Quote:
|
Originally Posted by idejan I've posted this in one other thread before the brake above 1.2383
if 1.2347 break this could be in play
ID |
(I've wrote this message earlier today but had to leave and didn't finished it then so I'm posting it now since it has only educational purpose (improving my ew learning curve & hopefully help others too
). Besides there's not much to update on EUR right now. I'll update latter.
----
Well in a hurry to post before the market changes enough to make it an old news (it's always like that with small time frames
) I'd made a mistake in counting. I feel that I owe a correction update. It does not make any difference now except for it's learning purpose.
Of all corrective patterns only ZZ can start with the IM move and should end with one.
It is why they could be misstaken for an IM reversal when infact a correction is in play. And if wave one is mostly mistaken as a correction, it's because of it's ZZ structure why the wave two is offten mistaken for a trend continuation (the reason why a lot of stops are just above the wave 1/begining of the wave two - which accelarates wave 3 when it breaks up...).
So on the chart above I made a mistake not taking this into account. If you follow the rule, right there on the chart (previous post chart and this one is corrected - note the difference) is the first wave a - an obvious IM so wave c (A) could not be a FL (flat) as I've charted, but instead must be either IM or ED (ending diagonal). Than it becomes obvious on the chart that wave c is an ED which then gives completly new outlook of the rest of the chart. Now we can see a clear IM.
It is why it's equaly important to always have a view on the biger time frame but also synchronize you count with internal structure of the waves on your prefered time frame (on that time frame and if needed checking internal structure on smaller scale).
Thats all for this update. Being disciplined and not impulsive is that obvious difference between the sucesful trader and a gambler
Best to all
ID
PS. I really expect your participation here with constructive criticism. It is why I posted here and not in the Trading recomendations. So criticism, comments and opinions are highly appreciated.