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Chapter 16, Part IV. More About Fractals. Page 2

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 21, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Commander in Pips: That is a major problem when you dealing with EW. But do not worry too much. Because, let’s suppose that you trade on hourly chart and you see that 4 waves up were completed. You can calmly expect 5th wave and enter the market with some target. And here it’s not so important – do all that 5 waves is a first wave of weekly pattern or third, or fifth. Because you just want to take profit at the end of 5th wave on hourly chart. That makes trading with EW a bit simpler.

    Pipruit: Well, probably you’re right. Thanks.
    Commander in Pips: Since we’re speaking about different levels of cycles, they could be very different:

    1. Grand Supercycle;

    2. Supercycle;

    3. Cycle;

    4. Primary;

    5. Intermediate;

    6. Minor;

    7. Minute;

    8. Minuette;

    9. Sub-Minuette.

    Pipruit: Ok, ok, let me guess. Grand Supercycles consist of Supecycles, Supercycles consist of Cycles, Cycles consist of Primary cycles and…
    Commander in Pips: I can’t believe it. You figured it out.

    Pipruit: Thank you. And when we will see them on real charts?
    Commander in Pips: As fast as we will need it.

    Pipruit: I see. And when we will need it?
    Commander in Pips: Soon. Ok, since you’re in such a hurry, I’ll give you one chart at the end of the current lesson, but before that let’s fast repeat major rules of EW theory, concerning waves:

    1. Wave 3 could never be the shortest impulse wave;

    2. Wave 2 could never be beyond the start of 1st wave – either on bear or bull market;

    3. Wave 4 could never overlap with 1st wave – other words price on wave 4 could not move in the range of first wave.
     
    #1 Sive Morten, Dec 21, 2013
    Lasted edited by : Apr 10, 2016
    Hamza Samiullah likes this.
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