Great structure and great call at 931.60 ?!?
LOL, I did not buy that level because there was simply no setup and the red -5- cycle is truncated so I spare you the "my chart told you so". Refer to the education part on how to read a chart.
So, structures did great and path is clear but that does not help me with any trade (remember, risk management, risk to reward ratio, etc...)
So when we see that, question is where to hop in for swing trade? 12 years experience in forex, commodities and indexes told me: let go and be ready for the correction (if it comes). Trading is hunting and hunting is not chasing (try it and you'll get hurt).
So, this chart will populate numerous examples on Elliot Wave Theory that will fail to address entry point and people will once again say EW sucks. lol. EW is great when you know how to use the tool and get back to the essence of the theory, adapted to modern trading as well/
So, we look and we enjoy.
LOL, I did not buy that level because there was simply no setup and the red -5- cycle is truncated so I spare you the "my chart told you so". Refer to the education part on how to read a chart.
So, structures did great and path is clear but that does not help me with any trade (remember, risk management, risk to reward ratio, etc...)
So when we see that, question is where to hop in for swing trade? 12 years experience in forex, commodities and indexes told me: let go and be ready for the correction (if it comes). Trading is hunting and hunting is not chasing (try it and you'll get hurt).
So, this chart will populate numerous examples on Elliot Wave Theory that will fail to address entry point and people will once again say EW sucks. lol. EW is great when you know how to use the tool and get back to the essence of the theory, adapted to modern trading as well/
So, we look and we enjoy.
Comment:
4H
1H
From 4h, too early to call end of cycle from 870.15, for now cycle is corrective in 3 waves, so:
1. IF cycle ends at current high 1,208.00 and pullback deeper to 1,000ish, I don't like to buy because no motive 5 waves to the upside (would be a 5-3-5 zigzag) and no setup in 4h
2. IF marginal new high from current levels with rsi divergence, I'll buy the pullback in a corrective 3 waves (I don't like to buy 4th wave because is a motive 5 waves, there is no sequence anymore once we reached equal leg area of wave 1 - loss of momentum in 4th could be end of all cycle: see my education idea for more on this)
So, for now, I have no business to be in a trade in BCHUSD, so I'll look at the structure to develop, for option 2 only.
Please note that there are 4 other options that I can see here but those variations would be same in term of levels, so don't chase.
@TheKnightsCoin
@skylord66
Hi, I would advise to look for other pairs as sometimes one instrument can be not as clear as others. Just my 2 cents here.
Trade safe
From 4h, too early to call end of cycle from 870.15, for now cycle is corrective in 3 waves, so:
1. IF cycle ends at current high 1,208.00 and pullback deeper to 1,000ish, I don't like to buy because no motive 5 waves to the upside (would be a 5-3-5 zigzag) and no setup in 4h
2. IF marginal new high from current levels with rsi divergence, I'll buy the pullback in a corrective 3 waves (I don't like to buy 4th wave because is a motive 5 waves, there is no sequence anymore once we reached equal leg area of wave 1 - loss of momentum in 4th could be end of all cycle: see my education idea for more on this)
So, for now, I have no business to be in a trade in BCHUSD, so I'll look at the structure to develop, for option 2 only.
Please note that there are 4 other options that I can see here but those variations would be same in term of levels, so don't chase.
@TheKnightsCoin
@skylord66
Hi, I would advise to look for other pairs as sometimes one instrument can be not as clear as others. Just my 2 cents here.
Trade safe
Comment:
hmm... a bit stretched but it is what I see for now. Don't chase here.
Comment:
Finally, got this one right lol!
Market is dynamic, what matters is the direction and level to buy. Everything else is irrelevant. Been pushing the count lower but I explicitly said I had no business in buying BCHUSD for past few sessions. Now I see how it develops and will strike when there is an opportunity: this is how you make money in trading! Not buying every single turn on a chart that you see here and there. cheers
Market is dynamic, what matters is the direction and level to buy. Everything else is irrelevant. Been pushing the count lower but I explicitly said I had no business in buying BCHUSD for past few sessions. Now I see how it develops and will strike when there is an opportunity: this is how you make money in trading! Not buying every single turn on a chart that you see here and there. cheers
Comment:
painful to watch. Glad I was away for few days...
Reason to rejoice is break above 06/06/2018 high for bullish sequence in 15min ...
Reason to rejoice is break above 06/06/2018 high for bullish sequence in 15min ...
Comment:
10/06/2018 - 1H ASIA UPDATE
heavy heavy. Corrective 3 waves from the lows... no comment
Levels are key and until they are not reached or breached, well view is either in play or denied.
heavy heavy. Corrective 3 waves from the lows... no comment
Levels are key and until they are not reached or breached, well view is either in play or denied.
So I keep pushing, but careful if you buy current levels, that would be 5 min and don't open the stops because the cycle from the lows could be done.
This is why I never buy wave 4 ...