eWH has had a fairly significant overhaul of the code to make it less processor-heavy and to avoid conflicts with other indicators. If you already have eWH you can get the latest version from the download page.
Some eWH users have caught very nice W4 TLBs in the last couple of weeks (as explained in the course module). Thank you for your nice emails from around the world, they are much appreciated.
Check out this one on GBPUSD H1 - : if you had just set a TP for TZ1, you would have got about 220 pips for less than 50 pips risk. If you missed first entry there was a second chance to get in the next day.
I received an email from an eWH user in Japan today, asking how he can get alerts when price breaks a manually drawn TL. It's simple ...
If you hover your mouse over the TLs button you get pop-up text that tells you what you need to do but in short: -
Another tip - the CLEAN button deletes all objects that weren't created by eWH, except for buttons (to cater for the Advanced Trade Manager). However, if you don't want some objects deleted, just give them a name beginning with "eW"..
I hope next week is even more successful for you all.
Every year in the UK, numerous farms open their fields for the public to pick their own strawberries – probably happens in many other countries as well– with signs outside: “PYO Strawberries”. It’s quite a good business model: rather than employ farm workers to pick the fruit, invite the customer to do it for themselves.
The customers decide before hand what they need, grab a basket or two, survey the field and set about picking the strawberries that are at the perfect ripeness – not too ripe mind you - discretely eating a few free fresh ones along the way. It’s a simple job: check a plant, if no strawberries move to the next; if strawberries meet the quality criteria then pick. When done picking, the picker pays by the punnet and returns home content. They don’t attempt to take every strawberry in the field home with them and didn’t once get upset for passing a plant that didn’t have fruit that met their requirements, even if there was nice fruit hidden away.
Successful Forex trading is like PYO strawberries. Rather than paying professionals to trade your money, you do it yourself. Using the simplest possible method, you seek out the nicest looking trades, take as much you need and move on. You wouldn’t feel bad for leaving a field full of good strawberries behind or if you dropped a few along the way; so, you shouldn’t feel bad for not getting the whole of a move that you’ve traded, or even missing out on some trades.
Retail traders often struggle with leaving the fruit behind; they feel they must take every trade on offer and get every single pip (there’s the strawberry link again) of a trade; rather than just look for the best trades and be happy with a nice return. Instead of congratulating themselves for a trade well-executed according to their rules (regardless of outcome) they berate themselves for not doing better by getting all of a good move or winning all of the trades on offer; heaven forbid they should ever lose some trades. The result: more losing trades, lost faith in the method and more time spent wandering aimlessly around the field looking for the best way to pick the fruit. On the other hand, the wise seasoned traders, with a simple and consistent approach, have congratulated themselves for a job well-done and gone home happy - they don't care if they didn't get as much as someone else..
Trading is about making a profit – that’s the sole reason we do this. You don’t need much to achieve that goal: a trading plan for a simple system, realistic goals for returns and a good splash of discipline.
Pick your own strawberries and enjoy them; there will be more to pick tomorrow.
A bread-and-butter way of trading with eWH is the Wave 4 Trendline Break (W4 TLB), We see some great examples across all timeframes every week and this week was no exception - just check USDJPY M15 on the 4th of January: offering over 200 pips.
I'm creating a course on trading with eWH (which I hope to complete in less time that it took me to code it) and since W4 TLBs are such a big feature, thought it might be a good idea to add the module on it as a freebie with all eWH licence purchases.
For those of you who already have eWH, you can view the W4 TLB module on the same page as the manual (link from the eWH download page) . It's short and to the point - no need to make these things complicated - but with a few examples from this past week, to help you realise just how powerful a setup it can be.