lesson is: NEVER SHORT THE MARKET IN AN UPWARD SPIRAL.
Wait for a clear top, confirmed by wave count and by price action and by technicals.
Originally Posted by aerocom
No problem. Jamie posted a chart with a perspective H&S pattern. He called 4835 as a possible stop point.
I entered yesterday at 11:30 at 1.4630. I raised my stop last night to 4862.
Another lesson. Don't raise stops.
Good Luck.
I got it this way,say EURUSD tops out at 1.4800,instead of calling the top a entered there,I learned the lesson to wait till it makes its 5 waves down,then again wait to make its ABC ,which it usually retraces 0.618 of 1 THEN get in!
it is just matter of PATIENCE,PATIENCE and some mental descipline!
however, we can also use these kind of posts as a sign of mass-sentiment.
think about it.
and tell me then what came to your mind
I very much hope that you and me are here this time next year or 2...To witness these realities we talked about happening before your very eyes...we need to open our eyes and get real...
Hello guys,
My 2nd target @ 0.8921 was hit, gain of 83 pips.
Total 75 pips gained, including the 45 pips lost on the short trade on this pair prior to going long!
PS: Decline below o.8724 is the first sign of completion of wave 5 of C!!!
Edwards,
Last edited by Edward16; 09-16-2009 at 05:24 AM.
Reason: spelling.
Aerocom;
i keep reading some CRAZY predictions, like Euro going to 1.75
to me, it is a sign that the top is near, because people talk stupid.
Similar, when oil was 145, many "experts" were tossing predictions like 200 and 250.
I don't need to tell you, what happened next. And it was totally expected.
Good Morning;
As I read the board, I am reminded of a lesson from "Reminiscence of a stock operator", never discuss an open trade. It will lead to doubt.
The trend line I am watching has been a turning point for the markets since 10-2000. The one Jamie posted yesterday goes back to the 1990's, was penetrated once up and once down.
It looks like wave 4 of 5 is underway and may have completed. We will see what wave 5 brings. Yes, I am likely to hit it again at the point where wave 5 exceeds the length of wave 3.
As I read the board, I am reminded of a lesson from "Reminiscence of a stock operator", never discuss an open trade. It will lead to doubt.
The trend line I am watching has been a turning point for the markets since 10-2000. The one Jamie posted yesterday goes back to the 1990's, was penetrated once up and once down.
It looks like wave 4 of 5 is underway and may have completed. We will see what wave 5 brings. Yes, I am likely to hit it again at the point where wave 5 exceeds the length of wave 3.
If I am wrong, there is always the retest.
Good Luck.
Morning!
Another qoute from the same book :
"There is nothing like losing all you have in the world for teaching you what not to do and when you know what not to do in order not to lose money,you begin to learn what to do in order to win.
Did you get that? You begin to learn!"
USDCAD starts to show some signs of life.
As a confirmation, USDCHF looks like it is going up, too.
The pattern looks complete, but, hey, who knows?
Anyway, we should keep an eye on them.
The trend might be changing RIGHT NOW
I agree that both bear watching. They both have huge potential. However, I thain the Loonie is undergoing a complex correction of wave 1 up that needs 1 more move down to complete. But, I don't think it will make a new low. Might be worth wading in with a stop below 78.6% or at least at 1.0617.
"There is nothing like losing all you have in the world for teaching you what not to do and when you know what not to do in order not to lose money,you begin to learn what to do in order to win.
Did you get that? You begin to learn!"
I have been there. Even though I knew better. When I think about it, I visualize the scene with the book seller. Our minds are truly fragile.
"There is nothing like losing all you have in the world for teaching you what not to do and when you know what not to do in order not to lose money,you begin to learn what to do in order to win.
Did you get that? You begin to learn!"
Mike3;
While you are waiting. Down load and read the ebook. There is a better way to play the diagonal than waiting for the B wave. Better as in lower risk to reward.
mike3gdc, I'm long gold and short the Russell 2000 because I hold this same view. Stock correction likely coming...when it does, gold will hold up better.
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mike3gdc, I'm long gold and short the Russell 2000 because I hold this same view. Stock correction likely coming...when it does, gold will hold up better.
I have been holding my breath recently! was nervous IF gold takes the Feb's high? as mister Prechter again,after DX bottom-out call will be under investigation! and it seems,like other markets has 2 more legs up so I think you made the right decision by going LONG but obviously it wont be sustainable as we EW folks believe she will begin her sell off soon...
ps: why you said,after equity sell off gold will hold up better?
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Originally Posted by Big Mike
I got it this way,say EURUSD tops out at 1.4800,instead of calling the top a entered there,I learned the lesson to wait till it makes its 5 waves down,then again wait to make its ABC ,which it usually retraces 0.618 of 1 THEN get in!
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