Application of Elliott wave in simplified manner

2 févr. 2019

One has to understand Elliott wave as logical move of the market , the rules are also logical , and trade set up is completely each individual prospective how they take the entries and exit based on their risk and reward basis
I think lots of people use trend line , but the presence of trend line is only to indicate what you are looking in it and how you forecast in the future ,

How to read it very simplified way

This scrip is apparently showing has completed a logical move of 5 wave , 3 impulsive and 2 corrective forming wave 1
in order to confirm wave 1 has completed the move against it has to start with higher high closing with weak moves as counter move to previous impulse move which indicates the closing of higher high and progress of wave 2 ,
Again wave 2 is corrective move , so it involves 5 impulse wave ( Corrective impulse ) out which 3 are against the previous trend and 2 are in the direction of previous trend
and when they complete 5 waves , it becomes very logical that the further upside move require participants interest , and suppose if it fails to get and give a reversal impulse , one can consider the end of the wave 2 and we can look for start of wave 3
i have made small efforts in explaining how to identify reversal impulse in a call out , Now every impulse will get a pull back which we label them as a b c (internal labeling )
Labeling is only for our own understanding its not necessary it has to be a b c , it can be your name capital or any latter
One of the logical explanation made by R N Elliott is wave 3 will be longest and strongest it means that it will likely be fast in move and larger in price move
based on the hypothetical theory one can forecast is equal to 161.8% from start of 1st impulse , all you have to do is take Fibonacci tool and forecast it ,
and how to confirm we are in wave 3 ??
Its again simplified way R N Elliott has answered in his book , the channeling system when you see brake of any channel consider it as wave 3 and look for impulse wave 4 (pull back wave) before heading in the same direction for wave 5

all it sounds good , but one has to practice identifying the start of impulse and end of impulse

Well all said , Good luck and keep learning ,

14 févr. 2019

Note

well this was an education post still , some one messaged me that what if its going up , and the answer is i dont care , it might move up and then take all fresh orders and then starts heading down ,
this repeats it self , i posted in Nifty it did the same it went up and took all the fresh order and started moving down
One point you must understand if you want to become a profitable trader , You must know the direction of the trend based on higher time frame , and you will sit with best trade for good earnings ,

18 févr. 2019

Note

Now there is a chance it might turn back up , Yes , we are noticing the change in the structure , and we are also noticing its not dropping hard enough to convince us that it will continue to come down , Cover your shorts and watch for chances it might make new all time high in case starts moving up

13 mars 2019

Note

here is a private chart i am post , the problem with posting public is some people think they are smart and very smart enough to ask dumb Questions they think market has to move only in one direction , but the reality is market can change its dynamics any given time , and I am just updating it here if you are interested to see the results play it , you will get
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