[11/9] Let's draw the line that everyone is aware of! ~About my standard for drawing the line~
Hello! I’m Saki, a wave trader (@skiym_aaa).
I left the company I joined as a new graduate after three years and now work as a full-time trader.
My trading style is day trading,
and I trade aiming for the third wave of the Elliott Wave on a daily basis.
Now, let’s quickly look at the Elliott Wave that occurred yesterday (11/8)!
★ GBP/JPY 1-minute chart (24:24)28.2pips gained!
Note: Fibonacci retracement is drawn from the end of Wave 1 toward the starting point.
- Entry justification (Wave 1 confirmation) ➜ Break of minor low / Tokyo low break
- Entry ➜ 61.8% retracement on Fibonacci followed by MACD dead cross
- Profit target ➜ 100% Fibonacci (3.2 pips) / 161.8% Fibonacci (25.0 pips)
- Stop loss ➜ 23.6% Fibonacci
- Key point ➜ Overall break of a range
The minor low and Tokyo low both broke, effectively breaking the near-term range.
There is a clear focus on thebreakof the Tokyo low and high.
By the way, I draw only four horizontal lines.
- Tokyo high (9:00–15:00)
- Tokyo low (9:00–15:00)
- Previous day high
- Previous day low
There was a time when I drew many lines, but ultimately it came down to these four.
Because drawing too many lines would paralyze you, right?
In the past, I drew lots of horizontal lines and trendlines and got confused.
Then I stopped using trendlines, reduced unnecessary horizontals, and arrived at the present.
My criteria for drawing lines (horizontal lines / Fibonacci) is always to draw against the lines that everyone is watching.
Therefore I draw horizontal lines at clearly observable Tokyo highs/lows and prior day highs/lows, and try to capture the simplest possible wave with Fibonacci.
Constantly considering which lines everyone is watching and how they perceive waves is important, I’ve realized recently~ (lol)
Well then, until next week!
【Blog】
↓ I’ve published my own trading results and the “Wave Trading” method explained here!
“Starting as a NEET at 25”
【Twitter】
↓ Updates on the blog and real-time Elliott Wave examples are tweeted here!
