FX:EURUSD   Euro / U.S. Dollar
1490 20
I have now updated this trade and chart with updated patterns. Prices have now dropped down and out of the flag's trading channel. RSI also confirms the C points. Also, reverse AB=CD validation also confirms that the C point is valid.

Having said all that, I am putting my stops on this trade above the current C points. Should prices reverse and move back up and past the current C points, then it's possible that prices have turned bullish .

Good luck!

Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

If you like my posts and find them helpful, please take a second to hit that LIKE button and follow me so I will know my posts are useful to you. Doing so will encourage me to post more! As always, all constructive comments are welcome. Agree or disagree.
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I also got stopped out of this trade. I have learnt quiet a lot about elliot waves since following your post. How do you spot elliot waves, because i at the moment can only spot wave 3 since its the most powerful. I use a macd to spot it because i heard the peakiest part of the macd is probably wave 3, due to its power.
I don't rely on any indicators like macd or anything to spot waves or wave counts. I use my eyes. what you must do is to go from the top down. Starting from the largest TF to the lowest time frame you trade in. Along the way, you fill in the wave counts that support your wave counts in your higher TFs. All the way down. Then you must verify that your wave count in the lowest time frame all fits within and support your wave counts in each succeeding hihger TF. It's a lot of work. People don't appreciate how much work I put into my charts. But in the end, when you get it right, it's all worth it! Good luck!
+1 Reply
VincentWhiting EverythingForex
A thumbs up for me for your honesty when you post losses and of cur charts.
EverythingForex VincentWhiting
Thanks. I lose. Everybody loses. No reason to deny that.
DirtyBoss EverythingForex
Thank you.Its sounds a bit complicated but with lots of practice to train my eyes, i will eventually get there. I actually thought you use the elliot wave count indicator that platforms provide.
No. I don't use anything like that because there's no way those indicators can tell you a correct wave count. Why? Because one thing about wave counts is that they are very subjective. That's why you can have 10 people all do a wave count on the same currency pair and you will get all kinds of differing opinions. So if that's the case, how can any algorithm give a definitive correct one? Answer. it can't. It can only give you just another opinion. An opinion based on the programmer who programmed that indicator. Yes, elliott wave counting is complicated. Many times, I get headaches wrangling over a wave count going back and forth trying to figure it out and even more frustrating is when I think I got it after hours of hard work, the next price action proves me wrong! Happens a lot.

I don't believe in short cuts to anything. Analyzing markets is hard work. Plain and simple. There's no magic formula and no holy grail.
PipUnicorn EverythingForex
For all your difficult trading analysis, if I may ask, how much is your yearly profit (in percent)? Is it really worth it?
First, thanks for the question. I say that first because I don't want you to think that I am avoiding your question. I do not disclose my income statements to anyone. I don't think you'll find anyone so willing to do that. For obvious reasons. Second, I don't feel the need to disclose that to anyone. Why? I think my DOCUMENTED trades that I post already speak to my success rate. Third, that question is like a no-win answer. Like your wife/gf asking you if she looks fat in that dress. It's a no-win situation (my apologies to any person's of the female persuasion that may be reading this!). So it's better to just not deal with answering such a question.

It's just not needed. Hope you understand.
PipUnicorn EverythingForex
I am female. Lol
Anyway, it's fine. It's a personal question.
Although, I wasn't asking for how much you make. I was asking for percentage profit. I heard it said by people in Trade Empowered that moderately successful traders make 2-3% per month, while top tier traders make 4-5% per month. I just wanted to know your opinion on this.
I'M SO SORRY for that overt chauvinistic remark! How's this? A man asking his wife if he's going bald and if he might look good being bald....a situation I'm ALL too familiar with! LOL!

I don't pay much attention to those kinds of estimates. For me, looking those kind of stats is meaningless and serves to limit what your mind can believe you can achieve. Do I make more or less than those percentages? Let's just say I don't agree with those percentages and that I have not had a losing month in several years! Do I lose trades? Yes, of course. Everyone does.
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