Dear frens and forummers, i set up CHRISSYCONN to share our trading and investing ideas. We shall start afresh in this new place WE proudly call HOME .
It is our dream to become a Successful Trader as well as a Super Investor. To make our dream comes true, we embrace TA, FA and a business mentality.
Yes, we will be stressful pursuing our dream .... so ps feel free to share your humour with us so long as IT IS not offensive to anyone in this HOME.
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followings are the rules and guidelines for an expanded flat correction based on ew analysis. so, it is wave C in 5-waves structure now and the guideline given is 100% to 161.8% of wave A .. currently, wave C is at 138.2% of wave A .. there is a likelihood will go deeper (perhaps nearing 161.8%) cuz i don't see a complete wave 4 retracement yet along this 5-waves structure .. so, there may still be another wave 5 downleg to complete the entire wave C !! based on price action, an important development has taken place on the daily chart ... price is now supported by 20ma .. shud this support fail, then we have to be more cautious .. further, she has not been able to break-thru the downward trendline on daily .. and if u look further into weekly, the 20ma is resisting as well :(:( however; with the news of the 'LINK' coming into action next monday, we have to see what game play :):)
Rules: Wave A is a three wave pattern and never a Triangle. Structure = 3-3-5 Wave B is subdivided into a three wave pattern. Wave B retraces to at least 105% of Wave A & typically up to the 138.2%. Wave C always goes beyond Wave A. Wave C always subdivide into 5 wave structures: a Diagonal or an Impulse wave.
Guidelines: Waves C usually goes between the 100% to the 161.8% of Wave A. Waves A and C usually are not Equal in length.
bonarda .. maybe we are not on the same page !! twobits and i are counting the waves on intraday charts ... u are always on higher time frame right ???
Posted by Bonarda > Dec 2, 2016 10:42 AM | Report Abuse this weekend gonna read the EW textbook again. my counts are far from 2bits and connie.
twobits .. i am using the impulsive waves ie counting 5-waves down .. if there is any consolidation now, i wud take it as wave 4 first !! if target is approximating 161.8%, it's 22500ish
yup, i look at weekly chart for major wave, then daily for subwave.
even though i dont contra, but i dun like to hold on to out-of-stock warrant. thus cut h63..but it came back.. XD
can only knock myself for not being discipline and faithful enough. based on my chart i did count a drop to below 22700 but when it broke 23000 which went above the previous HH, i didn't prepare another set of charting for this scenario and straight cut loses thinking upward trend resumes. LESSON LEARNED.
last night i try to make new counts using HSIF so that it's easier for me to counter check with u masters if i am doing it right. Connie and 2bits, pls give your thought,
HSIF based on Weekly chart for major waves, daily chart for subwave
bonarda .. if u are trading higher time frame, it's not a bad idea to look at trendlines as well cuz they are very legit :) eg even if she breaks 23000 but still below the HTF downward trendline, the bears may take over anytime ... and if u look at the candles on daily there isn't convincing commitment from the bulls ... aside from that big green candle on 22/11, the rests of them are so small with long wicks to the upside signalling price rejection by the bears !! it's always good to combine EW with price action to understand more what the chart is trying to tell us i guess :)
as for the waves .. i can't seem to get your A and B count :( but i wud read them as double correction on daily after WAVE 3 :- 1) flat 2) X-connective 3) zigzag
after the zigzag, there is an impulsive wave which i will take is as subwave 1 of WAVE 5 first unless there is a violation ... and now we are in subwave 2 with the expanded flat pattern !! let me know your tots of my count :) thanks
Posted by connie > Dec 2, 2016 02:19 PM | Report Abuse
twobits .. i am using the impulsive waves ie counting 5-waves down .. if there is any consolidation now, i wud take it as wave 4 first !! if target is approximating 161.8%, it's 22500ish
evel .. will be happy to see now one more downleg on 5m to complete the bloody C :) so, i count the consolidation as wave 4 and if u see the pattern now on 5m it's like a pennant .. price has broken below the pennant then retest the pennant lower trendline ... hopefully will slide now to finish off the 'race' :):)
eh cannot ignore price action .. must go study hard from my BFs rolf & moritz ... for more exciting trades, go for moritz ... he was a professional poker player before his trading journey :) he has very clear strategies for his day-trade and swing-trade !!
woah twobits .. look at the computation involved on spread / commission / margin dealing with CFD :):):) have to take some time to digest all the jargons / definitions on this entire page !!!
Thanks Con!! Spending time with family is the upmost importance apart from Health. These two are the main driving force for great wealth! Signed out and see you soon!
good morning all. Connie, the flat, x and zigzag you indicated to me was a good exercise. it trigger me to do a thorough revision and learn my own flaws..and ow, plenty of them!! shy shy..
twobits ... the expanded flat wave C ended at 22509 !! from 22509 to 22708 i take it as minor a of a new WAVE A ... 22708 to 22464 as minor b and now processing minor c :) if this minor c exceeds peak of minor a we shud see a -D !!! ps share your count p/s - there is also a likelihood that she is still in minor b (unfolding 3-waves structure)
morning bonarda ... i may not be right but i read these which are useful if we are serious about using EW for practical and logical trading strategies :- 1) be quick to admit when there is no relevant pattern .. do NOT force an EW count when there is no count 2) if there is no relevant count, does the pattern appear to be impulsive or corrective 3) as new data is made, the market will continually confirm o invalidate the pattern position assumption. TRADE THE MARKET, NOT THE FORECAST !!! be quick to change your assumption of pattern position if market activity invalidates the current assumption
connie,it is simple lar abt the LINK,everyone who think hsi will rise after linking wud hv bought before the actual event,so who else wud be buying?hahaha.
rchi ... but then they have to sell before the LINK took place ie when price soared to 23000 ish !!! what about those who kept on averaging down to wait for the LINK ??? LOL
it's just me that i don't know how to trade with news .. i don't know how to come up with a good methodology / clear strategy to enter n exit based on before n after news !!! i'd rather wait for the news to be over and then see what happens next ...
ah in this case traders trading on news must be very good at timing the bottom to buy at lowest or near lowest and then sell on the first rally ... okay say 1st rally, not good enuf so don't sell first ya wait for the LINK ... then 2nd rally, aiya also cannot cover cost again don't sell first ya wait for the LINK ... then .. then ... then !! i am lost in the bush :)
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Posted by Christine Goh > 2014-03-11 21:40 | Report Abuse
Dear frens and forummers, i set up CHRISSYCONN to share our trading and investing ideas. We shall start afresh in this new place WE proudly call HOME . It is our dream to become a Successful Trader as well as a Super Investor. To make our dream comes true, we embrace TA, FA and a business mentality. Yes, we will be stressful pursuing our dream .... so ps feel free to share your humour with us so long as IT IS not offensive to anyone in this HOME. Lastly, we would like to remind everyone to trade / invest at own risk should u choose to buy our stock pick . FOR CHARTS, PLS VIEW OUR BLOG http://chrissyconn.blogspot.com/