A technique to enter on the 5th wave in the latter half of the 1-hour timeframe when you think you’ve missed the move
Hello!
I’m Satari, researching FX.
Today I’ll deliver “a method to enter on the 5th wave in the latter half of the 1-hour chart when you feel you’ve missed out.”
The figure below shows an example of entering on the 5th wave of the upward movement on the USD/JPY 1-hour chart.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/0/a/0af22643.gif
Considering Elliott Wave or resistance/support reversals reduces the number of times criteria are met, so here we simply consider increasing the lows to form a trend, starting from a state where up to the 3rd wave is already confirmed.
To give the waves names strengthens awareness, so here waves 1 through 5 are called Goat, Weasel, Lynx, Puma, and Cheetah.
As the trend forms, think of the animals as progressively faster legs.
On the 1-hour chart, the 0.382 retracement of the rising wave shows the Downward Puma, at 110.936, but
from here, instead of entering immediately, we switch to a 5-minute chart to search for the entry point.
The figure below shows an entry on the 5-minute chart.
http://livedoor.blogimg.jp/fxmt4indicator/imgs/4/c/4c71ebae.gif
On the 1-hour chart, it can be hard to tell when the rising wave has turned upward or it may be slow, so we look at the 5-minute chart and enter at the green 5-minute trend’s upward reversal or at a higher high and higher low point.
The advantage of using the 5-minute chart is that you can place entry points earlier and set a smaller stop loss.
If you determine on the 1-hour chart that the upward wave is continuing, you can also enter several times on the 5-minute chart with a small stop loss.
If a cheetah runs after entry, you can consider it a success.
The indicators used today are as follows.
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