This is my first attempt on Elliot Wave EW, GBPJPY on h1 chart (yesterday trade session). I never used EW in my trading before, and I don't think this method is a must-have in trading. A modest manual trading, in a real sense, can be made out of plain Candlestick and all those bundle mt4 tools (if you use mt4), believe me. Read on to see my commentary
So why the suddent interest?
My trading skills, I must say, is sharpening and it has nothing to do with EW, but by forcing myself to stare upon a plain candlestick most of the time.
But I choose to learn EW since last week.
Because I have time to learn at the moment.
Because I'm sick of some EW gurus keep on swearing by EW as their reasoning and when their prediction fails, they find excuses using EW too.
Some EW experts choose to display a very ambiguous daily prediction. Too ambiguous that even a plain candlestick movement is clearer than those messy waves and subwaves that they drew upon.
And because I love argument in my free time
And if I wanna argue with somebody, I need to understand their language. So I will keep on learning... ha ha..
Opps, I forgot about the chart.
Now I'm reading and making prediction based on the drawn chart. I believe GJ is now on correction wave C, but I couldn't see the diagonal triangle between 5 & C, or maybe I didn't do it right. So if my identification is correct on this 1h chart and another wave is in the making, gbpjpy will be on the rise again in the next few hours.
The target? I can't see any target using EW. But using other common tools, the next target is 157 area.
What if I'm wrong?
Well, I made wrong prediction everyday, ....big deal anyway.