chillin like ice cream fillin around the 50 level. The entry for the long position was made with a break of the red-line. Hmm, is this a flat formation in the works? Using your knowledge of, elliott, wave, you label this move up as Wave 1 and the retracement as Wave. And yes, a nearly flat corrective wave did form. Hmm, this could be the start of Wave 3, which is a very strong buy signal. In order to find a good entry point, you head back to the School of Pipsology to find out which of the three cardinal rules and guidelines you could apply.
Trading Forex with Elliott Waves Some Examples
Waves 2 and cheapest place to buy bitcoin uk 4 frequently bounce off Fibonacci retracement levels, so, using your superior, elliott, waving trading skillz, you decide to pop the Fibonacci tool to see if price is at a Fib level. The second resistance came slightly below the strong support zone (arrows 1 and 3) of the recent past. A significant point to note here is that the corrective wave ended with a support in the same support zone where the Elliott wave had begun. Wasnt it a call for staying long or even for buying more? And that's precisely what we d id, with a stop-loss order which was a few pip below the recent bottom as indicated in the next chart.
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