tradingwizzard

bob, at point 40....it is still a correction.....wave d done looking for wave e, so the rules must be the same

Will get back tomorrow with the logic for the trade

Going LONG euraud here 1.4356 for 1.4458 tp sl 1.4180

closing EURAUD short here for -69 pips

how do you know that? and where's the proverbial politeness?....is it that hard to give a nice, answer?

Looking forward to it ...

I can make it happen in a blink of an eye...if you decide to chose the easy way.... Letting jokes aside, I would appreciate your thoughts on the topic of the thread

miracles of life............

glat to see so many questions...... I am taking what fits for me best out of everything......as for Elliott, I look to master corrective moves......why?....well, if price spends more than 65% of the time consolidating = correcting, and only the rest trending, then if you master corrections/consolidations you will have a competitive advantage ...... that being the case, I looked at Elliott theory in terms of the shapes/patterns and the habit of appearence.......and find some interesting stuff, most of it public already, and some new, for example: whenever a move ends with a contracting triangle, even if it marks a new high or low, that move is most likely corrective, so it be treated as such.........whenever you have an elongated flat, that move is almost exclusively a leg of a triangle or part of a leg of a triangle........and so on...... so I am looking for this kind of clues on higher time frames, and apply the principle described attached you have a MONTHLY eurgbp chart to show what I mean as for the eurjpy chart presented earlier, will come back to you with the requests, but it so happens it's Friday evening here and the Wizz Lady needs to be taken out....if you know what I mean

here's the updated situation.....only two trades open now, +170 pips profit booked

booking profits never hurts, especially on a Friday evening......going light into the weekend and positive for the month so far......

closing nzdusd long trade from 0.8038 here in 0.8077 for 39 pips profit

closing eurjpy short trade from 130.50 here in 130.30 for 20 pips profit.......need to reanalyze this pair

closing usdjpy short trade from 99.55 here in 98.06 for a nice 149 pips profit

With this thread I would like to show you how I am incorporating time in my analysis, and, as mentioned in my other thread "Knowledge is of more value than gold" I want to explain how I end up building such charts/analysis, how to use them, and what is the starting point, or the original building block.... It all starts with Elliott and with the small clue he gave that time should always be incorporated when counting waves....we do have some hints about how this can be made depending on the wave price is at a certain point, but those hints are vague, to say the least (for example, the fourth and the second wave should alternate in terms of the time taken for each correction, so we know time needs to be different, we can quantify it as we have the second wave already finished by the time the fourth is underway, so we have a clue for the possible time taken for the fourth........or, when looking at contracting triangles, it should be noted that the subwaves of a leg of a contracting triangle have the tendency to travel in about equal period of times because of the x waves that usually intervene)....and these are just 2 small examples, but they are pointing to the fact that the information is relative, we do not have enough to quantify/structure/build a system based on that So what I did is the following: - I am using the Elliott waves in order to count the waves, doing a top/down analysis from the highest time frame (monthly) till the 1h chart; - based on the completion of one leg, I mark the begining and the end of the wave with 2 vertical lines, and the distance between the verticals give me the time taken for the wave to form - marking the highs and the lows gives the height, and there we go, we have our square; - so we have the vertical, the horizontal........but how about the diagonal?? And here comes Gann and, like telling you on the other thread, I am obviously missing something from the whole Gann concept, but what I did understant tried to incorporate here: - according to Gann there is a price and time correlation when looking at a product, in the sense that they are of equal importance, to say the least; - in other words, to say a currency pair for example will reach a certain level, but not mentioning when it will do that, it is an incomplete forecast/information, and should be discredited; - Gann believed each security/financial product/equity, etc, has its own way to move, and hence the concept of the 1x1 line: the line that keeps the angle of the move and it should be steeper on downside moves, as the panic effect is associated with it, and not so aggresive on the upside moves, as complacency comes into discussion; - coming back to the square, and taking into consideration the fact that history repeats itself, I tried to replicate a mirroring effect, not in price, BUT IN TIME; - to obtain such I divided the square into four parts, basically measuring the 50% distance price traveled and 50% of the time taken, and draw two parallel lines; - the idea is to look for mirroring situations in the second half of the square when comparing with the first one, but looking at the time AND price; - and this brings us to the confluence areas you are seeing there, the small grey rectangles. First I should mention that the brown and green lines are potential 1x1 lines, and regardless of the move (any wave under Elliott has a correction, so all the lines should be drawn regardless if bullish or bearish market); - confluence areas should be looked to attract price, not to act as resistance/support - lines act like that; - by the time you have the square, make a synopsis of it: how many confluence areas where been hit, which ones, identify support and resistance made by important lines, etc, all the information you can get, and then project the square on the right of the screen and look for similar situations, both in terms of PRICE AND TIME; - if price exits the square, project another one, but pay attention if correction/wave is ended, and look for the same stuff as long as correction lasts. Usually corrections/waves ends at a confluence area!!! Attached you have one eurjpy chart and the first square marks the end of a wave, projected on the right side, and now looking at the third square to be interpreted in relation with the second one, as correction still in place. As long as the pair is correcting, these relations should stay. When price begins a new wave, look for the first wave to offer you guidance. I don't know if I managed to explain this in an easy way, but I really tried. Any comments, questions, curiosities, are welcomed, and I promise an answer to each and every one of them. Cheers.

how many trades are still to come?

I thought I should put the eurgbp chart again just for you to see where price is now....this being an hourly chart, things move quite fast

unfortunately not.....thanks for sharing that, will look into it

going negative for the month as eurusd was stoped out.......situation in the attachment

what I did some time ago was never letting my margin to be more than 30% level.....by the time is was more, I just cutted the size of one specific trade and look for other opportunities....it was a nice way to keep you fresh and we all know that there is nothing better than a fresh start

mits, mostly right in your description here.....however, I am looking at the counfluence areas not as turning points, but rather targets where price normally should come they should be treated with a grain of salt, as seldom price goes exactly throuhg the intersection, hence the rectangle there, but it allows you to have a nice educated guess posted one nzdusd hourly chart on the Live trading the currency markets thread to justify my long position taken there.....please feel free to look at it

here's the chart related to the last trade in the nzdusd position.........basically contracting triangle acting like a reversal pattern, triangle broken, retested, rejected beautifully..........an now looking for 0.8300 tp

Trade nr. 13 Going LONG NZDUSD here in 0.8038 for 0.8300 tp sl 0.7680.........not a nice rr ratio but still.......

exiting audusd short trade here at breakeven

totally agree with you.........3 in a row........speachless