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Here I'll be logging the analysis and trading that I perform across a number of instruments using Market Geometry, Elliot Wave, and Volume analysis to pinpoint the end of market corrections for high risk/reward trade opportunities.
It is my intent to establish an environment of learning, both for myself and for those that may also find this analysis useful.
Objectives:
- gain accountability from the trading community to better learn from mistakes and hone my skills
- be honesty with myself, making constant progress toward eliminating poor behavior and bolstering good habits
- give back to others while solidifying my own understanding of trading concepts by detailing my own analysis
Markets I typically follow, in order of preference (main markets in bold): CL, 6E, 6J, GC, NQ, ZB, ES, NG
I hope we can generate some good discussion together, and learn from one another.
Nice long setup this afternoon in Yen to introduce some of the ways that I am using market geometry, Elliot wave, and volume to find high R:R setups. Multiple timeframes are an important part of my analysis. I'll keep it at 2 charts for this example. Typically I'll look at 5 minute charts and 3 tick charts of varying timeframes. I had the areas drawn in for the trade, but was not at my chart to take it.
20min: Note the cyan-colored channel that I have drawn in. I am confident in the validity of the channel due to the way that price has reacted to the areas. The long entry was the touch of the lower channel line (see green arrow). Also note the spring green colored paintbar body and blue outline, indicating climactic volume with high density, showing support coming into the market as the area in the market geometry is hit.
5min: With the 5min chart you can see a clear subdivision of waves, where the long entry marked as (C) is the final wave in a flat correction. Where waves A and B are each composed of three waves, and C is composed of 5 waves. Compare this chart with the 20min chart above. I am using two different channels which give me the same time-price confluence for the trade entry. The appropriate stop would be below these support areas, typically no more than 15 ticks, and often less than 10 ticks, from my entry. I would be holding for a break of the high at 0.0088455. Without going into too much detail now, gold is looking like it has just completed a large 4th wave correction on the 240min (which has been strongly correlated with 6J) so I'm not overly confident that we will indeed break the high in 6J. Given that, if I had taken this long I'd be managing my stops a bit more aggressively than I typically like to do. The trades that you can allow to run are the real account builders.
Hopefully that's a good first taste of the kinds of setups I'm looking for. Will share as time allows and additional setups present themselves.
