Journal of Junior Hunter (Charts & Explanations)

[Fable]

EU

Even if I won't trade it here some thoughts. What you guys think ?

[Fable]

Like often, close is close enough; hope any of you took profit from it

[Fable]

Here is some more explanations about my trading journey on the CJ today.

I went buy early on bar 0: got stop out
I went buy again on bar 1: I exit early as i though it might have a second bear wave
Buy once again on bar 2, expecting some move till 113,3 or something. I was immediatly stop out
Then I reverse my opinion quickly and went sell on bar 3 using my miss buy setup as a SL, my TP was just above yesterday'high.

Summary:
- 2 lossers
- 1 small winner
- 1 big winner
= win 1,5 time my risk on CJ

This is why I like small TF, they provide a lot of opportunities within a small period of time

[tienbanker]

Some trade I just took (EU) and some I exit too soon because I had some doubts

Great, thanks for sharing. I have alot stupid question about the CJ method and really hope you help me to understand it. Forgive me if my question make you angry.
Could you explain more the level count? if the level are all consolidation and flat i can see, but when price have some up and down and temporary peak appear, it get me confuse. Some picture of CJ i see the new level is very near the previous level or some time must be reset level when price up for M but some time not reset.
Where to we start count? CJ said that from Peak high and Peak low, so we must zoom in all the screen to see the Peak high or Peak low or just see from 2-3 day nearly and find the highest peak for tfm15 in 2-3 days? How about the other time frame also?
With the higher time frame how to know where is the push, where is the level? Quoted CJ talk
"The 3 levels or price rise or fall occur within the sessions....the 3 push high or low also occur out of
the Asian range"....still not clear about that. and when price stoping down (M) for 1-2 candle can it called the level or pushed for tf m15 and other tf?
Because count level wrong so i have fake M, W and breakout failed. When i see can have the W, price down more, or after W appear hope 3level rise after but just got only one level and down more. Losses.
I attached the nzdusd, could you give the ideal about the level?may be it same the picture you posted.
Thanks you.

[Fable]

Hi Tienbanker, welcome in my topic

You'r question is very good but also difficult to answer with stricts rules.
Actually I found Level/wave counting disturbing especially in real-time also I don't trust them fully. That's why I use fixed RR for now and also because I like winning strikes. With my MM it's better for me to have plenty of small winners trades than a few big ones. But this is just personal preference !

From my point of view CJ'counting it's just a Elliot Waves counting but on the smartest TF (Looking for moves within a week/month which is the institutional TF, aka the fox one).

So according to my opinion there is 4 Level aka 3 Move (each one with 3 inner pushes) and 3 correctives moves (raccumulation/redistribution <= this is where I look for reversals), the third forming a W or M pattern (which are in fact double/triple top/bottom).

Also as I said there is no stricts rules, as CJ said you could have only 2 wave as you could have 5 or even more...
So what the point of counting you might argue ? I can't speak for others, but for me it's a way like any other to find opportunities that are tradable.

I give you some exemples from the recent situation in EU according to my opinion:

This is, as I understand it, a CJ's counting.

Also according to my opinion it's now use to super analyse setups, your job is to trade them !

[Fable]

But like in Elliot wave, in every level, the same thing appairs:

Here some analysis of the first level and some potential trades availables.

As you can see, you can split the Level 1 into 3 pushes.

Push 1 and 3 are steeper, without looking at volume, I can tell you the fox is a play on those level.

I believe CJ trading method is to find major reversal point, trade same with maximum leverage and ride them for as long as possible. Me, I can't do that (yet), I hope me explanations are helping you.

Basically look at which move (up or down) has the best looking bars, as I said it's just the same as choosing between 2 girls, go for the pretty one. This will help you to know which is a corrective move, which is not. Thanks to that you can "count" wave and draw conclusion.

Regards,

Fable

[Fable]

Looking at the expected W of the previous chart on a M5:

[tienbanker]

Thanks for reply.
firstly we must clear define the 'PUSH' and 'LEVEL'.
based on tf but i think level is the consolidation zone. and push is the action to make the new level.
so in here the level 1 i think is the consolidation lowest.
The trouble here is some push is difficult to count as level. some temporary peak can be counted as push? i.t make me confuse.
Picture have white line is level and push i note the number.
Hope we can discuss to more understand.
Best regard.

[tienbanker]

About gchf i see it has the big opportunities

[Fable]

About NZDUSD, It's impossible for me to tell you how CJ would analyse this... But I can give you a quick analyse of mine

1) You have a very strong move.

2) You can find some sort of waves counting in it. How can I tell the yellow circles are correctives waves ? Well for several reasons: Price is some how ranging, forming HH, on strong S/R (look a previous PA around the first circles). I don't care what EXACTLY is happing, I know/see enough to draw those conclusions.

3) This bring you to the present situation, with is the big orange circle. Well this is the same as above: clearly a price ranging situation. Now you have two possibilities: it's a bear flag, or it's a reversal. Which is true ? I have no idea, probably the reversal one, but YOU CAN'T KNOW FOR SURE, it's just IMPOSSIBLE !

4) So what can we do ? Just as I explain to you before, find tradable opportunities (smalls orange circles) EVERYTHING ELSE IS JUST MONEY MANAGEMENT: Buy low, Sell high !