GOLD - The Entire Wave Caught 🔥
Updated
In March this year, we posted a higher timeframe analysis where we identified that price was in wave 4 and that we were in an ABC correction. See full post below:
Once we identified where we are in the wave sequence, it just came down to counting the waves correctly and trading according to our trading rules.
We know that Wave C consists of 5 waves and follows the impulse schematic. Waves 1, 3 and 5 have 5 waves. Waves 2 and 4 have 3 waves. Ofcourse there are complexities where there are variations of waves within waves. However, once you understand the fundamental, you can slowly work your way down to lower timeframe and know whats next. That is exactly what we did. We followed the basic fundamental rules of Elliott Waves and worked our way through the entire wave C.
How do we enter?
Our entries are almost always trendline break entries. A trendline break tells us that momentum is shifting in the other direction and there are strict parameters for entry and stoploss which we don't deviate from.
Entry: Break of trendline
Bullish entry stoploss: below the candles once trendline breaks
Bearish entry stoploss: above the candles before the trendline breaks
If you go through the ideas in the chart, you will see that our entry is almost always trendline break entries. People may say trendlines do not work - sometimes it doesn't... if not used correctly. We mostly use trendlines when a correction is already formed. Using a trendline here to catch the breakout is perfect.
The market isn't static. Things change. You will see that whilst the overall analysis remained the same, the lower timeframe analysis changed as moves overextend and its our job as traders to adapt to these changes.
Do let us know what you think.
As always, trade safe!
Once we identified where we are in the wave sequence, it just came down to counting the waves correctly and trading according to our trading rules.
We know that Wave C consists of 5 waves and follows the impulse schematic. Waves 1, 3 and 5 have 5 waves. Waves 2 and 4 have 3 waves. Ofcourse there are complexities where there are variations of waves within waves. However, once you understand the fundamental, you can slowly work your way down to lower timeframe and know whats next. That is exactly what we did. We followed the basic fundamental rules of Elliott Waves and worked our way through the entire wave C.
How do we enter?
Our entries are almost always trendline break entries. A trendline break tells us that momentum is shifting in the other direction and there are strict parameters for entry and stoploss which we don't deviate from.
Entry: Break of trendline
Bullish entry stoploss: below the candles once trendline breaks
Bearish entry stoploss: above the candles before the trendline breaks
If you go through the ideas in the chart, you will see that our entry is almost always trendline break entries. People may say trendlines do not work - sometimes it doesn't... if not used correctly. We mostly use trendlines when a correction is already formed. Using a trendline here to catch the breakout is perfect.
The market isn't static. Things change. You will see that whilst the overall analysis remained the same, the lower timeframe analysis changed as moves overextend and its our job as traders to adapt to these changes.
Do let us know what you think.
As always, trade safe!
Note
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Want more chart ups like this? Click the links below:
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Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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