Modern Elliot Wave trading using Elwave. - page 8
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Eur/Usd
OOPS !
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Tanks Kenneth for your insights. But i am kind of upset about big difference in analysis with version 7.6 to 9.1.
My biggest problem... my wife won't let me buy 9.1.
Elwave 7.6 Hourly eur/usd still very jovial,
F1man, can you please show your 9.1 eur/usd hourly analysis?
Attached is 1H, 4H and Daily chart for GBP/USD.
Date range from 1/1/1971 till today.
Could you please let me know the best settings?These 3 charts covering Daily, H4 and H1 present interesting trading situations.
Remember both the H4 and H1 charts are price movements WITHIN THE DAILY BAR CHART.
First, you have to decide whether you are going to trade according to the H1, H4 or Daily chart. It is not advisable having decided to trade H1, then you changed your mind to become a H4 player and so on.
This is how I will deal with each time frame:-
If I am a Daily chart user, I shall be SELLING as Wave 2 has just completed and Wave 3 has JUST STARTED TO FORM. Wave 3 will be a downwave. However you must be prepared to be a Position Holder for 1-5 days. Of course, any time you make a good profit, you can always close your position.
If I am a H4 trader, I shall be STAYING AWAY because subwave iii is in progress. It has gone half way. If you enter now, your risk is higher, and looking at this chart, it is likely to form another set of subwaves.
If I am a H1 trader, I shall be BUYING as Wave iv has just completed. To make sure, I shall use Fibonacci Retracement to double check how far Wave iii has retraced to Wave iv. If it has hit around 61.8%, I can then enter my order to buy. If you want to play a safer game, you wait for the next bar. If the bar is an Up bar, it confirms Wave iv is over.
General: On the face, the charts seem to contradict one another, but it does not. It all depends which time frame you are trading and stick to it. Consistency is the name of the game. BUT REMEMBER, overall - the currency is heading down as per the Daily chart.
Kenneth
Tanks Kenneth for your insights. But i am kind of upset about big difference in analysis with version 7.6 to 9.1. My biggest problem... my wife won't let me buy 9.1.
I am on the side with your spouse. Don't buy 9.1 at this point of time yet. Be familiar with the 7.6 first. Play with it over and over again until you are so familiar with it - that you can interpret the chart and analysis correctly even with one eye closed - then only you go ahead and get the 9.1; Softwares are not cheap nowadays.
Be patient, young man (if you won't mind I call you this - hehe).
Kenneth
I am on the side with your spouse. Don't buy 9.1 at this point of time yet. Be familiar with the 7.6 first. Play with it over and over again until you are so familiar with it - that you can interpret the chart and analysis correctly even with one eye closed - then only you go ahead and get the 9.1; Softwares are not cheap nowadays.
Be patient, young man (if you won't mind I call you this - hehe).
KennethIf your only 37, i am older then you. hehehe...
If your only 37, i am older then you. hehehe...
Shouldn't you be sleeping now as it is EST 11:00 pm Sunday.
I wonder whether you and FormulaOneFan can split posting the Elwave charts for EURJPY, EURUSD, GBPJPY, GBPUSD and USDJPY for the Daily charts.
The H4 and H1 charts will be also interesting.
It's a bit of work, otherwise it can be reduced to any 3 currency pairs.
I shall be happy to chip in my views on these charts as I did earlier on FormulaOneFan's charts.
Kenneth
Yes i was about to go to bed. Hold on tilll tomorrow, i will do the scan update and post you all you wish...
Yes i was about to go to bed. Hold on tilll tomorrow, i will do the scan update and post you all you wish...
.
Thanks, mate. And sweet dreams to you.
Kenneth
So just before bedtime comment...
I have a special way to trade. I guess i am not different from others as i make all sorts of stupid things... Like leveraging a loosing trade like now i have done with eurusd and now being in the red. So I'll leave it to my H4 mechanical trend following signal to put me out of misery mechanically. It almost did at 9pm (est) but it did not. Now price went back up a few pips, it is probable that it gonna retest 4600. where i should move my stop to break even, hopefully tomorrow morning. If not, then it's ok i shall take it like a man and not wining.
Selamat malam!