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As I catch on or done a few times, I will get better at posting. I find that some times I thought I post and I screwed up some where. Now we are long and have to determine what wave we have. A larger B wave or new motive wave. Either one will be easier to trade then todays action so far.
Can you help answer these questions from other members on NexusFi?
The wave A was simple or motive wave and so this wave C should be an abc pattern. It already has done and abc running wave pattern on the line. So looking for close to the top yellow 100 for destination before a serious pull back or a flat abc pattern
short again for what about 14 trades? Not real excited about this one as it has me baffled where I am in wave count. Will see if it will reveal its hand.
Should have a fair going up. My last trade went sour and lost a hundred. This is the line I would use now. For now I would just get out, unless it makes quite a upward motion.
I believe your referring tot he red line? I look for the beginning of wave one. The bar next to it that is slightly higher or lower then the extreme. try to find wave four. Some days the wave two will be a running wave and the line will go at a very slight diagonal down to contain it. Or one can trade that wave two up and down consolidation with small rewards.
way your catching the explosive wave. If you lose, like I did on two waves yesterday and end of market. They were both corrective waves I entered on with little movement. Best to just get out and rethink what is going on. All three were small so one can endure them over the large gains one makes on the other dozen trades. I hope this helps.
Here is a larger view The red line would be for longer term trades but can still help count waves. Notice at top the line starts at beginning of wave one. Then touches wave two end. What some would call an retracement. Impulsive waves or ones that are 12345 pattern. Wave four will come and touch that line and most often pierce it then complete wave five. In Robert Miners book this is told in one sentence and one of the most important tools a wave trader needs known.
This line fails if the one and two formation was an B wave. The thing to note that B waves are often more data or bulky in nature. So when the market moves on. One must put a line on the C wave or miss most of the movement. It does pay when day trading to sometimes look at a bigger picture.
Today will be a consolidating day also. But not as tight or up and down as yesterday. Yesterday we were finishing up a wave four and starting a corrective wave. Today, if count is right. Today should be still corrective but more spread out or higher. Yesterday, some would say basing, true.
Here is another method I use. When to use. Create a channel. To help determine where the market turns. The upper line made first. Then put the line off of low point. Yes, this one gets tricky a bit.Always watch how the market reacts to your line will indicate if it is good or not. Markets often bounce a long time here. Pitchfork tool lines of sorts, but I draw my own.
Pre today thoughts. This market should retrace fifty percent for the larger wave four. In the last post I mentioned market basing. That is caused by different levels of three and fours ending.
I am looking for fifty percent today or if one looks right on the red line that high. One can be aggressive and enter there or wait for a one and two or channel break. Retracement for the larger fifth wave. Can be anywhere, most often to two thirds retrace to way beyond the low of yesterday. We will have to let the waves develop to know that.
