EURUSD forming an Elliot wave long term, it just broke out of a strong support and it's at wave 4 right now about to form wave 5
Comments
x381966011250105
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Nice! I like triangular shapes. But I think the break-through could be on the opposite side. Wave N.3 seems too anaemic to represent a true Elliot wave pattern wave 3.. Cheers ;-)
Mr_President
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Thank you for the comment, yes you are right about N.3 i was a bit worried about it's length, i did some analysis on the EUR and it seems the EUR will be bullish probably for a week or so , please confirm
x381966011250105
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Hi. I am bearish until levels around 1.096-1.094... Then I am strongly bullish. Please, when you try to draw fibo waves, consider important things about whether you are in consolidation (consolidation is much more flat than waves, including waves 2 and 4). Wave 1 and 5 are much shorter than 3 (but they are steeper than consolidations). Waves 2 and 4 make correction of the previous waves, namely 1 and 3, where wave 2 could go to 80% down the initial move. Wave for would rarely make corrections bigger than 40% of wave 3. The waves projections isn't only about considering their length, but you should also consider their steepness. For that purpose, use angles (e.g. 45 degrees angles, in order to consider the steepness of the wave. Keep in mind that daily charts aren't very precise for intra-daily trading. Usually you use them only to get in mind bigger moves. For intra-daily trading I would use time dynamics between 30M and 4H. Mind way that your waves on your 1D chart would usually include many smaller 5-Wave formations, that would appear in smaller time dimensions. Consolidations are usually flat - expanding flat, or triangles and flags....
Mr_President
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Thank you very much that really helps, i really appreciate your comments
x381966011250105
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Hi again.. Never forget that we are not just trying to determine where the waves are. Don't get lost into details, while missing the bigger picture. Unquestionable fact is that the price has direction, this means that the directions build up trend. Trends might be seen in the 5-wave model of Elliot. Nevertheless, this model is just for help, to explain why some movements in the same direction of the trend could be (!) bigger that the previous ones. Never forget that you are on Forex to trade. Building up very precise model isn't as important as making positive results. So, never trust too much your models, because they aren't axiomatic. Try to adjust your models with time. The picture on your computer is constantly in progress. Feel flexible to consider different scenarios, and follow the one that seems closest to your mind. Always be ready for an alternative. There are multiple upward and downward trends in action. Some realise in the shorter term, while others take effect in longer terms. Important is that we open up our mind and imagination and never stop learning new things about this challenging matrix! Wishing you profitable trading!
Mr_President
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That's really true, i had looked at a bigger timeframe which is the Monthly and noticed a Falling channel so i thought it could drop a bit just to go touch support once more which will then form an inverse head x shoulders meaning a bullish move long term, i've been following it a little,and you're very right about what you just said, i always preach about looking at the bigger picture for knowing the actual direction and that the smaller picture is building what the bigger picture is forming. Thank you very much, yes it's those small mistakes that cost us , Thank you once again
x381966011250105
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Always question your ideas. People aren't perfect, and we all make many mistakes. Sometimes we build up a new model, and we think it is flawless, until we realise that it isn't really perfect. Don't try to discover all details, don't try to explain everything, don't try to be a new Nostradamus, don't go too much into unnecessary details. This means that you should neither look at the too "little picture", nor the too "big picture". Truth is always something somewhere in the middle. Be careful, don't hurry up with your appetite for successful trades. Don't feel overwhelmed by the existence of risk behind every next step. Be brave, but don't be misled by your momentary foolishness. When you have made a good move, take some breath, and wait for some time. The market also needs time to progress. Scenarios don't happen at once. Time makes all things change. Don't feel afraid to change your bullish expectations with bearish, if your intuition tells you so. Nevertheless, once you've had an idea, this is not in vain. When you've taken the position wait until you see what will happen. Don't be afraid of mistakes. Mistakes are chances to learn something new. If you have lost some money, this means you've paid for new knowledge. take the time to extract the knowledge from every situation. Then you will really maximise your results! Cheers!
Mr_President
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Thank you!
x381966011250105
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You are welcome. Most important, take the time. Forex knowledge needs time. Don't hurry up to bet with big amounts of money. It is easy to lose money. Hard thing is to win money. And even harder thing is to win constantly money. So, try to start with as little as possible initial deposit (don't invest all your money, for example invest as much as 10 percents of your monthly income), and try to increase it. If you succeed to increase it, then try to keep the gains and expand your profits even further. Remember, it is easy to lose everything on Forex. I myself lost everything a couple of times. If it is possible to make NOTHING from SOMETHING on Forex, then it is also possible to make SOMETHING from NOTHING on Forex. In fact, this is the great challenge. If you try to do something from nothing, then you may reach really very advanced level, and at the same time, you will risk to lose less money. Take these little money that you invest in the beginning like "fees" for studies. When you start doubling these money, and don't lose your results, but expand them gradually with the progress with time, this means you have reached the next level. Then you don't need to put new money on your account. Because you continue ahead with your gains ;-) Forex isn't only about charting, Forex is also about simple arithmetic and practical considerations. Remember, the great art here is to make something out of nothing. Then, when you have made something, you can think what to do with it. But this is a great challenge.
x381966011250105
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Don't forget, your charts don't make your trade successful. The charts may only help you get some idea about the market. You are in the open sea, there are many torrents and only the orientation about the directions of the world wouldn't help you survive and reach your final destination. Never forget that your task is to make positive results with your trades. If you make profits, no one would say anything, even if your charts seem awful. Use the charts like a ruler that might give you an idea of distance, dimensions, destinations and etc. Don't forget about the horizon of your trade. Most often, bigger pictures need big time to be drawn (no matter that market shocks happen for seconds). Once a big move has been drawn on the bigger picture, the bigger picture will need lots of time to adjust. Trading on Forex is not about making charts. It is about making successful trades. Wishing you successful progress and profitable results!