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Determining trend and consolidation through wave cycles.MCX:GOLD1! In past, we have discussed how to know the quality of a trend and how to know a chart pattern's extrinsic nature according to the market phase. If you haven't read that then I want you to read that before to have a better understanding of this idea. Let's get started!! How to determine the trend or consolidation through the wave cycles and degrees. The trend moves in 3 different wave degrees:- For example , think of it like a multi-timeframe analysis. 1. Higher wave cycle (HWC) - This is a 1-month time frame trend. 2. Medium wave cycle (MWC) - This is a 1-day time frame trend. 3. Lower wave cycle (LWC) - This is 30 min time frame trend. So Without knowing which wave cycle is being traded one can encounter these problems:- 1. Inability to select consistent breakout levels. 2. Inability to select effective stop loss levels. 3. Inability to apply effective stop sizing. 4. Inability to distinguish between trend and consolidation mode. 5. Inability to determine the direction of the predominant trend. How can we eliminate these complications? 1. Consolidation and Trend Action in Terms of Wave Cycles and Degrees. A market may be both in trend and consolidation modes at the same time, depending on the wave cycle being observed. 2. We may also define breakouts via the degree of the wave cycles. Different degrees of waves help in determining whether a breakout will gonna be valid or not as a range formation near the higher wave cycle resistance zone will likely fail. In the above figure:- we have breakouts based on waves of lower, medium, and higher degrees. In other words, the breakout level will depend on the wave degree being traded. Being aware of the wave degree being traded will allow the trader to size the stop-loss effectively, according to the average wave amplitude and volatility associated with that particular wave degree. 3. Significance of higher wave degree reversals When big market trends change direction, it affects smaller trends as well. This is because all the smaller trends are part of the bigger trend. So, when the big trend changes, the smaller trends also change in the same direction. This is important to understand because it means that when you see a change in a big trend, it's a sign that many smaller trends are also changing. However, smaller trends changing doesn't necessarily mean the big trend will change too. Conclusion:- Always know which wave cycle you are trading and at what point you stand in that wave cycle. Note: In upcoming Ideas, we will cover how Waves are used in the Elliott Wave concept. I hope this short idea on trend or consolidation determination has added some knowledge and helped in improving your trading. please like and comment with your views on this idea. Keep learning, Happy trading. Thank you for reading.
Editors' picks
MCX:GOLD1!Education
by SANJAYPATIDAR_
6
GOLD TRADING PROBABILITIES Hello friends I am sharing the commodity Gold futures daily chart for educational purpose for that as we can see after hitting a All Time High of 61371 currently is is trading near a good support zone of 59600 and current price is 59800 so what are the coming probabilities in This security according to me I am sharing below. PROBABILITY ONE-: That is can touch to it's support near about 59600 and will give a bounce back from there and will hit a high near about to it's All time high or more to give a breakout there for new All time high. PROBABILITY TWO-: That is could break support and will reach in to it's demand zone area where we can see on chart that accumulation was happened before the breakout and All time highs too and there we can see that a new trading zone will formed where 59600 will act as a strong resistance because price will trade below support. Traders can use small time frame chart for early executions I am using daily chart for taking a view only By this chart we can understand how trading zones are formed and what are the correct time to Close a trade in profit or loss and identify the re-entries or fresh entries for buy or sell both. NOTE-: This is not and trade or investment advice. This idea is meant for learning only. Invest your capital at your own risk 𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
MCX:GOLD1!
by AMIT-RAJAN
4
[Newton] Ascending Channel ExampleWhen the price moves up between two trend lines, it is called an ascending channel. Note - One of the best forms of Price Action is to not try to predict at all. Instead of that, ACT on the price. So, this chart tells at "where" to act in "what direction. Unless it triggers, like, let's say the candle doesn't break the level which says "Buy if it breaks", You should not buy at all. ======= I use shorthands for my trades. "Positional" - means You can carry these positions and I do not see sharp volatility ahead. (I tally upcoming events and many small kinds of stuff to my own tiny capacity.) "Intraday" -means You must close this position at any cost by the end of the day. "Theta" , "Bounce" , "3BB" or "Entropy" - My own systems. ======= I won't personally follow any rules. If I "think" (It is never gut feel. It is always some reason.) the trade is wrong, I may take reverse trade. I may carry forward an intraday position. What is meant here - You shouldn't follow me because I may miss updating. You should follow the system I share. ======= Like - Always follow a stop loss. In the case of Intraday trades, it is mostly the "Day's High". In the case of Positional trades, it is mostly the previous swings. I do not use Stop Loss most of the time. But I manage my risk with options as I do most of the trades using derivatives. =======
MCX:GOLD1!
by Amit_Ghosh
MCX:GOLD Future AnalysisTrend Until May 2023 - In the short term, Gold may fall to 58,800 or 57,950 levels. Future Trend - In the long run, post-May' 23, Gold is expected to consolidate, and once again breakout above the previous highs. It can reach 63,000 to 64,000 levels. Technicals - The leading indicator RSI is trailing above 60 in Daily, Weekly, and Monthly charts, and MACD has a bullish crossover above the zero line on Weekly-Monthly charts. . . Follow me for more!
MCX:GOLD1!Long
by nilakshgupta