What Really Works From One Professional - page 87
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Here is what I was thinking at the time. I even visualized these support and resistance lines but as to how to apply them, I didn't know. Here is what I visualized last night right before the breakout upward. I missed the breakout. I'd like to learn what this support and resistance means, though. Is this a legitimate pattern here? Looks like a triangle but did it break the proper way that the book says?
My take
I will post my opinion now, and see if we can get this straight one day.
Overall I think we just started wave 1 of the larger wave 3 with wave 2 ending at 1.8384. Wave 2 retraced to almost exactly the 50% fibo of last weeks move up(wave 1). When the London opened I was looking for the V to start down and try to retest the 50 % retrace mark and get to the 61% it did not have enough momentum so it tried a couple of times and then gave up. I got in a trade 1.8403 with my stop at 1.8383. and just let it go knowing that if it got through that it was going to somewhere near 1.8340 so I did not want to be in it.
Regarding the V, I believe JD said that the first move of the V is Countertrend, Meaning get in at the bottom of the V(or top) and that is a good jumping off point for the day. I got in and felt fairly comfortable that I was in a safe trade That's after watching and learning this for a few weeks. I set my take profit a 1.8525 but had to leave so I closed my trade at 1.8467
but not bad for one trade + 64 pips.
Now for my future predictions of this wave. wave one was a total of 421 pips and wave 3 needs to be at least that. so wave 3 started at 1.8384 (low of wave 2) and 421 pips from that is 1.8805. Keep in mind though wave 3 is commonly the biggest and fastest wave so it could go higher than that. Then expect another major retrace for 200 pips or so.
anyways that is my take on things right now. Who knows how valid it actually is but, feels good to me.
Shawn
the pattern recognizer that JD uses is harmonic patterns?
the pattern recognizer that JD uses is harmonic patterns?
He uses several, that is one of them, He also uses Elwave.
He uses several, that is one of them, He also uses Elwave.
yes i know
MTP
elwave
the MT4 template
and harmonic pattern
anymore?
Simple approach
For those who have cast doubt in this "system" ,those who say JD hasnt been clear enough, and those who just asked what happened today in regards to the V, I am attaching my basic interpretation in a graphic.
I am still a newbie but I have already been able to spot the V in more than one occasion and make a very good profit. After reading this thread over and over I believe I have already extracted all that I can from it, in regards to its visual approach using the triggerpage template in Metatrader. I read part of the book on float analysis and it was very helpful. I have added the FX sniper indicator with bollinger bands that someone posted before and standard ADX because they enhance my visual approach to this system. I have always been able to spot the V easier in the M5 chart.
I am an artist by profession and I am obviously very visual. I have attached a graphic that summarizes my perception of the V, taking today as an example of a delayed V (this was of course related to the anticipation of the Beige Book release from the Fed at 2PM EST and the UK CBI released at 11 british summer time, both relatively "late" releases). The graphic should help newcomers that are visual learners like me understand the "V" better and how it behaves in days like this of late news releases.
I am not using Elliott waves and ELWAVE as of yet but I feel confident enough to call that my "Chapter II", and will be starting on that very soon. I have read 3 different books on candlestick analysis and would strongly recommend others to do the same, because certain candlestick patterns can be a very strong confirmation that you have spotted the V correctly, and can help with deciding entry and exit positions. As soon as i feel confident with the next steps such as ELWAVE I will be posting more graphics to help anyone who can use them.
JD: What can I say, you are a stranger to me, yet I owe to you much more than I owe to my best friends. My deepest thanks to you.
thanks
turspedie awsome chart. really helpfull thanks to everyone for posting charts today. It really helps me.
Not sure if anyone has mentioned this but yesterday. There was a bit of a reason why GBPUSD took off. It fit the "The Three Drives" pattern. On this chart:
And compare it to the picture
MACD Divergence
What you guys think of MACD divergence forming in 15 min cable?
I like this harmonic pattern indicator. Does it expire?
Man, these gartley patterns are opening up a whole new world to me. This stuff is great.