As I mentioned before, I am trading from Jakarta, Indonesia for the next couple of weeks. Here is to show you my offsite office setup. Keep it simple. 🙂 Man, I miss my LCD screens back in Melbourne….
Basics of Elliott Wave Analysis
Coincidently, after I posted the reading materials about Elliot wave analysis, folks at EWI is releasing Basic of Elliot Wave Tutorial. Again, this is absolutely free, and the tutorial consists of 10 lessons.
Here’s is what you’ll learn from the tutorial:
- What the basic Elliot wave progression looks like
- Difference between impulsive and corrective waves
- how to estimate the length of waves
- How Fibonacci numbers fit into wave analysis
- Practical application tips for the method
I thought it is good to go back to the basic, understand the foundation, maybe you might find EW fits your trading. Check it out and enjoy the waves 🙂
Reading material: Hidden Divergence
Here is another article I found on scribd.com I thought it is worth reading. Hidden Divergence.
Just as classic divergence does not appear on every price chart, so it is with hidden divergence. But when they do appear, they are worthy of attention. The trick is to train your eye to recognize one when it presents itself.
Again, I am not the publisher of this article, but using the sharing functionality provided by scribd.com.
Enjoy!
Forex
Trade of the day 07 July 2010: $USDCAD short
I was going short of USDCAD and long AUDUSD, however, Aussie order was not filled, missed the move. Dang. Anyway, I thought USDCAD trade was beautiful, and is worth sharing here. I went short after price reached the resistance level. In other words, I was waiting for the pull back to complete and the sell off to resume. I have two profit targets completed, and one still trailing. Looking at 1.05 as target now.
Here is the CHART
Video: The Day Trader
This is not new, some of my readers might have already watched it before. I thought the interview is interesting. And, man, I like his office setup 🙂
Reading materials: Elliot Wave
I recently become a fan of Scribd.com. There are some really good reading materials contributed by the community. I have filled my Amazon Kindle
Here is one about Elliot wave theory. While, I am not EW practitioner, I do read about their theory. It is good to have understanding about different trading style. Anyway, I need to clarify that I am not the publisher of this book, but just using the sharing functionality provided by Scribd.com.
Elliot Wave Course
In addition, To learn more about Elliot wave, you might want to check out the free reports The ultimate technical analysis handbook and How to use bar patterns to spot trade setup by EWI
