Following on from our last post on DXY, we have moved up a considerable amount. In our last post we identified the higher timeframe impulsive move and waited for a catalyst, NFP, to move the market in our direction. See our previous post below:
In Elliott Wave Theory, the impulsive wave can be broken down into the following 5 waves: Wave 1 - is made up of 5 subwaves (impulse) Wave 2 - Is a corrective wave made up of 3 waves (ABC correction) Wave 3 - is another impulse wave made up of 5 subwaves (impulse) Wave 4 - is a corrective wave made up of 3 waves (ABC correction) Wave 5 - Can be either an impulse or a correction - But its made up of 5 waves.
In this scenario, the 5th wave is appearing to be an impulsive move. We have a channel which we will be using as a guide to help us identify when the 5th wave will finish.
The way to use DXY is by doing the following: Bullish DXY = USD Strength. Bearish DXY = USD weakness 1. Analyse DXY for reversal zones and identify what the next move is 2. In our last post, we identified a reversal zone and we were waiting for NFP to be the catalyst to get the market moving (FEB 4th) 3. When DXY approaches the reversal zone, we go on to USD pairs and analyse them 4. Find a pair where you think USD will bounce/reject (depending on whether you're trading USD/XXX or XXX/USD) e.g. in the VIP, we correlated DXY with EURUSD. We identified that we were bullish DXY = Bearish EURUSD. We had a trade setup ready and we were waiting for confirmation. See below for the the VIP setup we had. Went into 10pip drawdown and hit TP of over 500pips = 1:50 RR.
your analysis is too complicated to understand. however I joined your premium and it was not worth the money I paid. unsunscribed from premium group. I don't know how you make money. atleast I was active for the entire month and followed your reversal patterns. 99% hit stop loss. At the end, I lost $600 by following your poor analysis signals. If at all I'm wrong, kindly leave your myfxbook link for proving me wrong. Thanks
WicktatorFX
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@Imdad_1, The strategy we use is based on wave analysis and Elliott Waves. If you're new to the strategy then 1 month isn't enough time to fully understand the strategy and benefit from the VIP analysis - not signals. There are also 2 methods of entry types we use - Safe Entry and Risk Entry. In both cases, the stoploss are small. Due to the over extension in the market recently, most currency pairs moved beyond normal patterns and structures parameters- which does happen from time to time. Goodluck with your trading journey!
iLoveLobster
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@WicktatorFX, Disregard the short term mindset. This thing hit the 5th wave to the tee. Can you give an update on what's next? Is it safe to say an 'A' wave is about to happen, what should we be watching out for?
kenno78
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@Imdad_1, You Must be doing something wrong then.. I have Been very consistent since joining the VIP group! For one he does not send out signals, he sends out the analysis to find your own entries, and analysing the indexes has changed my trading journey. 1 month is nowhere near enough time to learn any new strategy! Patience along with mental attitude is key! You must have been using far too big lot sizes or something. Your lucky you only lost $600, I’ve lost over £3000 the past year and a half learning this trading game! And have only been constantly earning profit since joining Wicktators VIP and trading less than i was before.