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Chapter 16, Part V. Trading Elliot Waves. 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: I will answer on your second question first. If you will take a look at [1] – [2] waves closer, you will see that this is full 5-3 wave pattern. Look:


    Chart #2 | EUR/USD Daily
    [​IMG]



    Now how do we know, that market will not retrace to deeper Fib support? You forget about all previous material all of the time. Here is a coincidence of Fib extension target and Fib support level – Agreement. That’s why it’s logical to make an attempt to buy from here, at least half of your desirable position. If the market will go lower – you will be able to add more. May be this looks logical in the current environment, because the stop loss order rather far from entry point.
    The second area, where you can add to position – next Agreement is at 0.618 Fib support and 1.618 Fib extension target. But when you enter after the second wave – it makes sense to enter aggressively, because you expect the largest wave to be the third wave. That’s why it’s better to have even part of your position with a far stop loss and add later (if market will allow you to do that), than to not have any position and wait for a deeper entry point.


    Chart #3 | EUR/USD Daily – Entry at the end of wave 2 that is Agreement area
    [​IMG]
    Pipruit: Cool. I see, and what if I’ve skipped due to some reason this entry, how could I enter in continuation?​
     
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