【11/14】Why a large wave tends to become the first wave of the Elliott Wave pattern
Hello! I’m Sakki, a wave trader (@skiym_aaa).@skiym_aaa I am a full-time trader after leaving my first company after three years.
My trading style is day trading,
every day I target the third wave of the Elliott wave.
and I trade aiming for the third wave of the Elliott wave on a daily basis.毎日エリオット波動の第3波を狙うトレードをしています。
Now, let’s quickly look at the Elliott wave that occurred yesterday (11/13)!
★ USD/JPY 1-minute chart (20:25)37.8pips gained!
※ Fibonacci retracement is drawn from the end of Wave 1 toward the starting point.
- Entry rationale (Wave 1 identification basis) ➜ Break of the pullback low
- Entry ➜ After 61.8% retracement on Fibonacci, MACD dead cross
- Take profit ➜ 100% on Fibonacci (9.9 pips) 161.8% on Fibonacci (27.9 pips)
- Stop loss ➜ 23.6% on Fibonacci
- Tip ➜ Large wave
Wave 1 is a very large 30 pips for USD/JPY, which is quite big.
Such large waves tend to be perceived as Wave 1 in Elliott waves.
The reasons are below.
Reasons large waves tend to become Elliott Wave 1
・Because they are easy to understand, many traders pay attention to them.
・On multiple time frames, the viewpoint shifts. (Break of major pullback low/return high on multiple time frames per Dow Theory.)
In this way, large waves are easy to notice and important.
Well then, see you tomorrow!
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