Simple's Green Room

[simplegreen]

GM board..I appreciate the feedback bioscript...I see EW as beneficial in finding entry/exit points and have mentioned that before.By using my simple approach to using it I can stay in a trade more comfortably as well as finding entry points more comfortably so I really like using EW but I dont even try to get into exact wave counting and analysis that you guys are working with.I simply put up a daily chart such as the Australian dollar futures chart I will post and see what I see with my limited knowledge of EW.
On this chart I see what I would call as a bottom of previous downtrend at .8049...if I were trading on intraday time frames on AUD/USD I would look for what I would call an A correction to compete then would enter a short as a B started and confirmed.I would close that short near previous low...then I would enter long as C starts and hold this til firstdoji or spinning top candle.This method of trading tops or bottom I use all the time on consolidation and reversal areas and its effective down to even a one min chart using Heikin Ashi and chart setup I use.Notice I have bolie 20,2 and purple line is EMA(13)...this combination finds wave counts for me the way I see it.
I certainly may be wrong but it appears in this example chart that the C upside move was in fact impulse wave 1 as it turned out..might have broken rules a bit on its retrace action but the net result overall appears to be the 5 wave classic uptrend and wave 5 is in progress now ..which I would expect ABCD coreections to soon begin and wave 5 end.
Looking at things in this manner allows me to trade effectively in both consolidation and in trend itself and I owe that to EW theory.My understanding may be elementary but my results better than ever.I owe pennies a debt of gratitude for bringing EW into focus on the board.
Hopefully one of these days there will be more board interaction involving you guys discussions on EW because I know EW theory coupled with chart styles such as mine can be a powerful combination and any new traders to join us should use these in their arsenal.I most certainly understand that using Skype has helped you all but more board discussions would have helped me personally to understand better and learn more by a simple process of osmosis...I am not alone in that...others reading posts and seeing chart examples on EW would learn it bit by bit simply by consistant exposure.I didnt say that because I want a lot more posting on the board..thats of no importance to me...I say that because there has always seemed to be a lot of lurkers that seldom post but have always used the Green Room as a sort of textbook for technicals and techniques.We seem to help a lot of folks without realizing it.I'm getting pretty long winded myself..bio..so will stop here and here is that chart I mentioned...might let me know if you see it in EW basically as I described..