D.Gilberto
Experienced member
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http://www.chartupload.com/images/81666436507668118302.png - 10 minute chart
Theres alot of writing on the top of the chart so for time being you can use that lightly in terms of its commentary. I think more so this is just demonstrating the 5 wave structure and how to incorporate other oscillators/momentum and Fibs (and FIB maths which i use lightly) to catch areas of confluence for an entry point. (i also use a Higher TF for general direction and EW counts there too)
Reason for this thread is to welcome other peoples views and opinions on EW and anything they like or dont like on the chart.
I think its important to be able to learn from one another and am keen to hear other peoples ideas or contributing factors toward enhancing entries further.
Brief back ground - 22 trading for 2 years, 3 months from home £5k acc. I'm very open and honest in respect of successful trades and losing trades and have been consistently profitable for 10 months now and have been up since I started live.
Likewise few things you may want to know on the chart (if your not familiar with EW) I actually entered short on this 4th wave on the chart, the fibs 38.2 and .236 are of most concern for a 4th retracement from beginning of wave 1. As long as 4th wave does not retrace into the price territory of the end of wave 1 then its a legitimate 5 wave count, therefore it is safe to apply SL at the wave 1 low (approx 1,304). Risk reward was 1:2 with target being a channel range so its a trend line measured from peak of wave 2 and peak of wave 4 - so once you see the price turn in your favour from 4th toward 5th... then take that diagonal line and place it parallel from the bottom of wave 3... thats the 5th wave price target - from hear i use momentum and CS reading as a key part to determine if the price will reach that point or if im not comfortable i`ll get out prematurely!
Let me know your thoughts or if there are any other Ellioticians
thanks.
Theres alot of writing on the top of the chart so for time being you can use that lightly in terms of its commentary. I think more so this is just demonstrating the 5 wave structure and how to incorporate other oscillators/momentum and Fibs (and FIB maths which i use lightly) to catch areas of confluence for an entry point. (i also use a Higher TF for general direction and EW counts there too)
Reason for this thread is to welcome other peoples views and opinions on EW and anything they like or dont like on the chart.
I think its important to be able to learn from one another and am keen to hear other peoples ideas or contributing factors toward enhancing entries further.
Brief back ground - 22 trading for 2 years, 3 months from home £5k acc. I'm very open and honest in respect of successful trades and losing trades and have been consistently profitable for 10 months now and have been up since I started live.
Likewise few things you may want to know on the chart (if your not familiar with EW) I actually entered short on this 4th wave on the chart, the fibs 38.2 and .236 are of most concern for a 4th retracement from beginning of wave 1. As long as 4th wave does not retrace into the price territory of the end of wave 1 then its a legitimate 5 wave count, therefore it is safe to apply SL at the wave 1 low (approx 1,304). Risk reward was 1:2 with target being a channel range so its a trend line measured from peak of wave 2 and peak of wave 4 - so once you see the price turn in your favour from 4th toward 5th... then take that diagonal line and place it parallel from the bottom of wave 3... thats the 5th wave price target - from hear i use momentum and CS reading as a key part to determine if the price will reach that point or if im not comfortable i`ll get out prematurely!
Let me know your thoughts or if there are any other Ellioticians
thanks.
