Another example of using Heiken Ashi as a trigger

INDEX:XOI   Oil Index
359 1
Elliott waves can be an art form as much as a technical tool. On this oil trade, I'm not sure what the larger degree waves are. I can see motive waves down and I can see the possibility of a diagonal. A diagonal is a motive/corrective hyrbid that subdivides into three waves instead of five. Perhaps its just a large zig-zag .

But regardless, the correction on this chart seemed to me like a flat formation in a larger 2 or B wave. When it seemed to complete, I waited for the red Heiken Ashi bar down. The MA lines were not yet sloping down on entry, so I took a chance here without confirmation. The trigger to liquidate would be a green Heiken Ashi bar, but I couldnt resist taking profits today :) It was a good result. The down trend seemed to coincide with a strong dollar rally. I will wait for a pullback before considering the next entry opportunity. I don't play every time the heiken ashi bars change color, only when they do so in favor of my primary wave count.

If anyone is interested in Elliott waves , I recommend the book: ELLIOTT WAVE PRINCIPLE by Frost & Prechter. Its a definitive work on the subject.
To clarify: the diagonal subdivides into 5 waves (1-2-3-4-5), but all of those subwaves further subdivide into 3s (A-B-C).
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out