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I wanted to start a thread to share any charts i spend time on.
I am learning to put my primary focus on price action, as defined by harmonic swings to different fib points
Any input on how anything i show can be improved or augmented would be greatly appreciated!
Im sure i will post charts with some indicators attached, as i would like to keep an eye on what many people do.
i.e an macd, a stochastic or rsi measurement, an eliiot wave oscillator etc.
I am far away from the goals i have set myself, and this thread is for me work in progress.By always publishing my chart/reasons for a position, i will keep myself focussed.
Please dont laugh too much as my trades develop badly!
Good Trading
MajorMagnuM
south west UK
Posts: 124 since Dec 2011
Thanks Given: 74
Thanks Received: 15
I think this is how Scott Carney manages his trades.
any opinions welcome
The price has turned rounD at 100 AB=CD
Now retesting prz of shape shown in earlier post
0.382 of upswing a to d has been hit
For my money, the getout point is a break of the plum line
In ELLIOT terms, this seem like we have had an abc correction and now may proceed towards the 1.618 expansion on daily. Crossing back above the cyan line would invalidate this , also volating the terminal price bar which pins at 2673 would be against this idea.
i think it unlikely this is a cardinal wave 4,as we closed inside what would be wave one. also, the overlapping waves suggest a correction is underway
MajorMagnuM
south west UK
Posts: 124 since Dec 2011
Thanks Given: 74
Thanks Received: 15
this reversal has hit its first target
It shows a retest of a low which failed to make a lower low
I have added bollinger bands to show that the seconf low also closed outside.
the bounce failed to hit the middle BB
I think this means close longs and look for shorts
MajorMagnuM
south west UK
Posts: 124 since Dec 2011
Thanks Given: 74
Thanks Received: 15
I have added Bill Williams Volume indicator here
I wanted to show why i would rather trade instruments that offer more than tick volume
The bars circled orange may show stopping volume. Any thoughts out there on this?
MajorMagnuM
south west UK
Posts: 124 since Dec 2011
Thanks Given: 74
Thanks Received: 15
Can anyone help me put a story to these bars and thier tick volume?
MajorMagnuM
south west UK
Posts: 124 since Dec 2011
Thanks Given: 74
Thanks Received: 15
The trendline has been broken with an engulfing bearish candlestick, on rising tick volume