Hello everyone..as promised, I will share with you an occasional trade that was sent to the members of the exclusive club. On 3rd January I had recommended trying long EURUSD around 1.3110 with a 30 pip stop, I was betting that we will get a fifth wave type recovery, notwithstanding the fact that there were negative divergences in the daily chart. The support at 1.3080 held for a few hours, and the currency pair bounced around a bit. But eventually it gave way and went all the down to 1.2998. So yes, we had taken a small loss there. I am mentioning this here so you realize that WaveTimes is very transparent. We never trade with a rear-view mirror! Our aim is to capture a good move while keeping losses under control. I had also sent to the members the first chart below, suggesting that Gold will experience weakness from around 1690 and head to 1630. Take a look.
And sure enough, after a brief struggle above 1690, it came off quite aggressively to 1627. Here is the current chart of Gold.
I have recently posted a trade idea covering an Indian stock. (By the way, I now have a direct bank transfer option for members from India). This year promises to be exciting. Our mission is to be alert to low-risk trades. The key to success lies in taking signals whenever they show up. Some will work, some will fail. But those that succeed will work very well, and more than offset the setbacks. There are few approaches that work as well as Elliott Waves. Combine that with sound money management, and you have an edge that is invaluable. All the best in 2013.
10 Comments
Ramki,
Thank you. SOUND MONEY MANAGEMENT. If you buy in on wave 3. Do you ride through wave 4 or sell and get back on at the completion of the correction? “SOUND MONEY MANAGEMENT”, the perfect title for your next book as I and others, I’m sure, would love your thoughts on the subject.
HI John, Thank you for your comments. For most traders, it is very hard to practice money management, because we get emotional (anxious is a better word) about our open trades. So we end up buying too soon, or selling at the wrong time. Sometimes, we sell too soon because we are anxious not to let the tiny profit we already have slip away. At other times, we sell almost precisely at the point where we should have waited and bought! I plead guilty to all these actions at different points in my trading career, and occasionally do it even now. It is inescapable human personality. However, the least we can do is to be patient about WHERE we should first enter the market. If we recognize wave 3, then we should wait for wave 4 to commence, and figure out the end points. Then we should buy in stages at all possible end points. Sometime, the market will turn too soon and leave us behind. We shouldn’t chase the trade in these instances. While the market is the master, we need not be slaves to our emotions. Let us resolve, then, that we will only take action at levels which we determine in advance. If the market doesn’t oblige us, we are willing to sit it out! This small piece of advice may not figure in my second book, because I really don’t know when I will bring that out! But you have it already if you have read this response. Enjoy.
sir
I want to join for paid services. give details.
HI Salim, The paid service is not for all. It is meant only for traders who are trading relatively large size, and who are willing to take risks and face occasional losses. Please visit http://www.wavetimes.net and you will find some links there. Read carefully and if you think you fit the profile, you are welcome to join our club.
Dear Ramki
Best wishes to you and your family for 2013. Many thanks for all your articles over the past year, they are honest and unbiased and all your hard work is much appreciated. I would be most grateful for if you could share your long term counts for Barclays and Vodafone, both stocks look if they could have an interesting year.
Jg, thanks for the message
someone is posting ure charts for their own merit. just came across thought of informing u. no due credit has been given to u for the same.
(link removed)
Darshan, thanks but he is not the first one! But as long as there are alert people like you such copy cats will not last long
Hi Ramki
Thank you for sharing your experience. I learn a lot from this blog, and still learning. Using one wave characteristic and apply it into real account, so far working 100% for me, again and again and again.
Amazing!
Irfan, congratulations and welcome to the club