Mastering Elliott Wave AnalysisHi, traders!
Today we gonna speak about Elliott wave principles. The Elliott wave principle is a form of technical analysis that finance traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. Ralph Nelson Elliott (1871–1948), a professional accountant, discovered the underlying social principles and developed the analytical tools in the 1930s. He proposed that market prices unfold in specific patterns, which practitioners today call Elliott waves , or simply waves. Elliott published his theory of market behavior in the book The Wave Principle in 1938, summarized it in a series of articles in Financial World magazine in 1939, and covered it most comprehensively in his final major work, Nature's Laws: The Secret of the Universe in 1946. Elliott stated that "because man is subject to rhythmical procedure, calculations having to do with his activities can be projected far into the future with a justification and certainty heretofore unattainable." The empirical validity of the Elliott wave principle remains the subject of debate.
Harmonic Patterns
📚Easiest and most accurate way to trade EUR/USDHi traders!
I have long wanted to share the simplest trading strategy, which is suitable for both experienced and beginners.
The easiest way to trade EURUSD is to trade channels + support and resistance lines.
1. How to find a channel.
As you can see from the chart, over the past 6 years (immediately after Brexit), the price has always been in a channel.
You need to build channels on the D1 timeframe.
I have provided you with the existing channels on the chart, now the price is in a growing channel.
To build a new channel, 4 points are enough (2 above and 2 below). Although for more advanced traders, 3 points will be enough.
Examples.
2. Once you have built the channel, you can trade.
3. With the entrances sorted out. Everything is simple here. It will be more difficult to choose SL and Tp
To make it simple and easy to remember (especially for beginners) always set SL 3 times less than TP (Risk to reward ratio 1 to 3)
It remains to decide on the TP.
Strong support and resistance lines will help us a lot.
It is better to close the trade when the price reaches strong lines. In fact, there are few important lines, so they are not difficult to find (otherwise, they are most likely not important lines).
Example:
4. Important notes.
1) It is better to trade with the trend (open buy trades in an upward channel and sell trades in a falling channel)
2) Better not to enter a trade during very important events (like Covid-19)
3) False breakouts occur at times, but the price quickly returns to the channel, so after the price quickly returns, you can open a trade.
4) If the price is both on the channel line and + on the strong line, then you can open a deal with 2 times larger volume
5) If the price touches the channel line twice in a short period of time, then it's okay if you open two trades + you can double the stop loss in this case.
5. Output
In total for the last 2.5. of the year there were 15 entries, 14 of them in plus 1 in minus (Accuracy 93% !!)
Average risk to reward ratio of 1 to 3 (although entries are so accurate that experienced traders can make a risk to reward ratio of 1 to 5)
If you take the risk for trade 1% of the deposit (although you can take 2% with such accuracy) then:
Profit 14 * 3 = 42%, and loss 1%
The total profit is 41% for 2.5 years, that is, 16.4% + RISK-FREE profit per year, only for EURUSD.
experienced traders know these are great numbers.
Find 2-3 more such strategies and you will be an excellent trader
Like and comment if you like the idea
This will be my motivation to create posts like this.
📚Easiest and most accurate way to trade EURUSDHi traders!
I have long wanted to share the simplest trading strategy, which is suitable for both experienced and beginners.
The easiest way to trade EURUSD is to trade channels + support and resistance lines.
1. How to find a channel.
As you can see from the chart, over the past 6 years (immediately after Brexit), the price has always been in a channel.
You need to build channels on the D1 timeframe.
I have provided you with the existing channels on the chart, now the price is in a growing channel.
To build a new channel, 4 points are enough (2 above and 2 below). Although for more advanced traders, 3 points will be enough.
Examples.
2. Once you have built the channel, you can trade.
3. With the entrances sorted out. Everything is simple here. It will be more difficult to choose SL and Tp
To make it simple and easy to remember (especially for beginners) always set SL 3 times less than TP (Risk to reward ratio 1 to 3)
It remains to decide on the TP.
Strong support and resistance lines will help us a lot.
It is better to close the trade when the price reaches strong lines. In fact, there are few important lines, so they are not difficult to find (otherwise, they are most likely not important lines).
Example:
4. Important notes.
1) It is better to trade with the trend (open buy trades in an upward channel and sell trades in a falling channel)
2) Better not to enter a trade during very important events (like Covid-19)
3) False breakouts occur at times, but the price quickly returns to the channel, so after the price quickly returns, you can open a trade.
4) If the price is both on the channel line and + on the strong line, then you can open a deal with 2 times larger volume
5) If the price touches the channel line twice in a short period of time, then it's okay if you open two trades + you can double the stop loss in this case.
5. Output
In total for the last 2.5. of the year there were 15 entries, 14 of them in plus 1 in minus (Accuracy 93% !!)
Average risk to reward ratio of 1 to 3 (although entries are so accurate that experienced traders can make a risk to reward ratio of 1 to 5)
If you take the risk for trade 1% of the deposit (although you can take 2% with such accuracy) then:
Profit 14 * 3 = 42%, and loss 1%
The total profit is 41% for 2.5 years, that is, 16.4% + RISK-FREE profit per year, only for EURUSD.
experienced traders know these are great numbers.
Find 2-3 more such strategies and you will be an excellent trader
Like and comment if you like the idea
This will be my motivation to create posts like this.
doge coinafter retest of 0.56 j$ to 0.59$ support its start to growing up again and moving to next target
girst tp on .71& hit snd 2nd tratget will be 0.89$
and final target is 1 to 1.30 $
Greed, Indecision, Stupidity and HOPE!Hi,
Does it sound familiar to you? Everyday life? :)
Stay healthy,
Vaido
ONE OF THE MOST USED BEARISH PATTERNS: DESCENDING SCALLOPOne of The Most Used Bearish Patterns: Descending Scallop
· The descending scallop is a bearish reversal pattern.
· Descending scallops are common topping chart patterns.
· This is a downward trending char pattern.
· You can support me with your likes.
· Also you can share your opinion with me in comments.
· Attention: this isn't financial advice we are just trying to help people on their own vision.
·Have a good day!
EDUCATION - SUPPORT & RESISTANCE Hello Traders,
Here i am highlighting what support and resistance is, also i go on to show you how i look at support & resistance and how it fits into my trade plan as a pattern trader.
I aim to simplify how a beginner looks at the market, and show them how to identify important areas within the market.
I hope you enjoy my content, if so please like and follow my channel.
Safe Trading.
📚 Demand zones: How to Identify and trade them? Hello Traders. Welcome to this Post about How to properly Draw and trade demand levels. In this post first post we will talk about how to draw it. if you can memorize the simple methodology, then you can start applying more advanced theories on top of them! Make sure to follow for more content
Frequent Questions :
How to Draw a demand level ?
When to Know when we have a valid demand Level?
When a Demand level is invalidated?
When to execute a trade in a valid demand area?
-----
How to Draw it ?
You just need to start with current price on the chart . Then look left and down until you find the origin of a very strong rally in price. Understand that behind every rally and strong mouvement someone is behind leaving a footprint.
Identify the base and mark it from the messy top of the base to the extreme bottom.
When to Know when we have a valid demand Level?
Rules:
When you have a very strong bullish monthly structure , demand levels tend to be accurate a stronger. In downtrend they are valid but less acurrate. By other side we like to trade the first retest. The more a zone is being tested the less accurate it becomes.
When to execute a trade in a valid demand area?
→ It is possible that price retest the zone. If that happens , from my experience you need to combine multiple factors. One of the most important is the fundamental. when you have a strong fundamental trend confirmed , then a pullback into a demand level in a strong uptrend structure is valid. By other side when you have valid micro signals in a valdi macro buy zone they probably price will be using the demand level to continue to the upside.
When a Demand level is invalidated?
❗The purpose of demand levels are to push the price to the upside. in that way a demand level is invalidated when price cross beyond the base . By other side if price consolidate a lot in a strong demand level and slowly start to break the zone keep in mind that the price can slide down and totally invalidate the demand zone. make sure to only trade the first retest of the zone. Never trade MULTIPLE retests
❗Watch out for the big time frames trend
I hope this Educational Post was helpful . Make sure to follow and let me know in the comment section if you trade supply and demand ? have a nice day!
Ascending Triangle - What's the phycological Truth behind this?We see many trend patterns while trading. One of them is ascending Triangle.You guys may rote that ascending Triangle is always bullish and it will be always bullish. But why it is bullish? Can't it be bearish any time? If not, Why? If yes, when? If you are finding the answers of these questions,this article is for you. Don't escape any line. Please read the full article. You will find your answers and will enjoy this article. Now Let's get into the topic✅✅
1️⃣ You may know Uptrend is always bullish and Downtrend is always bearish. What's uptrend or Down trend? An uptrend is when candlesticks make HH and HL or same High and higher Low. In an ascending Triangle, Candlesticks make same High and Higher Low. So it makes an uptrend into ascending Triangle. As a result it is bullish structure.
2️⃣ You may hear this " The more times candlesticks touches the trend line the weaker it becomes." In aline cending Triangle candlesticks touch the resistance 3 times but touch the support 2 times. As a result the resistance become weaker and get broken.
3️⃣ So a ascending Triangle never becomes bearish? Obviously it does. When the trend touches support line 3 times,it becomes an Head and Shoulder pattern. And it becomes bearish and breaks the support line.
4️⃣ Another bearish form of ascending Triangle is when trend makes a double top pattern into ascending Triangle.
✳️✳️ Now where to take entries?
Long position After the retest of previous resistance as support and short position after the retest of previous support as resistance.
✳️✳️Where to put SL? That's you all know where to put SL. You can put SL according to your bookish knowledge. But I prefer smart SL. I will share How to put smart SL in future.
✳️✳️Now I want your opinion. How's the article? Is it good or bad? I want to know your opinion eagerly. Please comment your opinion below. And A like is always appreciated. Thanks❤️
A-B-C Pattern (Bearish entry 2/5)One of my favorite entry patterns on daily, 4 hour or 1 hr chart pattern (can use on lower time frames too)
Example of a bearish 4 hour A-B-C pattern GBPJPY attached chart:
Rules:
1) Wait for 0 leg to A leg (bearish trend) then
2) Wait for A leg to B leg (bullish pullback back upwards, but not above A price) then
3) Entry once B leg breaks the low of A leg price, with a stop loss comfortably above entry (4 hr chart, so account for that in stop and lot size).
4) B leg to C leg is daily trend and take profit/ set target leg of this pattern.
Example chart had a target of 70 pips on 10 pm to 10 am, three 4 hr candles. *This is highest liquidity and volume 12 hrs per day. 1:3 or 20 pip/60 pip risk reward would have worked great.
can you prove the money in my pockets.can you ask?
let's do this for my masters thesis.
all the things are marked. huh. interesting?
what?
no.
I am misunderstood?
But can you prove it?
Can you prove it?
Is he literally lying? 3 times or 2 times, that's no offense.
I like betting.
The 10.618 Fibonacci Secret by StyxAs promised i have made the video explaining you my little secret.
backtest it on other assets and you will be surprised what you will find..
if my content brings value to your trading please consider following and sharing me here and on twitter and donating some Tradingview Coins would be of course also very welcome.
looking forward seeing you experiment with this and where it gets you.
INSTANTLY IDENTIFY AN UPTREND Hi guys
so today I wanted to show you how are usually how I usually identify an uptrend.
I would like to add that I came up myself with these particular time frames by doing very precise calculation and mathematics by using the Fibonacci sequence order and the laws of the universe in order to determine it.
You will see these time frames will make you bank once you learn how to use them.
And as always I'm not a financial advisor, do your own due diligence and research, happy trading!
Educational: AB=CD pattern w/ BTC exampleOne fairly easy and useful pattern for determining reversals is the AB=CD pattern.
The pattern simply looks for two rising or falling legs up or down respectively. Then one simply measures the retracement level from point B followed by the projection from C (luckily tradingview has a tool to assist with this). If these values equal a 0.618 or 0.786 retracement followed by a 1.272 or 1.618 projection respectively, the pattern is likely to indicate a reversal of the current trend. For example, above we can clearly see the pattern almost perfectly matched the required levels of 0.618 and 1.272.
However, no pattern is guaranteed, so it is always recommended to seek out confirmation. As we can see in the above example, there is bearish reversal divergence that can be seen on both RSI and MACD (dotted green lines), whereby price is rising while oscillators are falling, indicating an even greater likelihood for a reversal.
Upon confirmation of a reversal, one can then target Fibonacci retracement levels as key points of interest as can be seen above.
A nice part about this pattern is how simple it is to spot and draw out particularly with tools available on tradingview.
Hopefully you are able to use this pattern as another useful tool in your arsenal!
Big Alert :- Stay away from PnD Low Volume CoinsHi CryptoPatel Family!
This is a Informational/Educational post on one of Trading strategy PnD( Pump and Dump).
Basically in other words we can correlate it with another word SCAM, we should try to always avoid these kind of strategy.
By following this we can end up with major loss.
Always remember there is NO shortcut to SUCESS.
First LEARN then remove L.
Pump and Dump is nothing just Low volume/Penny/small cap coins in which retails investor have higher participation, operated and execution by very well with very well Plannings.
We are attaching the same example with a recent P&D of IDEX coin.
Hope you guys follow my advice by keeping yourself away from these kind of Pump and Dump Strategy.
Always Remember, THERE IS NO SHORTCUT TO SUCESS.
With Love,
CryptoPatel.
WTW: Worried about BTC and ALTs? Let me help.BITBAY:BTCUSDT sometimes feels like a winding road of volatility and confusion. It is until you understand the meaning behind the madness... In this week's: What The What?1? with @SwayzePunkz.
SwayzePunkz is an educational service, we're, of course, never soliciting any products we're just looking after the average investor, from beginner to advanced with some tips and tricks we learned along the way. Disclaimer, this isn't financial advice, so don't take it that way or we get in trouble.
Somewhere along the way, I came across some pretty useful information on TradingView, I was a beginner, but something caught my eye on the ol' squiggly lines. (this was before I knew what candlesticks were). I was roughly familiar with the FTX:SPYUSD aka the S&P 500, I knew it was a market indicator that showed roughly what was happening, but that was it... But what I noticed was the correlations between this chart and some of the ones I was watching.. Some of them, almost like clockwork, following the chart, or better yet, inversely (like it's opposite day) following the S&P...This staggering realization made me understand that trading wasn't only about the Trade fundamentals but also relied on the market's overall daily performance.
As I've always preached, trading is a mind game... Not some Jedi-voodoo shit, but a rigorous representation of human psychology. And that psychology all boils down to one word... Confidence.
Confidence could be the feeling you get when you're walking tall after getting that dope new fade, or it could be the way you feel about an unknown. As far as the squiggly lines go, unknowns come with the territory. This doesn't mean they need to be scary, and you should never feel worried. Confidence is that feeling after you've looked at the charts, made a plan for action, and are ready to execute. The better you are at trading, means the more confident you will be - before everyone else. I say this because if a chart is screaming at you, it shouldn't be because everyone already bought it and you feel that FOMO (fear of missing out). That confidence needs to come much before that, depending on the trading style as early as 30 minutes before everyone else. This way, once everyone else is throwing in their stake, you're already in, at that low-low, watching your portfolio climb and climb.
Now, the stock market is behind me and I'm a crypto punk these days, not your standard #NFT but I'm all about these crypto plays and I love the volatility... But at the base of it all, it all comes down to one fundamental truth, find your way to become confident in an entry, before everyone else.
Consider this, remember that time you bought into a long position, then it took a sharp turn to the dirt? You were trading FOMO. If you experience this a lot, here's my tip for evading this What The What?! scenario...
When you get that feeling in your tummy when you're scrolling through your "most active" for the HIGHEST* change% over time... That is FOMO**. Try the opposite, look for that entry on a stock that is OVERSOLD** and is on the LOWEST* change % list, and see if that has an entry point. If you're playing the short game take the words with * and ** above, and swap em.
This has been another What The What?! article from @Swayzetrain from @Swayzepunkz.
As always, thank you to TradingView for your amazing service. If you're not already a PRO member, I highly suggest you check that out for some of the best charting money can buy. Go over to SwayzePunkz Promo for $30 off your new membership *terms and conditions apply.
Also, thank you to my homies at MOGO, for hooking me up with my brand new Crypto Back Rewards Visa,
and to Binance for giving me a place to trade without worrying about high trading fees and confusing platforms!
If you want to check either of these things out, swing on by my Linktr.ee at Click Here!
or from mobile just hit up my TradingView Profile (hit follow) and go through my link in bio!
Have an awesome trading week guys! Talk soon!
Three ways to follow market relationships on TradingView. All trading requires an understanding of how markets are related. Understanding these relationships will put you ahead of others that don’t get it.
Mean reversion and spread trades require a deeper understanding of how markets move together and how these relationships change. Like the weather, the degree of correlations, lag, convergence/divergence change all the time. It is that change that can bring about opportunity.
On TradingView, there are three really easy ways to measure relationships.
1 Use the ‘Compare’ Function.
Click Compare.
Select Market.
This creates an overlay, showing relative performance in percentage terms. The starting point is the visual start of the chart.
Tip#1: Choose starting points that are significant, like just before a big announcement or at a chart high or low.
Tip#2: Play around with time frames to look for patterns.
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2 Use Relative Strength (not RSI).
This is not the RSI most of us know. This ‘Relative Strength’ shows the performance of one market versus another based on momentum and change.
Select indicator and search ‘relative strength’. Look for an indicator that compares to a 2nd market. Example: ‘relative strength to SPX’. For this particular one, the default setting is to compare to SPX (obviously). In settings, change this to your chosen market. In the above chart, we use BTC.
A falling index shows market#1 underperforming. This can be used to show overbought/sold conditions, relatively speaking.
-
3 Watch your Correlations.
The Correlation Coefficient measures the degree of statistical relationship between two markets.
Tip: Look for extreme levels/changes in the number. It can tell of a change in trend or breakout.
-
Try all three and see what works for you and your markets. Look for patterns.
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*11/19/20 BACKTEST* Bearish ButterflyThis is my first backtest. Here we have USDJPY on the 15m chart from 11/19/20. X-A retracement measure in at 0.746 and the X-A projection was spot on at 1.272. SL was calculated just beyond the 1.414 level on X-A projection. TP levels were 0.382 and 0.618 on the A-D retracement. Trade would have been entered at 04:30 UTC-5. First TP achieved at 06:00 UTC-5. Second TP achieved at 10:45 UTC-5. RR was 2.83.
Head and Shoulders PatternEverytime you see a pattern like the one shown on the graph you can start watching for possible short entries. For stronger confirmation the right shoulder should be lower then the left one (not exactly what happens in this exemple but still an Head and Shoulder Pattern).
DOGE IIIA close above previous high shows that the buyers are leading the current wave, a move back to test the pivot 1 could be doable but not so easy considered the actual momnetum. Only with a move back and with a close under pivot 1 we will reconsider the long positions opened in the 0.05 ish.
Update of:
