justy
I know much ---- because of my New York city experience
I'm in the financial capital of the world
how could this have nothing to do with my trading success ?
==================================== ==============
ive been at Forex about 3 years now
i studied many painful weekends in the huge bookstore in the World Trade Center
where there were many lectures and was trading futures pryor to that
when you go to work for a large financial institution
they are most interested in your track record and your Money Management rules and your college education of course
you see all these guys in this trading room ,,,,,,,
do yo u thin k that they are all trading off of charts ?
do you think they are all trading with the same Money Management rules ?
Hell , No ! ..........
Money Management style is the main thing that separate them all
---------------------------------------------------------------------- -----------
most of theses guys are ( NEWS TRADERS ) NOT ELLIOTITIANS
On another note :
i know that you are on the other side of the river
but many of the best traders that work in New York City
live in places like Hoboken and West New York
I iknow you have been to Hoboken ---- you know what's there
Last edited by marketwavez2; 07-22-2009 at 02:52 AM.
The dam USD just wont budge and even the intervention by the Swiss Bank can't even stir up a rally here in USDCHF... Just look at the long term chart... Price looks like its sitting on a cliff waiting to fall.... I think the only thing holding it together right now is the intervention by the swiss bank... Lets see how long they can fight the crowd that is pushing down very very hard.... I'm willing to bet not long enough ! It makes perect sense the swiss bank intervened exactly when they did... They see this move coming and they are going to try and fight it off to the bitter end....
Like Market recently said in here... The people even played music on the titanic while it was sinking... --//-- I think I hear the USD gasping for for it's last breath, and a violin in the distance.... ---
Things are deffinately getting interesting....
Personally I wonder just how low the buck will need to fall before the powers that be come out of the woodwork and declare the North American Union (U.S. / Canada / Mexico) the next union state with a whole new currency for the three countries combined... This was signed off on by all three countries years ago and was even announced on CNN by Lou Dobbs himself at the time... I believe the collapse of the buck will lead to the new Amero eventually.. It's only a matter of time...
are the highs for the year really in already like Neely is saying ?
see chart below ------------ YOU BE THE Judge
=====================================
marketwavez2,
I kinda agree with you. it's hard to believe that DJIA will make a new low by the end of this year. on the other hand s&p500 and djia are due for reversal and a wave "b" of 4 will begin. we'll see how strong it is. anyway, there is a possibility that wave A will have an expanded wave 5 and then... you know the drill
Your stop is too tight in my opinion... Although the top is likely already in place, for added safety you should be trailing your stop loss lower above the declining longer term trend line... Also keep in mind to leave a little additional space on your stop as well, the spread on this pair swings up to 20-30 pips wide at times...
Daily Chart --->
Let me rephrase that stop comment....I do have a stop at 86.10 but only incase something wild happens when I am not here. If we get a Heikin -Ashi close above that Doji I am out because it will be a breakout to the upside and the wave pattern up is probably not complete.
Also I was looking at the Weekly charts and do not like the looks of last weeks candle. If you look at it with a regular candle it looks like a Bullish Engulfing and wipes out the down trend of the last 3 weeks. If you look at it with Heikin - Ashi it is a Doji....Both trend changers.
I know Market gets a lot of flack because he won't explain his personal money management system to everyone. But hey, WTF. He gives us all the setups and he's leaving it up to us to figure out the rest. Sure it would be nice to have him do it all like entry, stop, lot size, etc. but you might as well get a manged account if that's what you're looking for.
I don't want to be his defense attorney in this but you know you're not going to get it all no matter how many times you ask. So why keep asking?
Yes, I'll admit I would like to have it all on a silver platter just like all the rest of you but that obviously isn't going to happen. Just take what you can get and be happy....
Market you are a serious trader and you deserve everyone's respect. Posting mythical counts and trading are two different animals. You obviously have mastered the real world of "trading".
Keep posting. I enjoy your material.
Totally agree.
To have a count and post it is one thing, to make a trade out of it is the second thing. And to be able to make profit is yet the next one step.
However.
You have to start from the beginning.
If you consider yourself to be an Elliotician, you _must_ be able to find, recognize and label the _correct_ waves.
This is the first, basic, fundamental level.
That is where everything begins for your.
So, one _must_ learn the correct, right way of making the Elliot Waves first.
Then comes the rest.
Ravno, it seems you always use fibo ratio to label the waves.
Which one is your priority, the wave structure or fibo ratio?
Just curious
That's a very good question...
You've noticed correctly. I personally use Fibo relations most (if not all) the time.
Actually, there are very good reasons to do that and the information, one gets while trying to apply Fibo Relations (extensions) is invaluable at times. But that was not the question...
You asked, what is my priority...
The short answer - the wave structure. Without the correct wave structure no Fibo relation make any sense.
Totally agree.
To have a count and post it is one thing, to make a trade out of it is the second thing. And to be able to make profit is yet the next one step.
However.
You have to start from the beginning.
If you consider yourself to be an Elliotician, you _must_ be able to find, recognize and label the _correct_ waves.
This is the first, basic, fundamental level.
That is where everything begins for your.
So, one _must_ learn the correct, right way of making the Elliot Waves first.
Then comes the rest.
the most important thing to understand ,
is that you are not going to be right on every call
trading is all about your Averages over time
no matter what wave count you think is there ,
the bottom line is that ,
you will Win some times and you will Lose sometimes
this is your first thing to know before what you are saying here , Ravno
just because the market moved against you, doesn't mean you had the wrong wave-count
............. that's why some people get discouraged ................................
Most traders don't really understand that trading is all about Averages
( it doesn't matter if you use Elliott Waves or not )
================================================= ===========
so thats why you should come back and post your result chart
and track your own personal averages and go back and study them on the weekends
Studying your own charts will become your best teacher ...... ever !
How can you get better if you don't review your own charts ?
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Originally Posted by marketwavez2 
