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Elliot Wave Alternation Elliot Wave Alternation The guideline of alternation states that if wave two of an impulse is a sharp retracement, expect wave four to be a sideways correction, and vice versa. Figure 22 shows the most characteristic breakdowns of impulse waves, both up and down. Sharp corrections never include a new price extreme, i.e., one that lies beyond the orthodox end of the preceding impulse wave. They are almost always zigzag (single, double or triple); occasionally they are double threes that begin with a zigzag. Sideways corrections include flats, triangles, and double and triple corrections. They usually include a new price extreme, i.e., one that lies beyond the orthodox end of the preceding impulse wave.
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by ImSng
Assessing your Trading Journey!! Are you moving forward?SELF-DEVELOPMENT/METHODOLOGY/PSYCHOLOGY Assess your Trading Journey!! Whether you are new to trading, or you are a veteran everyone needs to constantly improve and developing themselves and their trading. Would you expect to become a brain surgeon after attending a weekend seminar and reading a few books? So why do so many people expect to become market experts within a short period of time? Trading is a journey. We must have steps in place( Trading Plan) in order to achieve trading success.How long does it take to become a competent trader? This will all be determined by the individual. Below is a quick guide line: Years (0-1) Spend the time and effort in creating a Trading strategy that suits your personality and lifestyle Educate yourself on basic trading books, podcasts, you tube videos and seminars. What asset class will i be trading? Determine whether you will use Fundamental or Technical analysis? Will i be a discretionary or use a mechanical trading system? Open a demo account and learn to use the software and execute orders. Start using a trading journal. Buy self help books and listen to motivational you tube videos Towards the end of the year you will know whether trading is for you or not. Year 2 Fund your trading account with a small amount of cash. Continue learning by reading trading books, attending seminars, Podcasts, forums, watching you tube videos and listening to motivation videos Start to understand the importance of psychology in trading Back test your strategy and gain more confidence in your strategy Develop a trading plan Year 3 By this time you should have created a strategy that fits your personality and life-style. You will be starting to make small gains Improving your trading psychology Improving your trading plan Years 4............ At this stage you should be taking a regular profits from the markets Continue learning through books and listening to motivational videos Always looking at ways to improve your trading strategy and yourself The above is just an example. There are many more steps that you can take in your trading journey and this will be determine by the individual trader :) Follow your Trading plan, remained disciplined and keep learning !! Please Follow, Like,Comment & Follow Thank you for your support :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Education
by SMPTrader
EURUSD / H4 / Cypher PatternAs many of You are familiar with the Cypher Pattern.In this Scanerio We have Cypher Last Leg in formation which will complete the Pattern and from where we can place our Long position Typical Cypher has these Fib Levels 1- Cypher pattern starts with the X and A points 2- Point B retraces to 0.382 – 0.618 Fibonacci level of the leg XA 3- Point C is formed when prices extend the XA leg by at least 1.272 or within 1.130 – 1.414 Fibonacci extension 4- Point D is formed when it retraces 0.782 Fibonacci level of XC. How I trade this Pattern ? First of all at the Completion of D , I personally Dont place orders ,What i do is 1- wait for market to go close to X to get a Good R/R 2- wait for double bottom on H1 or H4 3- Candlestic formation ( Bullish Hammer or Bullish Engulfing Candle) Targets : First TP is 0.382 Fiv retracement from C to D TP2 can be varied Depending on Structure levels SL : Below the X If you like Our work, Please Appreciate with a Thumbs Up . Good Luck Trade Green
Education
by FxTicks
3
Why 90% of Retail Traders Fail - "Fear of Missing Out!"There are so many reasons why 90% of retail traders fail. One of the main reasons is because retail traders over trade. They fear missing an opportunity and because of this they think there is always an opportunity when in reality there isn't. As traders, it is our job to find high probable setups. Probable setups are limited though... so you need to have patience to wait for them to unfold. All too often I see traders here chasing price , and this EURUSD today is a perfect example of this. I can't even imagine how many traders got short on the break out of this short term up trend line. Many probably waited for the hourly candle to close to enter, but what happened? Immediately after they entered price reversed sharply and is on the way to stopping those traders out who most likely have their stop loss just above the high around 1.047. If we look at the price action over the month of December on this pair, we can clearly see the 1.05-1.052 area have been strong support where buyers continuously stepped in every time price approached it. Once that support was broken you can see that the role of the level reversed and it became resistance. Sellers came in on the back side of the level, however only intraday did it retest the level. It is likely that there will be an official retest of the figure and another major attempt to the downside, even if it is just to the previous low. IF price comes back to a major area that was support it will VERY LIKELY become resistance. A setup like this is a high probable setup, but it takes a while to unfold. It has been 6 days so far since the level has been broken. Maybe it will hit the level today... maybe not. Maybe it will hit the level tomorrow... maybe not. Maybe it will hit the level next week. Maybe it will NEVER come back to the level... Who knows... but as traders we must be patient if we want to get the most probable setups. It is better to miss a trade than to take a poor trade! If you want to get setups that have low odds of working out, that is fine. You do you, but if this resonates with even one trader and helps them trade better than my job here is done.
Education
by UnknownUnicorn261897
11