Hi friends,
Today i would give a simple example of how if one is able to count waves ,Rewards
are brilliant.
I would discuss a simple abc correction ,If one is able to count this ,This gives an excellent
trade setup with low risk.Look at the following chart.
I have labeled in red abc yellow show internal 5 wave structure of c wave.
This chart gives us so much information about abc setup ,The 5 wave in c wave gives
us confirmation that c wave has ended. A green trendline made by joining 2nd wave and
4th wave high gives breakout confirmation for a new wave ,Also the horizontal redline
gives confirmation that a new up wave has indeed started ,As it negated the posibility
of a 4th wave rise from low.
A ideal trade setup what comes out from this set up would be to buy the stock at the break
of green trendline with a stoploss at c low and continue tralling up once red line ie 4th wave
negation .
All it takes is to go through all charts and shortlist prospective trade setups and track them
during market hours for favorable move and pounce on them once things are in your direction.
I have seen many say trade setups recognition is not easy in elliottwave ,Well if it was that easy
it won't work in markets,It a truth the more the pattern is visible lesser the probability of
its success.Lastly there is no prosthetic for hard work.
Today i would give a simple example of how if one is able to count waves ,Rewards
are brilliant.
I would discuss a simple abc correction ,If one is able to count this ,This gives an excellent
trade setup with low risk.Look at the following chart.
This chart gives us so much information about abc setup ,The 5 wave in c wave gives
us confirmation that c wave has ended. A green trendline made by joining 2nd wave and
4th wave high gives breakout confirmation for a new wave ,Also the horizontal redline
gives confirmation that a new up wave has indeed started ,As it negated the posibility
of a 4th wave rise from low.
A ideal trade setup what comes out from this set up would be to buy the stock at the break
of green trendline with a stoploss at c low and continue tralling up once red line ie 4th wave
negation .
All it takes is to go through all charts and shortlist prospective trade setups and track them
during market hours for favorable move and pounce on them once things are in your direction.
I have seen many say trade setups recognition is not easy in elliottwave ,Well if it was that easy
it won't work in markets,It a truth the more the pattern is visible lesser the probability of
its success.Lastly there is no prosthetic for hard work.
