USDJPY

Hi Jackozy

FWIW, my overal view on the EWT is it is very subjective. Your posts and knowledge have provided great guidance but as i have been told before on chartsview 'you should do what suits you'. Due to the subjective nature i use it only as guidance, excellent guidance. Therefore the EWT is not set in stone for me with regards to FX.

When it comes to the 'Wave Theory' I have tended not to look at a 'FAKEY' as a major concern in the grand scheme of the overlap. I have researched and concentrated more on the consolidation of the price around these important areas. The 4hr chart consolidation has taken place above the top of wave 1. BUT..... my research has been nowhere near the depth as yours Jackozy, this is what i am stumbling across though.

Just my twopenneth and would be greatful for any analysis/teachings from you
Regards RMc

Rossy you are right to mention the 4 hour chart, this is the time frame that many folk know of but dont use correctly. The 4 hour chart is your stong entry and exit point, it is very unusual not to get some sort of indication or PA on this time frame.

Once you have your trend (daily), use the 4 hour to enter on your pullbacks. REMEMBER....there is no rush to get in, if you are unsure just ask on here if you need a second opinion. The biggest plus to the 4 hour is your stop levels are normaly quite tight compared to your target price.

If you want to trade trying to use FAKEY`S make sure you get confirmation. KI.

Thanks fellas.

I agree about the subjectivity of EWT and that it's best used as a guide for context. I think we'd all agree that you can't trade using EWT alone. I'm not bad on the rules and guidelines but the application is rather different...

I also agree re using a lower timeframe for entries and exits. I tend to use the hourly but do occasionally use 4H. I also have a look at the higher timeframe just to see if there's anything I've missed eg important long term trendlines not apparent on the daily.

Cheers.

Not looking to bad at the mo. KI.

clip2net.com/s/2vg1Z

KI wrote: clip2net.com/s/2vg1Z

Already took the points at the 23fib as you pointed out.
Will await the next bit of price action around a fib.

RMc