SP500 - if market reverse with FOMC this afternoon, my levels
The perfect reversal level would be 2575 as it's the high of yesterday and a good Fib target, 100% of the consolidation and 61.8% of the last impulse up, using Fib extended levels.
Wait and see if we reach the level and what happens there.
CHART COLORS:
GREEN = WEEKLY & GREATER ---- BLUE = DAILY ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t believe in moving averages theories, candle pattern or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits in the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
What makes forex trading easier then stocks in my opinion, is that a currency is in perpetual consolidation, it will never go to zero. Long term, we will never see a 5-wave 0.83% 2.96% impulse followed by another one 5-wave 0.83% 2.96% impulse in the same direction. I said I don’t use moving averages but I think the 200 MA can be a good indication to prove that the currency market is always consolidating, the price will always go back to it.
NOTES
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
Wait and see if we reach the level and what happens there.
CHART COLORS:
GREEN = WEEKLY & GREATER ---- BLUE = DAILY ---- PINK = H4 ---- PURPLE = H1
CHART LINES AND ARROWS: SOLID = PAST MOVE ---- DOTTED = ANTICIPATED MOVE
MY TRADING STYLE
I took a lot of time learning Elliot waves and it changed the way I look at charts. It’s much clearer when you know where the market is potentially going. I don’t believe in moving averages theories, candle pattern or other “magic” indicators. I only need one to see divergences. If you trade the “patterns” like “head and shoulder”, “double bottom” or everything else, it’s OK with me because most of the time it fits in the waves count.
The hard part is to catch the strong moves, it’s easy to get lost in consolidation. My way to do is to analyse many timeframes, in a daily consolidation we can catch strong moves in H4 or H1. Same in weekly consolidation, strong move in D1.
What makes forex trading easier then stocks in my opinion, is that a currency is in perpetual consolidation, it will never go to zero. Long term, we will never see a 5-wave 0.83% 2.96% impulse followed by another one 5-wave 0.83% 2.96% impulse in the same direction. I said I don’t use moving averages but I think the 200 MA can be a good indication to prove that the currency market is always consolidating, the price will always go back to it.
NOTES
I do not give advice to buy or sell. I just want to document my journey and interact with other traders. All the levels mentioned are approximative, it can be higher or lower. I am often wrong but I try as hard as I can to cut the losses quickly.
You can reach me on social media, the one with the bird, I am marttrader!
Comment:
The plan was perfect, both levels reached! And what a reversal!
My ideas are published at first for following my journey, if you like it, it's perfect but don't assume I am right, do you own research.
Feel free to contact me and follow my twitter, the more we are, the stronger we will be!
Feel free to contact me and follow my twitter, the more we are, the stronger we will be!