From Arthur - Snowrider, I have been thinking about your "trade the waves you count, and count the waves you trade". Say, today is the first day I trade in USD/JPY, what is the step you take to ascertain where you are to enable you to trade?
I assume that you are referring to the article "Count Grand Super Cycle Wave or Not?" that mentions:
1. To trade the timeframe that we count the wave, and
2. To count the wave on the timeframe that we trade.
If so, the following lists the steps that I might take to start a trade:
1. Decide what degree (or timeframe) of the wave that you want to trade. For example, if you want to trade wave-1,2,3,4,5,a,b,c etc., you won't worry about wave-I,II,III,IV,V,A,B,C. From the preferred wave count as of last weekend (08/11/2012), you knew that a wave-2 has completed and a explosive wave-3 was about to start. (To trade the timeframe that we count the wave.)
2. Enter the trade to buy USD/JPY (i.e., short sell JPY) on Sunday (or last Friday) to bet that the wave-1 was a correct assumption with Stop below wave-1 (very minimal risk).
3. The market has moved in favor of our assumption today, so we keep counting the wave by estimating wave-3's target and possibly wave-4 etc. (To count the wave on the timeframe that we trade.) Note that we don't worry about the wave moment of a higher degree timeframe because that is not our concern. Our concern is to finish the trade of what we are trading: wave-1,2,3,4,5!
Today:
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