The Elliot wave together with technical analysis has been thus far my best chance at trading successful swing setups.
Why???
Because price does not lie but can only react to a certain sentiment.
1.The fibonacci sequence helps you determine a certain sequence about what a market actually does.
2.Trading highly probable long term setups proves to strengthen more profitability.
3. It follows a law of natural reaction study and does not rely on unnecessary tools therefore you focus on the price only.
In this case scenario we have two possibilities one which is possible and one which is probable.
Its important for a trader to prepare for both cases but as a result here we have been within wave (5) which is more likely to produce a strong impulse wave to the down side than it is to the upside.
Our entry level fib is also at its confirmation so if price breaks below key level 142.000 to begin waves ABCDE
Our strongest companion and weapon here is patience.
@gomotsegangm_
Why???
Because price does not lie but can only react to a certain sentiment.
1.The fibonacci sequence helps you determine a certain sequence about what a market actually does.
2.Trading highly probable long term setups proves to strengthen more profitability.
3. It follows a law of natural reaction study and does not rely on unnecessary tools therefore you focus on the price only.
In this case scenario we have two possibilities one which is possible and one which is probable.
Its important for a trader to prepare for both cases but as a result here we have been within wave (5) which is more likely to produce a strong impulse wave to the down side than it is to the upside.
Our entry level fib is also at its confirmation so if price breaks below key level 142.000 to begin waves ABCDE
Our strongest companion and weapon here is patience.
@gomotsegangm_