Dow-Mageddon Day 1
Left hand count- At this point this count is my preferred, The dow opened up with a gap on mt4 but the gap does not show on tradingview, so i wont count on the reliability of the gap closing. Because if the mt4 gap closed it would verify my bearish count. So in Elliott Wave when we have two possibilities on the table still we go back the counts reaction to key points. This idea that it will be a 1,2 1,2 impulse is the most likely at this point due to it opening with a bull gap and related markets are all bull also.
Right hand count- The flat is not preferred for me but still can be validated. That is why we need to wait for a retracement of this move up and see the nature of it. As you may notice I do not use indicators, It is because as an Elliottician I rely on market mood and behavior to determine my entry criteria. So if we have a corrective move in this asain session that looks ready to rally later i will be in for the buy. If it has an Elliott Wave impulse downwards and then corrects, I will then be in for the sell. Either scenario i know how it will play out so I just need to be flexible enough to flow with the asset and not impose my preferred outlook on it.
This is the regular chart I will be posting during the week days, you have already gotten to see the higher degree outlook in yesterdays post. Remember Elliott Wave are fractal in nature, so on the left hand side count we have the bullish outlook & on the left we have the bearish outlook. People trade patterns in Elliott Wave naturally since we count everything down to the tic data, so people get trapped in the mindset of catching the move. The count changes very quickly as you will observe, it would be incredibly hard to make a living if you had to catch the move you have counted daily, monthly, yearly. Nearly impossible actually to do consistently. You have to understand that this is a % based game, If you are in a trade that has 3% of your account gain on the day get out and stop for the day. Think I am crazy?! Go find a compound interest calculator and compound 3% daily on what ever your account size is and see where you could be a year from now.
We are trying to make consistent revenue here, not trying to be a pattern or pip hero. Good luck!
Right hand count- The flat is not preferred for me but still can be validated. That is why we need to wait for a retracement of this move up and see the nature of it. As you may notice I do not use indicators, It is because as an Elliottician I rely on market mood and behavior to determine my entry criteria. So if we have a corrective move in this asain session that looks ready to rally later i will be in for the buy. If it has an Elliott Wave impulse downwards and then corrects, I will then be in for the sell. Either scenario i know how it will play out so I just need to be flexible enough to flow with the asset and not impose my preferred outlook on it.
This is the regular chart I will be posting during the week days, you have already gotten to see the higher degree outlook in yesterdays post. Remember Elliott Wave are fractal in nature, so on the left hand side count we have the bullish outlook & on the left we have the bearish outlook. People trade patterns in Elliott Wave naturally since we count everything down to the tic data, so people get trapped in the mindset of catching the move. The count changes very quickly as you will observe, it would be incredibly hard to make a living if you had to catch the move you have counted daily, monthly, yearly. Nearly impossible actually to do consistently. You have to understand that this is a % based game, If you are in a trade that has 3% of your account gain on the day get out and stop for the day. Think I am crazy?! Go find a compound interest calculator and compound 3% daily on what ever your account size is and see where you could be a year from now.
We are trying to make consistent revenue here, not trying to be a pattern or pip hero. Good luck!
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