I am still learning to man the charting software and how to send pics here. I wonder how to include more than one pic/message. anyway using : trendlines + elliottwave 123-12 + candlesticks on daily we had: 1) breakout from a range, then bullflag that broke out. did 123 impulse. Reached 104, then did 12 corrective. 2) from there breakout pullback was a success and headed to 104 and above. Made a lower high, and the red did 123, impulsive. , then correction as expected. 3) but the correction turned into a bull leg. then bull leg had a 12 correction. Then it attempted to start teh second leg 123. But got stopped at 104 , did a 12 correction ( pullback). attempted to resulem up , but got stopped at 104 again. where the reds came in and from there we were in a no man's land , as in the form of a triangle. I have been reading the thread. Nearly finished. Still learning to trade in the trendline+ elliottwave123/12 + candlesticks style. I did not include the candles analysis, as I am gathering the candles patterns list
10 minutes chart : big tail up. the important support level at 99.2 ==> possible "luck" trad here : put sell stop order at 99.19 , with a stop of 0.03 , to be tighten to breakeven as soon as it get hit by chance.
So I have the name of this candle. It looks like an "evening star" highly reliable reversal candle so I am putting a limit order there as well. to sell it just below the price level , with a 0.02 stop and a target to 100.2
I like this approach So on 1 minute, we hgaeve the price level pf 100 that meets the lower channel line. so we could buy there with a small stop. BUT , because I am just starting with this method. I am going to put a limit order on my DEMO
Looking to 1 minute, I realise there us another line to add at 100.2 so need to watch this price as well. Let me look to the reversal bull candles. so that if I see one around 100.2 of 100.0 I know I need to buy.
okay... so I am waiting on 100.02 or on 100.01 for these highly reliable bullish reversal candles: - abandonned baby : red - doji-green - morning star : red-doji-green - three inside up: red-gren-green up - three outside up: red-green-green up - 3 white soldires Now patience zzzzz
need to learn how to enter trades with this software. missed the 100.02 long : red+green-green up Need a better list of candles. as here I had 3 candles to wait for. May be a list of 2 candles or just one
I am tired. need to zzzzz. I like this approach. The main problems are: 1) need to know the candles 2) need to know the patterns 3) when counting 123 impulse - 12 crrection, possibility of error if bulls or bears 4) need to be quick when drawing. Off now. Will keep working at it, and learning how to use the software.
GM What a run. Let's see what the Chicago PMI, 45 after, and consumer confidence, top of the hour, get us.