The Captains Chest - Naked Trading & Other Stuff

[dudest]

Hi Michosz!

I honestly don't know how Elliot waves work

What I've come to understand so far is that:

• >> A push is a movement in one direction, followed by a pause/range or retrace.

• >> 3 pushes make up a level. 3 levels make up a cycle ( though of late I've been seeing alot of 2-level cycles... )

• >> Pushes are most easily seen on M15, while levels are most easily seen on H1.

I struggled with levels and pushes for a while. It was once after taking a break from Forex for about 2 months that I started seeing them
The 61.8 and 73.6 were also just serendipitous discoveries when I was trying to figure out a way to enter trades into the dominant cycle
73.6 was actually a shock since it's not a commonly used Fib ratio. Since then, very many times I've noticed that 3 pushes/levels often end at the 73.6 Fib

These charts from CJ helped a lot to set me straight

Cheers :hi:

PS: it's not so much about being RIGHT as it is about being NIMBLE ( adapting to what is unfolding in-front of you )

CJ mentioned often how he trades by the seat of his pants

Nimble

:hi:

[dudest]

Thank you Dudest , Already short EURUSD .

You and me both brother! :hi:

London is about to open. London is the mother of deceit.

First 2 hours is normally faking the direction, then switch around and maintain for the rest of the day ( the basis of the market-maker daily cycle )

Let's see how far EURUSD will be moved ( I hope down for 3 pushes! ), then switch back to longs

.

[dudest]

Hi CJ or others,

Is the counting right? Please comment.

Jason

Hi Jason,

My thoughts:

20160907 - audusd - m30 - levels.png

20160907 - nzdusd - h1 - levels.png

.

[dudest]

ADR aligned with 73.6 fib retracement level

Looking good.

Doesn't reconcile with EU to a point [ if EU is still to go up, 'C' on USDCHF won't hold ]

But no matter, we'll trade what we see

20160907 - usdchf - h4 - levels.png

.

[Noucha]

ADR aligned with 73.6 fib retracement level

Looking good.

Doesn't reconcile with EU to a point [ if EU is still to go up, 'C' on USDCHF won't hold ]

But no matter, we'll trade what we see


.

In this case better be playing it safe. We could wait for the entire W to form and then enter after the first push up following your method posted few days ago. All this to avoid getting burnt at the fib levels

[Noucha]

The second leg of the W could coincide with the ADR low. Let's see how it goes

[jasonckb]

Hi CJ or others,

Is the counting right? Please comment.

Jason

Hi Jason,

My thoughts:



.

Thanks Dudest! :hi:

[Noucha]

The beast update:
Where I will be looking for unloading the trade and prepare to loading in the opposite direction.

[rambo06]

Dudest and friends here you are really help us to become better .
EURUSD was very good today (3 trades +150 Pips) really using Fibo lines to count levels help me alot.
Regarding EURUSD attached chart i draw 2levels up and we looking for retrace then continue level3 up.Am i right here?

Fahedska,

I am holding EURUSD. I believe it will go up to new highs. Hope it helps

goodluck with your trades and way to go

[michosz]

Dudest Thank you Very Much for your Answer :hi:
It's seems that I should more practice.