PS: it's not so much about being RIGHT as it is about being NIMBLE ( adapting to what is unfolding in-front of you )dudest » Tue Sep 06, 2016 11:21 pm wrote:
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... )
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
- >> Pushes are most easily seen on M15, while levels are most easily seen on H1.
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:
CJ mentioned often how he trades by the seat of his pants
Nimble
:hi:
, Already short EURUSD .