So Elliott Wave and Fibs is all I need??? What about Risk Management, I don't like cutting Losses, they always rebound!!!
That's true, but not so easy to trade since tight channels almost always indicate a steep trend without any pullback. So by the time they become obvious, it's too late. But that's the reason why this thread was created.
No dude. I just merely verifying whether that is what the guy was saying. Anyway, if you've read my previous posts, you would know I'm not into those. Too subjective for my taste.
In such a case it is helpful to take a look at a higher TF. For instance, a bear tight micro channel (with no PBs of five bars on a 1m chart is one big bear bar on a 5m chart. If it closes on it’s low on that on 5m would you short or go long? Or would you wait to see if there is good FT bar after that initial bear bar on the 5m? So if you missed the micro channel trade on the 1m you could grab it as the trend continues on the 5m chart if there is FT. If there is no good FT on the 5m then you might want to look for a long setup instead. In other words, a multi-bar directional move on a smaller TF can be a 1 bar spike or BO on a larger TF. Any subsequent trade can then be entered in based upon PA on the larger TF. Since one missed out on the smaller TF.
Hello schizo, Sorry, I do not understand what your question is? What exactly do you want to know from me? What problem are you having?
Sometimes, you just need to trust your analysis and go with it. even without verification. By the time your analysis is verified as legit, the train has left the station.
There are many trains, many stations, many ticket counter from which to buy a ticket in a 1 day trading session.