I see completion of #5 on Wolfe Wave just being done and for rest of month June being bullish until Target of 1.10000 (or 100 pips minimum or higher at 6A or 6B targets on chart)- with a stop of around 33 pips.
its not always about ADR of a pair always , but risk management and patience.
Entry Price: 1.08922 (opening of Fridays daily candle), if candlestick...
Candlestick Analysis is the trading language used to understand trading Forex:
Cutting Through The Candlestick Hype-
The use of indicators will not increase the reliability of candles.
There are no advanced candlestick patterns, but there is a deeper understanding of price movements.
Why Use Candlesticks?
Provides a visual picture of what is occurring.
The number 1 Secret To Forex Trading Success? (IT IS THIS!)
What is the secret to forex trading success? Is it the trading strategy or is it rick management? Well, all of these are important... But What I think the real secret is this: doing the exact opposite of what most traders do.
If you believe in this ration that 95% of forex traders fail and only 5%...
Bullish Wolfe Wave is almost done.........
Early Next Week, I see #6 being hit on Monday or after the open of Sydney session on Sunday thru London close..
Looks like this pair is very volatile and will got at least 100 pips north or buy... will be trading that way too. Target: 1.58000
• Market in uptrend
• Three long black candles (or red)
• Open of last two within, or below, prior black real bodies
• Each candle closes at, or near, its low
Support or Resistance
Not used as resistance
How To Trade:
1) Right after completion of 3rd red/black candle place a sell order with stop loss and target....
The key to recognizing the Wolfe Wave setups is symmetry.
Ideally, waves 1-3-5 are established with very regular timing intervals between moves.
The other key ingredient is that the wave 4 should revisit the price range established by waves 1-2 for the best results.
Another way to describe the pattern is that it comes as a rising wedge / channel in an...
On attached one hour EURCHF chart- what do you see? Make scalping or day trading easier by understanding candlestick language. What they are telling you.
1) Large momentum candles are sell or red
2) Two Head & Shoulder patterns
3) Both H&S patterns broken via 30% trend angle to downside
4) Best time to trade and sell today is during London and London/NY...
The J-Hook Pattern
Normally it should be a signal of continuation of the current Trend.
– It occurs during an Uptrend; confirmation is required by the candles that follow the Pattern.
– The Pattern starts with a rapid increase in the Prices. (1)
– Then there is a Candlestick Pattern that gives a bearish signal (So the Traders start to sell). (2)
– The prices...
Before beginning about patterns in concept, we must remember that there are 3 commandments, stated by R.N Elliott that are imperative to theory: (See attached 4 hour GBPCAD chart for example).
Impulse Wave 3 can never be the shortest wave
Wave 2 can never retrace beyond the start of Wave 1
Wave 4 can never cross into the same price area as Wave 1
On this GBPCAD 4 hour chart what do you see?
I see largest moves from 2 a.m. to 10 a.m. ( 8 hours) per day. * This is 4th and 5th- 4 hour candle on chart- you could go to hourly to set entries on any trades.
You need to ask yourself how can I catch the daily trend and make 40 pips to 80 pips daily on this pair? Break it down, risk management, lot size,...
Please google, you tube or PDF all of these following FOUR candlestick reversal patterns, so you can win at trading Forex. (look at them on chart too)
1) Harami candlestick pattern- Bearish or a Bullish Harami, the pattern will contain two candles and the second will be smaller than the first. Harami actually means pregnant woman in Japanese, which makes sense...
Please see hourly example chart of Basic Market Maker 24 Hour Cycle: EurChf (1 Hour Chart)*Learn this 24 hour cycle if you scalp or day trade.
1) Tokyo- consultation
2) London- expand the range
3) New York- trend of day
*then price action repeats same cycle over and over..just there are different varieties of this cycle- so retailers need to be aware of these...
I think that for rest of this week, per 1 hour chart of GBPAUD will be bullish, today making 2-3 impulse wave up, then retracement corrective wave 3-4 down- then finally on Thursdays into Friday last Elliot impulse 4-5 wave up. Will be trading to this trading idea too.
Guild lines For Forex Traders
In the following chart, listed some rules that can help investors improve their investment decisions. These guidelines come from experience and not necessarily based on new theories.
1) Know Yourself (scalping, day trading, swinging- what is your personality?)
2) Put Your Ego Aside (FX has a 6 trillion dollar per day rollover in...
Making money with a systematic approach requires obeying the following rules: *See hourly EurCad example chart (can you do that?)
• A systematic trading approach, tested on historical data, should be executed with precision and accuracy (if possible, a computer should generate the signals).
• Although we concentrate on pattern recognition, candlesticks, and...
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