Yes you heard me right FORECAST!
I hear many traders say "I don't do forecast" and I am wondering what do you do? If you buy EURUSD it is because you believe it will go up and that seem to me like a forecast? Except you don't use a method to do forecast! What if you had a proven method that has a high accuracy of forecasting? Well you do and it's called wave analysis!!
Make your choice, use a method that works or keep insisting that you don't do forecast.
Trade with care.
Thank you for your support.
Training : add to skype mangal457
EW offers the logic and simplicity when I identify a trend. The higher time frame gives a direction for lower time frame while the flower time frame confirms or denies the higher time frame structure. If structures in higher and lower time frames are consistent, it gives me high confidence for the next move.
EW gives me 100% focus. I would forget noised signal like price action candles (a pin bar for example) and indicators. I just consider those when those candle patterns appear in the zone that I labeled as entering zone or exiting zone. I just care about if the current wave ended or not.
EW helps me to identify whether a trendline is (Support or Resistance) strong or weak. If S/R is at the end of wave patent, I consider it woule be strong, otherwise, price should break, pullback and continue.
EW helps me to determine the invalid points. I use it as a stop loss / take profit.
EW can tell me why I failed. The wave structure is not wrong, just because I did not see it.
These insights come from my experience. It could be wrong or right. I will appreciate any correction from you all!