w1 buys the right for a wave structure by scoring beyond the closer end of the E-67 band; it normally arrives with directional volatility, i.e. the hourly fractal to fractal travel length exceeds 28 pips; relative to the consolidation level it usually peters out 20 pips shy of the 3-day ATR
w2 comes bavk through the E-67 band and takes the hourly RSI2 to oversold (20)/ overbought (80) at least on a temporary basis
w3 exhausts the available energy and typically ends with a visible hourly RSI2 reversal divergence; the suspect zone for this divergence to end is the box that is on one end 3-day ATR distance away from the consolidation level and 30% further at the other end; you should not be defying the progress of the wave 3 since it makes a break out and the counter directional volatility is low until reaching inside the box
w4 is letting the counter directional volatility slip out of the gate twice; typically you would be able to spot a measuring leg and a divergent leg on the hourly RSI2: a slight undercut of the first fractal printed by w4 should be a great entry for a w5; it is also a common place that strength wise the w4 makes a beat beyond what w2 managed to muster thus setting up a continiation divergence
w5 makes / tries to make a beat (a no break / coasting move) beyond the exhaustion level; the beat itself may be anywhere from 2-28 pips away (less than fluctuation size) from the outlier point made by w3 so you should be scaling out of holdings and scaling in for a counter directional wave structure; you could have a staircase for instance at 2, 8, 17 and 26 pips and put most weight on 8 and 17; w5 would make an attempt to replicate the maximum strength printed by w3 but would ultimately fall shy of it
from here on an ABC correction should follow at a very minimum: a Wave 2 should be retracing and making a beat beyond the 2nd hourly doji that was made on the way
a fake out of the doji may mean 4-9 pips beyond its centre
The above knowledge about wave structure, length measurements, volatility changes, divergences (programming knowlege wouldn’t hurt either) are things that a trader should be in posession of.
Trading requires 3 different sets of skills, that of an Execution Trader’s, a Trader’s and a Trading Strategist’s (above the level of a chartist).
These 3 sets of skills are almost never held by a single person.
Those selling courses and memberships online are little more than Execution traders, regardless of what they are posing as.
For a good sense of what a Trading Strategist does, read the last sentences in th Neverending Embedding.
What’s cracking snake gang… Err… I mean…
Hey there, fake-eye nation! Take it G-Easy!
What do you mean?
When I say, my name isn’t Caleb Maddox, I mean it.
When I say I didn”t go to Yale for nothing, I mean it.
If I ever say I can F you rich, I mean it.
When I say there is only coffee in this cooler, I mean it (just ask my
drinking buddy chief of research).
When I say I’m long the inflation trade, I mean it.
When I say I drive 4 quads of a BMW-M, on your screen you can see it – made a segment just for that (I called it “The Call” , noone is going to suspect anything).
I think she’s starting to suspect something.