Hi Guys, as many of you already know catching the impulse is the key to success. For you to do that understanding the structure and how it behaves is the important. Of course you can use a dozen different indicator but they will give one small win and a dozen loses. Don't believe me go check it for yourself. We are expecting a down move on AUDJPY so if all goes as expected we will be in the sell. For Updates on this and more set your profile to give you instant notification when I post.
Trade with care Thank you for your support.
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Stopes out so now i am waiting for next trade setup.
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Possible way this could develop.
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Another sell setup, hope this one goes. Lost one , one breakeven and going for the next one.
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I am waiting for break and consolidation before any sell!!
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240 view
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The Big picture view
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Ok Guys, cool it down. The world is still a nice place regardless of all the noise.
Wow, there's my first two lessons in Wave Theory - Both trades went MASSIVELY wrong Anil.
re-thinking your strategy mate - it seems you were proven wrong 3 times on the one move -
I'll check out some of your other moves, but these jpy moves were really really bad.
saro2018
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@The_Duke, what do you expect? 100% winning rate? such a dumb comment.
The_Duke
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@saro2018, no, I don't expect 100%.
Dumb comments are easy to make arent they @saro2018
I was pleased with Anil's advice to wait for consolidation before entering the trade, which I expressed in another post.
This advice prevented losses anyway. It's not about that.
My comments related to what seems to be an insistence to find a short trade even when it's already gone wrong twice.
I'm not new to trading by any means, I'm new to elliot wave.
In light of the 3 wrong calls on the one move I was saying I will be interested to review Anil's other trades using this methodology.
I'm comparing Anil's process to various other methods including ichimoku, guppy, fractals etc... all of which I have used. ... and I'm considering joining his trading group in February because I like the thought process behind Anil's methodology.
However, considering the insistence to trade in a direction that already went wrong twice before, as well as some very late changes after the moves had begun which changed the RR, this methodology lost a bit of its shine IMO. Hence my comments about my first lessons in this methodology.
As Anil has responded, the world didn't come to an end.
My views are my own and I'm equally entitled to express them as you guys are... presumably.
viking-EW
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@The_Duke, nice to hear you took it like a man ;-) On a more serious side, I don't think Anil works really EW but more his own concept of waves and structure, which may has a good portion of EW in it - as I have understood it - but as I'm not in his trading group I cannot really tell for sure. I have been studying and using EW now for some time, with varying results, but it has certain pitfalls which is why I complement it with other techniques. No doubt EW at large has it right, but it doesn't mean trading it gives you a free lunch.
First of all, counting can really be tricky and often falls victim to subjectivity and I believe it simply takes time to develop an eye for it, some may need years others much less. Secondly, to judge and estimate when a wave is "done" and ripe for a turn can be as tricky, even if there are some "built in" mechanisms for this, more or less based on fib-levels, but how can you know if wave 3 will be 1.62 times wave 1 or 2.62 times, in advance? You can't. All you really can say, with greater certainty, is that 5 waves in one direction will be followed by 3 in the other, but, then you are back at this with getting the counting right... so no surprise lot's of people give up on EW even before they really got started, but it's just as with trading in general, you need to have patience or will become meat for the wolves.
This is also why I would like to claim that there is nothing "wrong" with Anil's calls here, he know it will come down, and most likely hard, but he as anyone else just cannot know when that will happen so he gives it a try when a suitable opportunity presents itself, to be sure he wont miss it. If you trade that way, in a sane proportion to your account that's really not a problem, because with such more you will make up for it many times ones the trade takes off. So keep it up, and don't lose faith because of some silly losses ;-)
The_Duke
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@schakim, Exactly mate. My understanding (or lack thereof) of EW is that there are numerous ways to interpret the methodology. This led me to investigate Anil's process because he has identified a method whereby his students will all identify the same number of patterns and waves. That's all we're looking for really isn't it, consistency, not perfection.
It's this consistency that seems to go astray here, replaced by 'persistence' perhaps?
Anyway, I'm still encouraged with Anil's method and overall thought processes...
BhaktaBasics
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@The_Duke, My views are exactly the same as yours on EW. It's crazy how many people post predictive charts with arrows and lines without actually detailing entry, target and SL (and therefore accountability). If the idea then turns out wrong the charts are changed with adjusted lines with more if/then statements and arrows (covering moves up and down). If the idea turned out correct the updates boast about 1000+ pips profit even though the market moved against them initially and no doubt took their SL out (again no accountability unless this detail is in the original idea). It's a win/win situation. Genius!
I'm naturally objective so usually treat most of the ideas on here with an open mind (I have noticed there are a lot of blind followers out there). I always ask myself "If someone has developed a method that really works, then wouldn't they be making tons of money for themselves and their family and sitting on an island somewhere exotic, rather than putting together and delivering training courses/personal tuition and charging people to share their knowledge?". The answer to this is obvious if you allow yourself to think with some logic rather than hope. I find the traders that openly share knowledge through conversation/webinars rewarding. There is sooooo much money out there to be made that we 'retail' traders should all be helping one another for FREE. As far as i'm concerned there is no holy grail for trading, just a lot of hard work using all the tools available to you and most importantly good money management. Finally, a little luck never goes astray!
PS I'm not talking about anyone specifically, my comments are general. Everyone here is trying to make money through trading. Some people have realised this isn't enough so have supplemented this with training/tuition. You just need to understand that they don't have the holy grail of trading, they're just businessmen/women trying to supplement their trading.
Happy trading all.
@BhaktaBasics, while basically agree with what you are saying, and you say it well, I just want to stress something when it comes to EW. EW is nothing but a tool/technique concerned with probability, and if you know your EW basics you are absolutely aware of this. Thus, the "charts with arrows and lines without actually detailing entry, target and SL" (and notice that I left out "predictive" in my quote) do not in anyway flack a lack of accountability as it just belongs to the built-in nature of this technique. In other words, if you trade based on someone else EW without a firm knowledge of what you are doing, you are just going a fools errand for yourself.
In other words, if you don't know and feel comfortable with EW as a trading tool, don't try to use it (except in paper trading), even if you get the count from a pro or you will guarantied blow your account. The main reason for this is that EW is as dynamic as the market, which also is the reason charts has to be updated as PA moves forward, and you always need to have an alternative count to fall back on, in case you are wrong. Most importantly though, never take a trade based on confirmation from just 1 tool/technique, due as you say there is no holy grail, but there are such things as the law of probability etc. so if 2 or even 3 different tools confirm your idea, it may be worth to take the risk. In the end, everyone has to be responsible for his/her own account, and there is no way around that.
Revenue
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@The_Duke, you should use your strategy to trade things which has positive expectancy. This means not every trade will be a winning one but they'll make profit in the long run . Regardless of this , Anil is not posting trade calls . The thing is as a trader you don't always have time to look up on every chart . Anil is giving us the nicest R/R trades out there which you could look at and make an entry based on your strat if you are willing to trade the pair . Not arguing here . Just MO
azshah
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@The_Duke, come on you should not take the trade if you don't like it simple as that. He has taken his time and posted his ideas here which should be appreciated. You want the guy to be 100% correct? Well that is not going to happen keep your R/R in check that is the only way you will be profitable at the end.
re-thinking your strategy mate - it seems you were proven wrong 3 times on the one move -
I'll check out some of your other moves, but these jpy moves were really really bad.