Thread: Elliott Wave Trading Discussion

Originally Posted by Sean Hyman

marketwavez2, is 0883 where you're thinking of getting long and 0962 where you'd target? Just trying to make sure I understand your numbers. Thanks.

Sean;

I am long since what I thought was wave 1 had completed this AM. However, it looks like wave 5 is underway and may go as high as 0936. Afterwards, the pull back should take it to at least the .5 and possibly the .618 or better fib. That would make an excellent entry for at least one more 5 up.

Who knows, it may be the start of a new up trend.

Good Luck.

Originally Posted by Sean Hyman

Just so I'm clear...are you saying that Prechter's service is crap and isn't that great? Just curious. I know you know EW, so respect your call on this.

Or are you just saying that what he does stops at the analysis point and doesn't delve into the actual trade he'd place based off of that?

He may not actually trade the markets. He may be like Neison on Candlesticks. They say he teaches it but doesn't trade real money with the patterns.

i didn say it was crap ...... i didnt say it wasnt great

What i said was there is no entry price given and no target price given
and
there is no result chart given after he gives the call

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please don't mis quote me ........

thanx

go and vist Pretchers Elliott waves thread in this very forum as i was telling you

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Originally Posted by marketwavez2

Sean .....

Sucessful trading is not about wave counts ,,,,,,,,,,
-and the trend is not always your friend



Successfull trading is about your ability to manage Risk
Successful trading is about your ability to manage Risk of the individual
trade set-ups that you decide to take ........... plain and simple ......
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Trading with Elliott Waves is a contrarian method of trading at its core

you must train your eye to see pull backs -- so called " corrections "


thats why you are to post as many charts as you can ,,,,, and Practice ,,,,, Practice ,,,,,,, Practice


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I agree with that. I use prudent money management and have successfully traded in stocks and currencies for over 16 years now and I'd never have been able to do it if it weren't for prudent money management. I agree. Because I will be wrong in some trades and when I am...I want to be wrong "a little" and "right, a lot" so that I can make great headway over time.

So through my knowledge of fundamentals and technicals and risk/money management, I've done that. But I'm also a constant learner because I know that I don't know it all and Elliott Waves are an area I haven't mastered but do believe in.

Personally, so far I've mainly trades pulled backs within trends (waves 2 and 4) within uptrends, etc. That way, I've been able to keep with the main trend/momentum and have high probability entry points into that trend.

Originally Posted by marketwavez2

i didn say it was crap ...... i didnt say it wasnt great

What i said there is no entry price given and no target price given
and
there is no result chart given after he gives the call

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


please dont mis quote me ........

thanx

marketwavez2, Oh no, not misquoting...endeavering to understand your comment properly. Thanks for the clarification and insights here. It all helps me in my growth in this area.

Originally Posted by aerocom

Sean;

I am long since what I thought was wave 1 had completed this AM. However, it looks like wave 5 is underway and may go as high as 0936. Afterwards, the pull back should take it to at least the .5 and possibly the .618 or better fib. That would make an excellent entry for at least one more 5 up.

Who knows, it may be the start of a new up trend.

Good Luck.

aerocom, thanks too for the insights. Much appreciated.

Originally Posted by Sean Hyman

I agree with that. I use prudent money management and have successfully traded in stocks and currencies for over 16 years now and I'd never have been able to do it if it weren't for prudent money management. I agree. Because I will be wrong in some trades and when I am...I want to be wrong "a little" and "right, a lot" so that I can make great headway over time.

So through my knowledge of fundamentals and technicals and risk/money management, I've done that. But I'm also a constant learner because I know that I don't know it all and Elliott Waves are an area I haven't mastered but do believe in.

Personally, so far I've mainly trades pulled backs within trends (waves 2 and 4) within uptrends, etc. That way, I've been able to keep with the main trend/momentum and have high probability entry points into that trend.

Sean ,

16 years is a long time :

Where did you get your trading education ?

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Originally Posted by marketwavez2

Sean , where did you get your trading education ?

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marketwavez2, ...from mentors and reading hundreds of books through the years. Learned technical analysis and fundamental analysis when I worked at Charles Schwab, back in the day.

Ran a technical analysis "call in" line for their active traders and million dollar+ clients.

Fundamentals came from books like Warren Buffett, Phillip Fisher, Ben Graham...Technicals came from books like John J. Murphy's Technical Analysis of the Futures Market and...another Intermarket Analysis.

Aside from tons of books over the years, its come from mentors that I've had in the fundamental and technical arena. Working in the business has put me in touch with some great guys that have taught me tons.

I'm a constant reader/researcher....avid learner. So most of it was self-taught through those books and listening closely to my mentors that had been in the markets for 20-35 years at the time. That helped to speed my learning curve "big time" and I'm grateful for that.

Hi guys;
Haven't been posting much lately.
Vacations; just got back.
Here is my take on GBPJPY

Originally Posted by Sean Hyman

marketwavez2, ...from mentors and reading hundreds of books through the years. Learned technical analysis and fundamental analysis when I worked at Charles Schwab, back in the day.

Ran a technical analysis "call in" line for their active traders and million dollar+ clients.

Fundamentals came from books like Warren Buffett, Phillip Fisher, Ben Graham...Technicals came from books like John J. Murphy's Technical Analysis of the Futures Market and...another Intermarket Analysis.

Aside from tons of books over the years, its come from mentors that I've had in the fundamental and technical arena. Working in the business has put me in touch with some great guys that have taught me tons.

I'm a constant reader/researcher....avid learner. So most of it was self-taught through those books and listening closely to my mentors that had been in the markets for 20-35 years at the time. That helped to speed my learning curve "big time" and I'm grateful for that.

Good .... that was along the lines of the answer i was looking for


You're not from Yale or Harvard -----------
or some fancy school out there

Your'e answre tells me that you are for real with real world experiences ......

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as for me i'm at Forex only a mere 3 years ........
before that ,
i traded Commodity Futures in the late 90's and lost it all listening to brokers
and their forecasts and reports ( i had an account with Lynd Waldock ) ..........

This is where my Trading eduction began ,,,,,, after loosing thousands of dollars

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Originally Posted by marketwavez2

Good .... that was along the lines of the answer i was looking for


You're not from Yale or Harvard -----------
or some fancy school out there

Your'e answre tells me that you are for real with real world experiences ......

---------------------------------------- ----------------------- ------------- ------------ -----------------
as for me i'm at Forex only a mere 3 years ........
before that ,
i traded Commodity Futures in the late 90's and lost it all listening to brokers
and their forecasts and reports ( i had an account with Lynd Waldock ) ..........

This is where my eduction began ,,,,,, after loosing thousands of dollars

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

marketwavez2, Yeah, I don't have a degree in it to impress everyone with. However, once the "degreed" guys get to FXCM with their Masters, etc.....then I undo what their professors taught them and teach them how it all "really" works.

But yes, it's actually worked out best that I had to "fend for myself" and seek out books and mentors, etc. I wholeheartedly agree.

So yeah, I'm not a stuffy Ivy Leaguer. hehe! Had to learn it all by reading, researching, listening ( to those that had been down the road much longer than myself) and then put money to work in order to "really" get the education.

Originally Posted by Sean Hyman

marketwavez2, Yeah, I don't have a degree in it to impress everyone with. However, once the "degreed" guys get to FXCM with their Masters, etc.....then I undo what their professors taught them and teach them how it all "really" works.

But yes, it's actually worked out best that I had to "fend for myself" and seek out books and mentors, etc. I wholeheartedly agree.

So yeah, I'm not a stuffy Ivy Leaguer. hehe! Had to learn it all by reading, researching, listening ( to those that had been down the road much longer than myself) and then put money to work in order to "really" get the education.

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

The best education comes from loosing your own money early on

- a proper trading education is not " free "

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Originally Posted by marketwavez2

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

The best education comes from loosing your own money early on

- a proper trading education is not " free "

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marketwavez2, I totally agree. That's when we "really" learn the most. So true.

Well, I'm packing it up for the night. See you tomorrow. Great chatting with you always...and thanks for the insights.

I don't know it all...and EW is one area I'm broadening out into. So thanks for continually offering up charts and helping us all (and that goes out to all of the other great contributors too that have been right by marketwavez side all this time too). Thanks everyone and have a great night.

Originally Posted by mike3gdc

right,you say "thats why i would look for a reversal pattern to fill the gap"

so when a gap occurs it is a great sign that market most likely tend to get back to fill the gap...?a strong reversal sign...?

is this the only "why" or they are other significances for gap occurance?

cheers mate!

thanks again...

Hey qsx,still waiting for your reply on "gap" in a chart?

Thanks,

Best,

Originally Posted by Big Mike

Hi guys;
Haven't been posting much lately.
Vacations; just got back.
Here is my take on GBPJPY

Hi Mike;

Good to see you back.

Good Luck.

Here's what I'm looking for in the $cad. I think wave 2 has completed. I also think money management is built into Elliott. That is if you anticipate. I'll be the first to admit that is sometimes tougher than others.

Anyway Long at 1.0803 stop 1.0715, below the bottom of anticipated wave 2.

Good Luck.