GBPUSD 16 DECEMBER 2020 2020 hrs (TREND analysis)
Unique 1 hour wave pattern to the lack of uniformity, unlike what the textbook hypothetical teaches.
There where ways to enter here. However, if you where strictly adhhereing to the EW rules, I think it might have been difficult, I don't know, maybe you can show me the rules within this pattern.
The point is is that you just want to use the EW schematic as a road map. You want to know where you are on that map. Not all roads are the same, but they are similar.
When looking at a wave pattern where would b ideal for entry w/i the parent trend? Where points 2 and 4 begin. Points 2 and 4 is where into M/U happens in teh price cycle.
Where can you look for points 2/4 or any point for that matter?
The SOP targets (EMA, S/R., Fib etc)
In trading similar to other skills, there are principles. Its the principles that are more important, not rreally rules. Principles allow you to be flexible and forward thinking, rules keep you rigid.In my opinion trading is surely a mix and some are personal.
An example principle might be not to buy into weakness or sell into strength.
An example rule might be not to ever enter long when RSI is in the demand zone.
An understanding of volume could not be over emphasised. Once you can wrap your head around volume, you will be able to see potential paths in the chart. Volume gives you reference of whats driving the market.. period. Its something that you will wish you started trading with from the start. And in the event you are an indicator person and you cant let go, volume will help you understand your indicator better.
Volume is what moves the market, Its just the way it works. Its not what I came up with.
To further your understanding if interested start here:
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
There where ways to enter here. However, if you where strictly adhhereing to the EW rules, I think it might have been difficult, I don't know, maybe you can show me the rules within this pattern.
The point is is that you just want to use the EW schematic as a road map. You want to know where you are on that map. Not all roads are the same, but they are similar.
When looking at a wave pattern where would b ideal for entry w/i the parent trend? Where points 2 and 4 begin. Points 2 and 4 is where into M/U happens in teh price cycle.
Where can you look for points 2/4 or any point for that matter?
The SOP targets (EMA, S/R., Fib etc)
In trading similar to other skills, there are principles. Its the principles that are more important, not rreally rules. Principles allow you to be flexible and forward thinking, rules keep you rigid.In my opinion trading is surely a mix and some are personal.
An example principle might be not to buy into weakness or sell into strength.
An example rule might be not to ever enter long when RSI is in the demand zone.
An understanding of volume could not be over emphasised. Once you can wrap your head around volume, you will be able to see potential paths in the chart. Volume gives you reference of whats driving the market.. period. Its something that you will wish you started trading with from the start. And in the event you are an indicator person and you cant let go, volume will help you understand your indicator better.
Volume is what moves the market, Its just the way it works. Its not what I came up with.
To further your understanding if interested start here:
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)