RZAMK wrote: ↑
Fri Apr 10, 2020 1:57 pm
Just for review
Dear RZAMK ...
At the moment, I would be looking for the entry point for buys on the GBPNZD. This is evidenced by the main bias line on your charts located below, and you have a Extreme Spike's blue bar on M30. This suggests that the price has gone down quite deeply.
It’s far from always .... more precisely it’s even extremely rare to say, the trader correctly marking the waves from the point of view of the Elliott wave theory, and I have already talked about this many times. A vivid example of this is my yesterday markup on gold in the morning (you saw this picture at post 188). And look what the market did at the european session ... And again, note that the first half of the markup (downward movement) remained fair, but the market rewrote the second half in a completely different way. And I also talked about this many times, that an unambiguous marking is visible only at the end of the cycle, when nobody needs it and does not have much significance. This is the difficulty in applying this theory in practice.
Further .... Not all cycles, but rather half of them, consist of 5 waves. The second half is the correctional movements on older TFs, such as H4, H1, and its consist of 3 waves. Therefore, do not always try to find exactly 5 waves, their wave may be 3.
And yet, what I never do in this system, based on everything that I just wrote .... I never try to switch the charts above the H1 TF. We are trying to work cycles on the M5 and M15. And therefore, we are absolutely not interested in what happens above H1. It will only be confusing us.