WhoKnows » Wed Oct 28, 2015 11:40 am wrote:Thanks guys for all the training. Grabbing quite a few pips now.
But still only with the - most obvious setups -
I still have issues with level counting when price is ranging or within wedges. I often can see the structures that point to price topping and reversals, but if I can't make out the 'Level' the risk for poor entries increases.
E.g. EURAUD. Must be stupid me I didn't see the levels. I'll just have to keep practicing the black art of counting until I get it. Fortunately the examples of e.g. Sympathy who made some good EA trades help.
I marked up the EA chart below with the 4H Pushes and retraces to the Levels that I saw. Some here mark their Levels at the end of the Pushes, others mark their Levels at the end of the retrace. So for clarity I marked both.
I got stuck at the end of the chart. October 12 I thought that a new 4H cycle started with Push upwards, with a retrace on October 16 to 4H Level 1. Then a new push to a slightly lower top 4H2P on October 24. However there was no 3rd push up.... wrong count!
I also marked the chart with counting I found on Sympathy's charts. That is how CJ, Sympathy , Dudest, ZumZum and others help if you mark up your charts ... it makes us learn.... thanks.
I am re-reading the whole thread again to see if I misinterpreted the 'level counting' and find what I missed. But if you see where I go wrong in my counting in the chart above, pls let me know.
Also a 'simple question' :
If we look at H4 cycles, should the time/days that it takes to complete L1, L2 and L3 level be roughly the same? Or not? I thought each H4 level move was typically 3 days move+2 days retrace?
I know, ... a lot of text...