Hi SR, thanks for a great thread. Just joined so trying to catch up with everything from the beginning. I have a question regarding the chart setup on the eur/usd (attached). The supdem indy that I’m using from tradingit does not show the significant low where I have drawn in the white and orange band. This would have been an ideal setup for a short today right???
Am I perhaps missing some settings on the indicator. Thanks again
Hi prvtrade
That looks like a H1 chart on the Eur/Usd, is that correct?
The tradingit.com SR zone indicator calculates the zones off a Daily timeframe only, this is why it wont show that low off the hour chart.
ok got it, thanks I’ll check it out in different tf. Yes it was 1h
Cheers
One more thing, is this a viable short?
It is but not off that tf, needs the dynamic move first, read page 83 post#829 for summary of thread
Honestly Ive reduced my lot sizes to a point where i can afford to lose without to much pain. Im in this for the long haul and would give anything to be able to do this for a living. I dont mind working hard to achieve my goal. I was just a little bit frustrated yesterday but have recovered quickly and am moving forward. Thanks SR…
Something else to add to anybody’s arsenal of Elliott Wave Trading is the the Elliottwavespro Indicator , im relying on it more and more as time goes on. Let the computer translate the waves for you and spit out trades with P/T’s We humans over analize or our moods and translations influence too much.
I finally went through all the pairs I have been watching and selected the main pairs I like. I went from over 20 down to 8 or 9. I can already tell a huge difference in the amount of attention I can pay to each one. I was missing to many good opportunities simply from being overloaded. I’m optimistic this will help my overall result immensely. Time will tell.
Hi billko,
Something that helped me narrow down was back testing. I noticed that the strategy works better on some pairs and there are more opportunities with some pairs vs others.
Hi SR and Friends,
Anyone see this in the 4HR AUDCAD? The indicator retraced back to zero and the chart just entered a nice SR zone. I guess my only concern is that there was a bigger red candle that led price back to the SR Zone and I’m not sure if that should be considered a new dynamic move to signal a change in the trend. Please let me know your thoughts!
Hi bronzbeard
Trade looks ok to me…Dont be phased by the dynamic candle as it is quite common that fake out candles are part of retracements, as long as the criteria of both a dynamic move and good SR levels are present, this shouls warrant the trade.
So is that a good setup for a short??
Sorry I meant a long
Hi SR
Still quite new to this theory so would really appreciate some help
I’ve attached current aud/usd chart with 3 tf’s
Daily shows a dynamic move down through a support line, retracement up and through the old s/r
4H shows a dynamic move up with a retracement to a support line (old resistance line)
1H shows a dynamic move down past an old resistance, then retracement (twice)
So depending on tf, I’m not sure which is the correct direction to choose because there are conflicting scenarios based on timeframes.
I think I’m still training my eye to see the correct s/r zones and read the correct wave 3 set ups
BTW, if you have a good s/r setup, i.e. a chart goes down progressively through a resistance, then retraces but there is no dynamic movement on the wave indy, would you still consider a trade, or do both criteria have to be involved for you to consider one
Thanks very much for the help
regards
pvrtrade
Here’s another one I’m not too sure of
I’m assuming the USJP has broken through a resistance line at around 80.100, retraced back to the mark and is now headed up for a long. There is also a nice dynamic move on the wave indy (although it has not quite come nack to zero yet)
Comments appreeciated
pvrtrade
Thanks SR Player. I just read every post and am going to implement your system. To you it may be simply answering questions, but to us reading it is a wealth of information so thank you.
Can I please have feedback on the 3 orders below. I have not put the indicator on yet as I am yet to know which is the appropriate one in Oanda. It looks similar to MACD.
Hi Giles,
I use Oanda as well and I would suggest using the AwesomeOscillator. Its very similar to the one that SR Player uses if not the same. I think the charts look great. I am actually in the AUD/CAD, and I was scoping out the AUDUSD chart at one point as well. NZDCAD Looks good too on the 4 hr as on that one the indicator has retraced back to zero. It’s very important to use the indicator thought because that is a big part of the strategy and it really gives you a sense of whether there has been a big enough retracement yet in price. Anyone feel free to comment!
Hi pvrtrade
You are spot on with your analysis. At times some of the TF’s conflict like in this scenario. I would leave this pair alone due to this conflict. What i like to see if the Daily is the major wave count, then I would want the H4 to have a similar dynamic move, then I would trade that. If the H1 and lower TF’s agree aswell, even better. I have attached an example for you on the current EUR/JPY everything lining up for textbook Shorts.
Defining the direction is the most important part of the process as this will filter which SR levels to look for!
Hope this helps
Thats a better one.