Now taking the completed bat trade. Price are also sitting on the bottom trend line of the ending diagonal pattern as seen on the higher TF. This next move up could be the final wave of the wave iii on the higher TF.
good work, I had a pending long order for 3 days and finally it was triggered today, I was about to gave up on it and cancel it yesterday but your post confirmed my count.
it's easy to spot impulsive moves, but it takes much more experience to trade complex corrections, I have been following your GBP and AU count analysis. very impressive
EverythingForex
⋅
You're welcome. Yes, It takes a tremendous amount of experience to be able to break down corrective waves and then it's still kinda hit or miss! I try to break them down but I don't actually trade within the corrective waves themselves. I only try to trade near it's beginning or its' end. Never in between. That's where most trader's end up losing money! GL!
fairieyizwan
⋅
u just do a good work bro. Thanks a lot.
EverythingForex
⋅
thanks and you're welcome! GL!
fairieyizwan
⋅
any further idea for this patern so far?
EverythingForex
⋅
uhhh, what else do you want to know?
FIDAGOHAR
⋅
very nice analysis and wonderful experiance....as i am new to your trade ideas would you kindly tell me where do you place your stop loss...and how do you mange your trades like what you do when tp1 hit etc....
EverythingForex
⋅
Thanks for following me. Please read the DISCLAIMER at the end of my posts. Since I am not providing any trading calls here, I do not provide SL and TP on every trade. When I do provide it, it is the SL and TP I use according to my own trading plan. Since every trader is different, you must trade according to your own trading plan. For me to assume everyone can trade according to my trading plan and my risk tolerance would be foolish on my part. This is one of the reasons why I think those that tell everyone where to put their SL and TP are doing everyone a dis-service in that they just assume that everyone can trade as they do. GL!
FIDAGOHAR
⋅
thanks for your kind and detail reply....i have read the disclaimer .....as i am not so experienced in the forex .....so i am asking from educational point of view as your experience is truly great after i analyzed your past analysis....The stop loss level i ask from you is for educational purpose ....i mean which place in your opinion will be the least probably to visited against the analysis you shared.....
EverythingForex
⋅
Stops serve the purpose of keeping your account from being blown out from a runaway market. If you don't use Sl on your trade and the market goes against you, it could wipe you out! Unless you have VERY DEEP POCKETS! Now, where the SL should go is NOT about where the market won't visit. If you placed a SL based on that logic, then you could place the SL 100 pips away and likely the market won't visit it anytime soon (or it could!). Placing a proper SL is an art and skill in itself. The SL SHOULD go where if prices reach that point, then the market is telling you that your reason for taking the trade is WRONG. But still, that SL point may not be within your risk tolerance. So you must balance your risk level vs.the proper placement of the SL. Ergo...the need for having your own trading plan rules to follow that suit your risk tolerance. GL!
it's easy to spot impulsive moves, but it takes much more experience to trade complex corrections, I have been following your GBP and AU count analysis. very impressive