Elliott waves can be an art form as much as a technical tool. On this oil trade, I'm not sure what the larger degree waves are. I can see motive waves down and I can see the possibility of a diagonal. A diagonal is a motive/corrective hyrbid that subdivides into three waves instead of five. Perhaps its just a large zig-zag.
But regardless, the correction on this chart seemed to me like a flat formation in a larger 2 or B wave. When it seemed to complete, I waited for the red Heiken Ashi bar down. The MA lines were not yet sloping down on entry, so I took a chance here without confirmation. The trigger to liquidate would be a green Heiken Ashi bar, but I couldnt resist taking profits today :) It was a good result. The down trend seemed to coincide with a strong dollar rally. I will wait for a pullback before considering the next entry opportunity. I don't play every time the heiken ashi bars change color, only when they do so in favor of my primary wave count.
If anyone is interested in Elliott waves, I recommend the book: ELLIOTT WAVE PRINCIPLE by Frost & Prechter. Its a definitive work on the subject.
But regardless, the correction on this chart seemed to me like a flat formation in a larger 2 or B wave. When it seemed to complete, I waited for the red Heiken Ashi bar down. The MA lines were not yet sloping down on entry, so I took a chance here without confirmation. The trigger to liquidate would be a green Heiken Ashi bar, but I couldnt resist taking profits today :) It was a good result. The down trend seemed to coincide with a strong dollar rally. I will wait for a pullback before considering the next entry opportunity. I don't play every time the heiken ashi bars change color, only when they do so in favor of my primary wave count.
If anyone is interested in Elliott waves, I recommend the book: ELLIOTT WAVE PRINCIPLE by Frost & Prechter. Its a definitive work on the subject.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.