Testing/tracking elliot wave theory. Please do not trade off idea without S/L. Not financial advice.
Chart is on the weekly.
For this chart, I am trying to accurate predict the timeframe. It is very hard for people to call tops and bottoms. I have a bit more success than others, and no I do not care for bragging rights. I do not post these charts to say, I called it.
I post them because I want to be able to trade better.
What tools I use to help me predict my counts are support/resistance levels and fibonnacci levels.
I do not just blindly place wave targets and hope they hit.
If you look at the targets I have in place, they will bounce of some kind of support or resistance levels.
Yes, I am also predicting future support and resistance levels.
Pink wave is the main wave
Light blue is the sub cycle of wave (3) on the pink wave.
This wave count looks a bit weird, however, it still follows the principal.
RR: 9.5
Possible upside: 448%
Possible downside: 47%
So all of the stops on my chart is right below the support line.
I have been counter traded enough to know not to place my stops right on the support line.
People get stop hunted all the time, by placing your stop loss a bit further down, you can prevent your stop loss from being triggered.
Chart is on the weekly.
For this chart, I am trying to accurate predict the timeframe. It is very hard for people to call tops and bottoms. I have a bit more success than others, and no I do not care for bragging rights. I do not post these charts to say, I called it.
I post them because I want to be able to trade better.
What tools I use to help me predict my counts are support/resistance levels and fibonnacci levels.
I do not just blindly place wave targets and hope they hit.
If you look at the targets I have in place, they will bounce of some kind of support or resistance levels.
Yes, I am also predicting future support and resistance levels.
Pink wave is the main wave
Light blue is the sub cycle of wave (3) on the pink wave.
This wave count looks a bit weird, however, it still follows the principal.
RR: 9.5
Possible upside: 448%
Possible downside: 47%
So all of the stops on my chart is right below the support line.
I have been counter traded enough to know not to place my stops right on the support line.
People get stop hunted all the time, by placing your stop loss a bit further down, you can prevent your stop loss from being triggered.
Trade active:
Update: Timeframe changed to 4h.
I've added more support & resistance levels.
A break above the blue resistance will confirm the pink wave's trend.
A blue sub cycle has been added to the current light blue wave (3).
I've added more support & resistance levels.
A break above the blue resistance will confirm the pink wave's trend.
A blue sub cycle has been added to the current light blue wave (3).