First of all i'm very sorry if you found any Gramatical Error since english is not my mother tongue.
In this Thread I want to Share about my trading system.
Unfortunately i cannot guarantee all of you that my system will become your Holy Grail, But at least it works for me. any suggestion and comment will be great for me, since it will improve my system and strategy.
In this trading system i'm using below Elliot Wave (as the basic analysis for the chart) and i'm not using Elliot Wave directly as the entry or open order.
I'm using several indicators and tools below to help me make decision:
- Trend line
*MACD (to check the power of the impulse)
*Volume (to check investor entry and which side having more demand or supply)
*Stochastic (to check divergent,oversold,overbought)
My trading strategy is very simple:
it is based on breakout and based on Fib retracement 0.50-0.618 and Fib extention 1.27 as Target
This is a sample of what i do before i enter the trade:
1. I wil analyse the chart using volume and count the waves of elliot waves theory. as you can see the picture below showing the waves still can go down again and the volume for the Supply is higher than demand:
2. I will make prediction by pattern and waves count, my prediction sometimes more than one. so if my prediction comes more than one, i usually not enter the trade in full position. usually i split into two entry order.
If this is out of my prediction than i will closed my trade or not entering the trade
3. I'm using my own taking profit strategy (this is absolutely depend on the trader, whether he choose to become swing trader, intraday, or scalper) because each type of trader will have difference in how they take their stop loss or profit.
To be honest every system have it flaws and benefits. I'm not always right but I'm not always wrong either.
As long you have very strong trading basic and never give up on learning. than i do believe you will able to understand Elliot wave sooner or later.
I here i will share my chart analysis and not a signal.
to be honest, I only trade forex on MT4 (my trading platform) whenever i want and whenever i like.
Don't get me Wrong. I Trade For living. But not Forex. I do export import business and often made mistakes when buying currencies. Thats why as the fund manager and the new generation in my family trading business. I Learn Elliot wave to help me making decision on buying currencies.
I think its enough and will be boring if i make my story any longer :)
I will share my analysis every week and will keep updated my thread if i have any interest in any currency chart.
Currently i'm interested in USDCAD,GBPJPY Chart:
Hopefully my analysis will help your trade.
Trade Wisely and Good Luck
Happy Week End