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Basically, i set the chart up to best define for me the risk/reward setup I would like to see. IF this is an a-b-c correction completed, it should now drop more now. The previous W4 MOB is best for this setup, but is only defines the pivoting action of the a-b-c. It does not explain why the last 'c' wave within the wave 4 was not contained. When you look back a little further you can see another lower level wave 4. I applied this mob to see where it comes in. It defines for me, some visual reasoning why 'c' wave within wave 4 could be contained. The aggressive Short explains the aggressive timing of a short idea at that time and price before the pivot is set. We have the blue w4 channel. If I used the ellipse from 'b' it would be because it looked to me like it could have been a tad bit lower than where W3 is currently labeled. If you go back and look at former Trader's Outlook posts, maybe even some older posts in the AGET User group, you might see a few more examples where we do a manual trendline to coincide with a w4 channel... we take from w2 and draw a line that best intercects with the last part of the w4 channel. It is something Andy Bushak would be able to teach you at one of their AGET seminars if it is ever in the area. It is only a subjective way of extending the w4 channels further out as a guide. Any time you want to get a quicker entry, always go to a shorter-term time frame and bet you when you do this you will figure out how this entry could be defined as close as possible to a stop. In this case, look at the hourly, 30, 15 min charts and see if you can find the better entry than say a daily 6/4 or RTC break.
The bottomline in all this, I stongly believe in this setup, and as shown, it defines best for me the risk/reward I am willing to act on if I had only seen it a little earlier. It is a quick trade idea I have high confidence in, as defined.
The bottomline in all this, I stongly believe in this setup, and as shown, it defines best for me the risk/reward I am willing to act on if I had only seen it a little earlier. It is a quick trade idea I have high confidence in, as defined.
Originally posted by mooseman
Thanks for the chart it helps a little. Don't need to apologize for being busy.
If you get some time later I could use an explanation of the MOB here as the stop. I see now that it was drawn off a pivot back in the previous primary 5 wave sequence, the W4 of Sept 30. Since there were so many other pivots since then I cannot guess why that one is valid to use.
I now see how you got the stop elipse. Started at Primary W2 and end at low pivot B following Primary W3. I wonder the reasoning for using B and not W3 or coming forward from W2 to the next high pivot say at 4 on 4/13/03.
Lastly, your entry trigger may be based on a single blue descending line. This could be a manually drawn line but is not clear how you chose your data points.
I have hopes of forming some additional guidlines from the experience of experts.
Thanks again.
Dave
Thanks for the chart it helps a little. Don't need to apologize for being busy.
If you get some time later I could use an explanation of the MOB here as the stop. I see now that it was drawn off a pivot back in the previous primary 5 wave sequence, the W4 of Sept 30. Since there were so many other pivots since then I cannot guess why that one is valid to use.
I now see how you got the stop elipse. Started at Primary W2 and end at low pivot B following Primary W3. I wonder the reasoning for using B and not W3 or coming forward from W2 to the next high pivot say at 4 on 4/13/03.
Lastly, your entry trigger may be based on a single blue descending line. This could be a manually drawn line but is not clear how you chose your data points.
I have hopes of forming some additional guidlines from the experience of experts.
Thanks again.
Dave
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