Modern Elliot Wave trading using Elwave. - page 14
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From what you have said, I conclude at the present stage you are not mentally ready for this Time Study yet, and so you should leave it out for the present.
Master what you are doing now and once you gain more confidence, you can reconsider or if your demo account is already showing good profits, you can do without the Time Study.
Have a good rest
KennethI am learning to be patient. It have it's good sides. Less stress, better results.
I notice a recrudescence in short term to very-very short term guerrilla trading in here and other forum. I don't know what to say to those guys. Can't do nothing for them, they will have to realize by them self, they are chasing their tale.
kenneth/greatyves,
How long it is best to hold a trade? 2-5 days? 1-3 weeks? Is there such thing as too short or too long? Please let me know.
These are the things that he has done correctly:-
1.Using Daily, H4 and H1 charts only.
2.The placing of his stop loss xx pips above/below a contra-trend target.
3.Focus on 4 consecutive positives and up OR 4 consecutive negatives and down.
4.Prepare to hold your trade for a few days.
5.The parameters used.
6.A 3% risk in money management.
1. I do that. I follow only daily, h4 and h1
2. when you get a chance could you post a chart to show example of stop loss above/below contra-trend target please?
3. I will do that. Should elwave show these 4 consecutive positives and negatives on all three charts (i.e. daily, 4h and 1h)?
4. I should be able to do that. If holding it for few days is required then prepared to do it.
5. Could you help me with the required parameters? I'm not sure I'm using the correct one.
6. 3% risk management. I surely follow that.
thanks
kenneth/greatyves, How long it is best to hold a trade? 2-5 days? 1-3 weeks? Is there such thing as too short or too long? Please let me know.
For each currency pair (based on the Daily chart), there is a holding period for different Wave Degrees. The Higher the Wave Degree, the longer you will be holding for a huge gain. As you go down the ladder of Wave Degrees, the holding period will be reduced and shorter and shorter.
For forex, common to hold for 5 days (ie a trading week) and if you are a mid-term player then it can turn into weeks. So far, for forex I have no intention to be holding my position for weeks.
I advocate the use of Daily charts for my trades so that (1) I know I can hold for 2-5 days and double checking with Fibonacci Time Study and (2) if within the day, I like to feel of money in my pocket, I will close my trades on an intra-day basis.
In forex, there is no such thing as too short a time period - as long as you can make a good profit within the shortest time, why not? I would not hold my position in forex for weeks - it is not a place to invest.
In stock markets, some good shares I have held for years from the start of Wave 3 to the completion of Wave 5, and no problem in making 3x my investment. But I also do short term trading, holding for max 14 days as my broker does not charge me interest for these 14 days.
Kenneth
FormulaOneFan/Gann68uk:
I have the following question(s):
When you disconnect Internet, can you still use the Elwave software offline like a normal software.
Then when you export the daily data from MT4 in CSV files, can the Trial Elwave read/convert those files and display the Elwave charts.
This is something like what GreatYves is now doing.
Kenneth
FormulaOneFan/Gann68uk:
I have the following question(s):
When you disconnect Internet, can you still use the Elwave software offline like a normal software.
Then when you export the daily data from MT4 in CSV files, can the Trial Elwave read/convert those files and display the Elwave charts.
This is something like what GreatYves is now doing.
KennethKenneth, Everytime you open Elwave it tries to connect to server and verifies the license. Once license expires it will deactivate analysis and loads of other features.
Yes we can open elwave and import .csv data but it won't display wave counts, analysis and summary because you need license for those. All we get for 90 euros is basic version which is useless.
Each module costs so much money. for example: summary inspector, automatic analysis, plain english explanation all required for wave count and each will cost 80+ euros. So minimum one would have to spend 400-500 euros for a decent offline chart analysis.
Ok, USDJPY short was a looser. Will check for a new trade, tonight! Have a nice day!
(EURUSD short looks promising..)
Ok, USDJPY short was a looser. Will check for a new trade, tonight! Have a nice day!
Fine Tuning our Entry: You can refer to my Post #398 and #407 on this subject. It will help you to fine tune your entry.
Kenneeth
GreatYves
In the Elwave software, are there any Fibonacci features that we can use to do the Fibonacci Retracement measurements ourselves??
As I no longer have this software to use, cannot remember whether it has this feature.
Thanks
Kenneth