01-13b.png

Looks like Eu just joined the party!

[quote]

100% agree one can't learn in over night time frame but "A thousand mile Journey start with first step, one must have to take this first one to start it's journey.

*Edit*. Also need to apologise to 'Tradingview', my new chart fits in with their original now and thus the recent correction did indeed correct 38.2% of prior wave

[quote=shaukat113;6392865]
Yep, loads to learn, loads of help req'd along the way. Lets get this party started!

(with all that i stated above, i still don't consider myself proficient. Trying to trade the recent corrective moves has planted me on the deck again. yesterday i picked myself up and dusted myself down again, kak segdah)

Cant work the Eu out, but guess this could be an ending 'C' of a larger 'B'... Seriously doesn't look impulsive.

So, now we can add a fresh set of channel lines and fibs. Look where the 61.8% extension gets us! The green line is the upper daily line from above chart. All of it coinciding at 12,300;

http://i1168.photobucket.com/albums/...y25-01-13c.png

oops 122. that is why you never scalp against the trend

What do you think now.GDP worst .

Thank you, Cableguy ! Something made you put those words today and they were the right ones for me....I wake up and get furious with this jump in eur-usd, made me alot of loss, but reading those words made me calm down. Always learning. Thanks for sharing.

First step A good fib tool.

Welcome... yep, dust off and on again. Money management, never risk more than 3% of pot per trade...