Thread: Elliott Wave Trading Discussion

Originally Posted by italm31

We Elliotticians need to stick together and stop the egos. Rough times ahead and were much strong united than divided. That being said."

wise words...the unity and humbleness...

Didnt have a new position today and closed my EURUSD short position which I opened 2 days ago with some litttle loss...OUT...waiting...!

lesson of day:

1.To follow the trend untill clear signs of reversal.you always can get in on a pull back.

2. To study about the traders biases...not sure yet but it seem they can VERY dengerous...
Dr. Van Tharp outlines in his "trade your way to financial freedom" 14 biases that affect how to trade a methodology successfuly.

3. WAITING and PATIENCE...stops overtrading.

4.knowing this Elliott forum is a bias.Knowing the EWP gives me a special and unique feeling of confident(or perhaps arrogannce) that sometimes blinds the objectivity...to work out this one...
everyone makes mistake...

Originally Posted by mike3gdc

lesson of day:

2. To study about the traders biases...not sure yet but it seem they can VERY dengerous...
Dr. Van Tharp outlines in his "trade your way to financial freedom" 14 biases that affect how to trade a methodology successfuly.

4. knowing Elliott forum is a bias.Knowing the EW gives a special and unique feeling that sometimes blinds the objectivity...be vigilant on this one...everyone makes mistake...

Would you care to elaborate on "bias" - basically, what are you saying here? In my view, everyone needs a bias to place a trade, though it should be flexible. In other words, never be married to your position.

Secondly, I'm not sure I understand your #4. This forum is full of different views, timeframes, and strategies. I've heard people comment on this before... sometimes there is "groupthink" but in general I call BS here. EW can give you probabilistic certainty through objective analysis, and many of the people here are very savy traders. There is nothing wrong with following them.

The bottom line is this: use good money management with your strategy and you can make money consistently over time, whether you're profitable on 90% of your trades or 10%.

And just a short comment on "trend" - understand that it is dependent upon the time frame you are watching.

Originally Posted by mike3gdc

wise words...the unity and humbleness...

Didnt have a new position today and closed my EURUSD short position which I opened 2 days ago with some litttle loss...OUT...waiting...!

lesson of day:

1.To follow the trend untill clear signs of reversal.you always can get in on a pull back.

2. To study about the traders biases...not sure yet but it seem they can VERY dengerous...
Dr. Van Tharp outlines in his "trade your way to financial freedom" 14 biases that affect how to trade a methodology successfuly.

3. WAITING and PATIENCE...stops overtrading.

4.knowing this Elliott forum is a bias.Knowing the EWP gives me a special and unique feeling of confident(or perhaps arrogannce) that sometimes blinds the objectivity...to work out this one...
everyone makes mistake...

Mike;

In regards to the EURO$, the bias is down. As Ilovepippins' chart shows, the EURO$ just completed wave 5 as an ending diagonal. The down move is a zigzag and wave b will either be shallow or will be deep retracing to the 61.8% of the initial down move. The next wave C will travel to at or near the low of wave 2.

I think in regards to the EURO$ and GBP$, marketwavezs targets are accurate and the EUR$ should be shorted. Fundamentally, the GBP$ is the weakest pair but has more risk then the EURO$ at this point.

Short with stop above 78.6% then be patient.

Good Luck.

If you guy's subscribe to the EWI Independent daily newsletter watch the video. At this link are 4 videos where Prechter makes predictions about the markets.

Seen and Heard - Elliott Wave International Press Room

Good Luck.

Appintime ,

Please see this video ............. about oscillators vs Elliott Waves

Forbes.com Video Network | Financial Adviser Network: Riding Elliott Waves

----------------------------- --------------------------------------- --------------------------------------------------

Originally Posted by marketwavez2

Appintime ,

Please see this video ............. about oscillators vs Elliott Waves

Forbes.com Video Network | Financial Adviser Network: Riding Elliott Waves

----------------------------- --------------------------------------- --------------------------------------------------

Hey Market,

Actually, the only indicator he referenced was the 200 day moving average. As for using oscillators in conjunction with EW, it works wonderfully if you know what you're looking for- i.e. divergence btwn the 3rd and 5th wave, stuck in OB/OS during a third wave, or a complete cycle OB to OS after the 1st and 2nd waves. Therefore, if you use them as a guide and not a crutch, they can be highly effective. Moreover, I think it is extremely important for individual traders to use whatever it is that makes them more effective at determining direction.

attempting a small short position here..
not sure if i am not early though.

stop is -21.

Originally Posted by apipintime

Hey Market,

Actually, the only indicator he referenced was the 200 day moving average. As for using oscillators in conjunction with EW, it works wonderfully if you know what you're looking for- i.e. divergence btwn the 3rd and 5th wave, stuck in OB/OS during a third wave, or a complete cycle OB to OS after the 1st and 2nd waves. Therefore, if you use them as a guide and not a crutch, they can be highly effective. Moreover, I think it is extremely important for individual traders to use whatever it is that makes them more effective at determining direction.

Hi apipintime,
I'm a little confused about your meaning of "....or a complete cycle OB to OS after the 1st and 2nd waves", could you kindly elaborate on it?
Cheers

Originally Posted by hnbe

Hi apipintime,
I'm a little confused about your meaning of "....or a complete cycle OB to OS after the 1st and 2nd waves", could you kindly elaborate on it?
Cheers

But I think it stands for OverBought and OverSold. I'm interested just like you in the elaboration?

Ayobro

Please, pippin comment? Everyone comment please!!!

Originally Posted by broyboy

Would you care to elaborate on "bias" - basically, what are you saying here? In my view, everyone needs a bias to place a trade, though it should be flexible. In other words, never be married to your position.

Secondly, I'm not sure I understand your #4. This forum is full of different views, timeframes, and strategies. I've heard people comment on this before... sometimes there is "groupthink" but in general I call BS here. EW can give you probabilistic certainty through objective analysis, and many of the people here are very savy traders. There is nothing wrong with following them.

The bottom line is this: use good money management with your strategy and you can make money consistently over time, whether you're profitable on 90% of your trades or 10%.

And just a short comment on "trend" - understand that it is dependent upon the time frame you are watching.

Hi Broyboy,due to lack of my technical knowlage of "bias" in trading,I'm afriad wont be able to elaborate on this however,I got to know a couple of my OWN psychological biases sofar!
such as I trade what I expect NOT what I see.or I go around EW communities to collect evidence to prove my count theory!
or I hear master Prechter is calling the major bottom in DX with this firm conviction,so for me who has respect for this man cos whatever I know from EW is from him so deep within me become assured and reluctant to be MORE objective.
That was Bob Prechter as an example,the tribe leader,I get some similair bias extract off this forum too.ofcaurse this is a my story everyone has different story.
as I mentioned before I am new to all this so I rather to be more of a observer...! the main reason I got out of my short EURUSD! for me NOW it is not about to make some bucks here and there but first to underestand what's going on!

Originally Posted by aerocom

Mike;

When dealing with money, don't subtract "1." In the example I used say your original cash was $1,000.00 and you lost $250.00 you would just multiply 750*1.33 to arrive at the approximate break even point (997.5)

Good Luck.

Got you...Cheers

I thinking one more high for C. 78.6 is right back at the trendline (around 4370 area)

Hey Guys,

I've got a favor to ask of anyone who has their copy of Prechter's EWP book handy...

I'm trying to find out what the relationship between peak volume in wave-5 is compared to that in wave-3. Specifically, I'd like to know if the book says volume in wave-5 must be less than that in wave-3 or that it should/typically be less than the peak volume in wave-3.

I lent my book to a friend who has left and taken it with him to the other side of the world, so obviously I can't look for myself. Any help would be appreciated.

Thanks,
Justin

Stocks still rising even with head lines like this?
Toxic Loans Topping 5% May Push 150 Banks to Point of No Return - Bloomberg.com

Originally Posted by justy10125

Hey Guys,

I've got a favor to ask of anyone who has their copy of Prechter's EWP book handy...

I'm trying to find out what the relationship between peak volume in wave-5 is compared to that in wave-3. Specifically, I'd like to know if the book says volume in wave-5 must be less than that in wave-3 or that it should/typically be less than the peak volume in wave-3.

I lent my book to a friend who has left and taken it with him to the other side of the world, so obviously I can't look for myself. Any help would be appreciated.

Thanks,
Justin

That is correct. Page 76 says that in a normal wave pattern wave 5 has less volume than wave 3.

Exact words are:" Tends to be less..."

There are other interesting notes on volume, such as triangles tend to come down in volume as they progress and turning points are often on low volume.

Outside of Elliott I know that trendlines, support and resistance lines are often broken on low volume.

Anyway, good trading! If you need anything else, let me know!