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By tradinglounge · Posted
Elliott Wave Analysis TradingLounge Daily Chart, Cadarno/ U.S. dollar(ADAUSD) ADAUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Flat Position: Wave C Direction Next higher Degrees: wave (II) of Impulse Wave Cancel invalid level: Details: Wave II Is equal to 61.8% of Wave I at 0.358 Cadarno/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend. Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, Cadarno/ U.S. dollar(ADAUSD) ADAUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave 4 Direction Next higher Degrees: wave C of Flat Wave Cancel invalid level: Details: A short-term pullback in wave 4 before falling again in wave 5. Cardano/ U.S. dollar(ADAUSD)Trading Strategy: The second wave correction in the Expanded Flat pattern, where we are in the middle of a decline in Wave C, will have five extended internal sub-waves. But we still have one more decline left for Wave C to complete. So wait for the correction to complete to rejoin the trend. Cardano/ U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a Dow trend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here! -
Longed with a lower lev🤞..
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Question
Guest Luke-D
Hi guys. I've got some really basic questions which, after some quick searching, I haven't found the answer to. Every where it's explained seems to presuppose prior or additional knowledge that I'm missing, so please bare with me as I ask really simple questions, or point me to a really, really, take-nothing-for-granted explanation!
I've learned the basics of risk and money management, analysis, and have a simple system I'd like to test in a demo account.
Now it's time to figure out the mechanics of placing trades and punching in the right numbers.
I'm using IG's Workspace. I've started with 9,059 GBP. Now, let's say that I want to place a trade, on, say, USD/JPY and "Buy" at x10 leverage, with a stop loss of 1% my account (90GBP). Alright, let's figure this out:
Firstly, I see three options:
Deal, Order, Alert.
"Deal" seems to be what I want, for placing a regular trade. Correct me if I'm wrong.
Under the "Deal" tab, I've got three options: Size, Stop, and Limit.
For the yen, Size is given in terms of "contracts," where 1 contract = 1000 yen per point. Okay, so I guess I can buy a 10,000 yen position which is equal to 10 points. Am I correct so far?
Now, is this position leveraged? What leverage am I using, and where is that displayed? Is that leverage factored into this price? Also, how do I know how much I am paying for the contract in GBP? Also, how much is "1 point" on the chart? How can I confirm that I have the right values before placing a trade?
I've watched this video, and it explains none of this: https://www.youtube.com/watch?v=dtodgGPczxU&list=PLOGjoJXp0cmpVNwvNbeAWnH_nu2RaLv4q&index=2
What am I missing?
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