Elliott wave principle is a powerful tool that helps me to understand the market psychology and the patterns of price movements. It helps me to identify the trends, corrections and reversals in advance and to plan my entry and exit points accordingly.
However, the market is dynamic and complex, and the Elliott wave counts can change as new data and events unfold. That’s why I update my analysis daily and adapt to changing situations. I don’t stick to a rigid or biased view of the market, but I constantly monitor the price action to confirm or invalidate my wave counts. I also use multiple time frames and scenarios to have a broader perspective and to be prepared for different outcomes.
I always follow my risk management rules and use stop losses and trailing stops to protect my profits and limit my losses. I also diversify my portfolio and trade different instruments and markets using the Elliott wave principle. I have been able to catch some of the most profitable waves in the market and to avoid some of the most dangerous ones.
I believe that anyone can learn and apply this method successfully if they are disciplined, flexible and patient. It takes time and practice to master it, but it is worth it. The Elliott wave principle has changed my life as a trader and as a person.
According to the Elliott wave principle, a triangle is a sideways, five-wave corrective pattern, labeled A-B-C-D-E. It usually occurs as wave B of an ABC retracement or as wave 4 of an impulse wave. There are four types of triangles: ascending, descending, contracting and expanding.
The potential end of wave C in an ABC retracement where wave B is in triangle abcde depends on the type of triangle and the extension of wave A. In general, the following guidelines apply:
* Wave C usually reaches the 100% extension of wave A. The next most common ratios are C = 161.8% x A or C = 61.8% x A.
* Wave B usually retraces between 38% – 79% of wave A.
* If wave B is a triangle, there is a higher chance that wave C may only reach the 61.8% extension target.
However, the market is dynamic and complex, and the Elliott wave counts can change as new data and events unfold. That’s why I update my analysis daily and adapt to changing situations. I don’t stick to a rigid or biased view of the market, but I constantly monitor the price action to confirm or invalidate my wave counts. I also use multiple time frames and scenarios to have a broader perspective and to be prepared for different outcomes.
I always follow my risk management rules and use stop losses and trailing stops to protect my profits and limit my losses. I also diversify my portfolio and trade different instruments and markets using the Elliott wave principle. I have been able to catch some of the most profitable waves in the market and to avoid some of the most dangerous ones.
I believe that anyone can learn and apply this method successfully if they are disciplined, flexible and patient. It takes time and practice to master it, but it is worth it. The Elliott wave principle has changed my life as a trader and as a person.
According to the Elliott wave principle, a triangle is a sideways, five-wave corrective pattern, labeled A-B-C-D-E. It usually occurs as wave B of an ABC retracement or as wave 4 of an impulse wave. There are four types of triangles: ascending, descending, contracting and expanding.
The potential end of wave C in an ABC retracement where wave B is in triangle abcde depends on the type of triangle and the extension of wave A. In general, the following guidelines apply:
* Wave C usually reaches the 100% extension of wave A. The next most common ratios are C = 161.8% x A or C = 61.8% x A.
* Wave B usually retraces between 38% – 79% of wave A.
* If wave B is a triangle, there is a higher chance that wave C may only reach the 61.8% extension target.
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💎💎 Premium & Premium Memberships : t.me/ElliottWaveStrategyBot
✅✅Trusted Broker : Tickmill LTD : tinyurl.com/tickmill-ews