This is one of my favourite setups, simple and profitable.
One picture should say all there is to be said ... (the attached PDF gives some more clues)
Principle Five (P5) The 5 Wave Correction
-
snorm
- AIMSter
- Posts: 305
- Joined: 13 Aug 2011, 22:57
- 14
Principle Five (P5) The 5 Wave Correction
You do not have the required permissions to view the files attached to this post.
-
Herbert
- Free Member
- Posts: 587
- Joined: 07 Jan 2012, 12:18
- 13
Re: The 5-Wave Correction
Awesome Steve!! One glance and I love it already..... B-)
Thanks boet.
Herbert
Thanks boet.
Herbert
Luck = LABOR UNDER CORRECT KNOWLEDGE - Forex Joe
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
-
snorm
- AIMSter
- Posts: 305
- Joined: 13 Aug 2011, 22:57
- 14
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: The 5-Wave Correction
This is a Great thing to watch out. It could keep you out of the market during the ABC (1-5 Retrace) and when it breaks that trend line, you can get in to the next impulse wave
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
Herbert
- Free Member
- Posts: 587
- Joined: 07 Jan 2012, 12:18
- 13
Re: The 5-Wave Correction
Hey Steve. With the 5-wave correction formation, besides your 15min chart example, is there any sequence of TF's you scan for, top to bottom or visa versa? Any preference you have? In other words, method of locating.
I've found a few already, great structure!!
Tx boet
Herbert
I've found a few already, great structure!!
Tx boet
Herbert
Luck = LABOR UNDER CORRECT KNOWLEDGE - Forex Joe
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
-
snorm
- AIMSter
- Posts: 305
- Joined: 13 Aug 2011, 22:57
- 14
Re: The 5-Wave Correction
Hey Herbert
no special sequence of TFs - if I see one, I'll check the higher TFs for direction, along with any S/R levels. Other than that - nice and simple.
I plan to add an alert to eWaves, in due course, to have this running on all TFs checking for this pattern.
cheers
Steve
:-B
no special sequence of TFs - if I see one, I'll check the higher TFs for direction, along with any S/R levels. Other than that - nice and simple.
I plan to add an alert to eWaves, in due course, to have this running on all TFs checking for this pattern.
cheers
Steve
:-B
-
Herbert
- Free Member
- Posts: 587
- Joined: 07 Jan 2012, 12:18
- 13
Re: The 5-Wave Correction
Makes perfect sense. Tx.
WOW! I was wondering what would catapult eWaves V1.0 into the next release...... B-)
I would be happy to pay again for THAT upgrade......
considering the time you must be investing in it.... :-B
Herbert
WOW! I was wondering what would catapult eWaves V1.0 into the next release...... B-)
I would be happy to pay again for THAT upgrade......
considering the time you must be investing in it.... :-B Herbert
Luck = LABOR UNDER CORRECT KNOWLEDGE - Forex Joe
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
"Nothing wins more than superior research and preparation"
AIMS - The art of Trading markets successfully
-
snorm
- AIMSter
- Posts: 305
- Joined: 13 Aug 2011, 22:57
- 14
Re: The 5-Wave Correction
Thanks Herbert - I haven't started yet, AIMS Entry Alert V6 has been taking up my programming time lately and I want to refine the Principle C indicator next. So much to do, so little time ...
Your willingness to pay for the eWave upgrade is much appreciated but it will of course be a free upgrade (angel)
Your willingness to pay for the eWave upgrade is much appreciated but it will of course be a free upgrade (angel)
-
immy
- Founder
- Posts: 9654
- Joined: 22 Nov 2010, 16:46
- 14
Re: The 5-Wave Correction
My perspective on the 5 wave correction pattern, which is IMO essentially a an ABC correction of Wave 4. Very useful to keep you from trading during hte fourth wave retrace and ready for the 5th wave down. I have a few pictures here.
Some of them might need some correction, hoping Steve will comment.
Some of them might need some correction, hoping Steve will comment.
You do not have the required permissions to view the files attached to this post.
What is the Secret of Successful Trading?
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
The Consistent Pursuit of DS1
The thing that makes me money in trading is when I "Objectively Follow my Trading Plan".
I understand that I can't catch all the moves or all the signals but my objective is to catch THE VALID SIGNALS & ONLY the Valid Signals.
My Deathbed Advice "5:1 Reward to Risk Ratio".
Yo, banana boy!
-
snorm
- AIMSter
- Posts: 305
- Joined: 13 Aug 2011, 22:57
- 14
Re: The 5-Wave Correction
You hoped I would comment and so I will ...
Trend lines (TLs) can be the key to the treasure chest. They are simply diagonal support and resistance lines and offer the same trading opportunities as horizontal lines: the bounce and the break. Using TLs, we can see when a trend has finished, when a trend will continue and how far price will travel (in price and time) - all from one humble line.
It puts a big smile on my face to see your pic's with the TLs, Immy
When I get the time, I'll post something on TLB price projections. Need to finish Alert 6 first :-B
Trend lines (TLs) can be the key to the treasure chest. They are simply diagonal support and resistance lines and offer the same trading opportunities as horizontal lines: the bounce and the break. Using TLs, we can see when a trend has finished, when a trend will continue and how far price will travel (in price and time) - all from one humble line.
It puts a big smile on my face to see your pic's with the TLs, Immy
When I get the time, I'll post something on TLB price projections. Need to finish Alert 6 first :-B