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TW - triangle wave.
DMR - decision making price range.
Var - variant, scenario
Alt. - alternative
SL - stop loss
TP - take profit
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Past week price reached a number of DMR which formed by TWs of high levels. This fact made alternative wave counting quite strong to start trading it along with basic one. Let's have a look at the whole picture to detail our trading strategy for coming week.
Daily chart. The core differences bitween scenarios start at this time frame. Despite the fact that both variants are not available to trade brown wave in short marker 2.1 placement determines a trading setup chain at all lower levels. According to the basic var. price is still rising within corrective 1.1-2.1 line of falling brown TW.
According to alt. var. brown marker 2.1 was placed at 1.1815 and now price starts falling within the final brown wave line. As it was written before we can't trade brown wave in short.
Let's go to the next level. Chart H4. Basic var. is not available to trade long. Ignore it.
Alt. var. implies to sell at critical level of ther former rising red wave. It wasn't made in time, thus, we need to wait price at 1.1530-1.1560 before making decision to sell falling red TW. No orders yet.
Chart H2. Here we have rising blue wave within rising red one, thus, the first one is available to trade long. I have already entered the deal and all I have to do is managing SL levels by moving it under low blue markers.
Alt.var. might be realized with high probability. If so, why not to trade it with the basic one. Final financial results will cover all losses generated by fault scenario. Getting back to alternative var. price is forming corrective 1.2-2.2 line of falling blue TW. I have to wait marker 2.2 is placed before to sell. Keep an eye on it especially after retest of 1.1457 high.
Next, chart H1. At this level we consider grey TW which is available to trade in both scenarios. The basic one implies long position that was made via ener at critical level of the former downward grey TW. Now, wait grey marker 2.1 is placed to shift SL up to corresponding price level.
Alt.var. shows corrective 1.1-2.1 line is in process of rising grey TW which is not available to trade long. We need to wait blue 2.2 marker is maid before determine sell setaup parameters for grey TW. Stay in touch.
Chart M15. There is downward green TW within rising grey TW. We need to skip current green TW falling phase to trade it long after grey lower marker is placed. Keep an eye.
Here, alt. var. completelly repeats the basic one. Thus, we do not need to double our current deals and orders. Just manage them in line with basic scenario for now. Any way, we'll be accomplished with deals if price turned to alt. var.
TW - triangle wave.
DMR - decision making price range.
Var - variant, scenario
Alt. - alternative
SL - stop loss
TP - take profit
_________________________________
Past week price reached a number of DMR which formed by TWs of high levels. This fact made alternative wave counting quite strong to start trading it along with basic one. Let's have a look at the whole picture to detail our trading strategy for coming week.
Daily chart. The core differences bitween scenarios start at this time frame. Despite the fact that both variants are not available to trade brown wave in short marker 2.1 placement determines a trading setup chain at all lower levels. According to the basic var. price is still rising within corrective 1.1-2.1 line of falling brown TW.
According to alt. var. brown marker 2.1 was placed at 1.1815 and now price starts falling within the final brown wave line. As it was written before we can't trade brown wave in short.
Let's go to the next level. Chart H4. Basic var. is not available to trade long. Ignore it.
Alt. var. implies to sell at critical level of ther former rising red wave. It wasn't made in time, thus, we need to wait price at 1.1530-1.1560 before making decision to sell falling red TW. No orders yet.
Chart H2. Here we have rising blue wave within rising red one, thus, the first one is available to trade long. I have already entered the deal and all I have to do is managing SL levels by moving it under low blue markers.
Alt.var. might be realized with high probability. If so, why not to trade it with the basic one. Final financial results will cover all losses generated by fault scenario. Getting back to alternative var. price is forming corrective 1.2-2.2 line of falling blue TW. I have to wait marker 2.2 is placed before to sell. Keep an eye on it especially after retest of 1.1457 high.
Next, chart H1. At this level we consider grey TW which is available to trade in both scenarios. The basic one implies long position that was made via ener at critical level of the former downward grey TW. Now, wait grey marker 2.1 is placed to shift SL up to corresponding price level.
Alt.var. shows corrective 1.1-2.1 line is in process of rising grey TW which is not available to trade long. We need to wait blue 2.2 marker is maid before determine sell setaup parameters for grey TW. Stay in touch.
Chart M15. There is downward green TW within rising grey TW. We need to skip current green TW falling phase to trade it long after grey lower marker is placed. Keep an eye.
Here, alt. var. completelly repeats the basic one. Thus, we do not need to double our current deals and orders. Just manage them in line with basic scenario for now. Any way, we'll be accomplished with deals if price turned to alt. var.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.