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Originally Posted by golhuntsleep
Bryan, I have to say, your right in there swinging and doing a great job!! Many times in counting waves we are better off deciding what a wave IS NOT...i.e. our discussion of this move up can no longer be considered a wave 4.......now, your wedge looks good and overthrow is never a problem as the pattern tightens late in a wave........do some homework here......1 of the rules of EW is that wave 3 CANNOT EVER be the shortest wave....is it in your example? if it is or it becomes the shortest.....your count must be altered. now remember also here, I do not always have an answer to what a wave count is when we go complex.....I lose all intrest in chasing that rabbit.....so I'm not watching this pair because any trade becomes "iffy" I trade the sure fire set ups and waves that are totally readable.......so when the waves get to complex, don't be afraid to leave a pair to go find a pair that is doing an impulse and getting ready to correct.... trade the c wave of that correction and if conditions are right jump on the impulse wave that follows.....as far as the pound, I honestly have no idea of a medium term count, but my bet is on a short term chart you wil find todays move is a wave 3. look for the top to form, and then a 38% retrace in 3 waves and jump in for wave 5.......until we get that scenario I will not be trading this move..It doesn't bother me in the least to miss moves that are not reading clear....theres another train comming into the station all the time to trade the set ups that are not clear.....Hope that helps some......
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Golhuntsleep says top of a wave 3 ,
then retracece 38% , and then a jump to wave 5
we got some kind of retrace today or pullback today it seems
so where is a chart explaining this visually ?
( Maxo's chart just above may be what's breing explained here )
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