Thread: Elliott Wave Trading Discussion

Originally Posted by Trading4cash

Hi there Gray,

As much as I understand where you are coming from, theory is one thing, experience is another...

Consider this:The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives

The rest about zigzags, flats, triangles and whatever else... although nice in theory and sometimes actualized on the charts is just bs.

I work within rules, Pretcher or whoever else can interpret the market as they see fit, how often are they right?

Thanks for pointing out the Blue A in my chart being of, you are correct that it should have come after 5.

Well with a reply like that it seems I wasted my time trying to help.

It looks like you have your own rules that are nothing like Elliott wave rules.

Thats great but answer this question for me: How do you expect anyone in here to possibly understand your charts that follow YOUR rules!!?

By the way you labeled those charts I, along with others, I suspect thought you were a complete novice and needed a helping hand.

Apparently not!!

Speak for yourself!

I'm not a novice when it comes to trading currencies or equities, 15= years under my belt and still going strong. If you want to box yourself within Prechters definition on what form corrective waves can take, be my guest. Your condescending undertones are childish at best. There are variant views on wave formations as first defined by Nelson Elliot. The world is not flat.

Originally Posted by Gray

Well with a reply like that it seems I wasted my time trying to help.

It looks like you have your own rules that are nothing like Elliott wave rules.

Thats great but answer this question for me: How do you expect anyone in here to possibly understand your charts that follow YOUR rules!!?

By the way you labeled those charts I, along with others, I suspect thought you were a complete novice and needed a helping hand.

Apparently not!!

Do you know what the word RULE means?

Familiarise yourself with the Wave principle rules. There's a big difference between RULES and GUIDELINES.

Don't be offended by my banter

Have a wonderful day!

Originally Posted by Gray

Well with a reply like that it seems I wasted my time trying to help.

It looks like you have your own rules that are nothing like Elliott wave rules.

Thats great but answer this question for me: How do you expect anyone in here to possibly understand your charts that follow YOUR rules!!?

By the way you labeled those charts I, along with others, I suspect thought you were a complete novice and needed a helping hand.

Apparently not!!

Originally Posted by Trading4cash

Hi there Gray,

As much as I understand where you are coming from, theory is one thing, experience is another...

Consider this:The single most important rule that can be gleaned from a study of the various corrective patterns is that corrections are never fives

The rest about zigzags, flats, triangles and whatever else... although nice in theory and sometimes actualized on the charts is just bs.

I work within rules, Pretcher or whoever else can interpret the market as they see fit, how often are they right?

Within rules, we can observe certain regular formations in the market like have previously been observed, i.e zigzags etc, but what happens in between. Does it mean every time we see a 5, 3 then what must follow is another 5? That is a preposterous assumption and hard to come by, what we know as a rule is corrections are in threes', period. Thereafter we deal with what is probable... that's where zigzags, triangles and flats fall, within what is probable.



Thanks for pointing out the Blue A in my chart being off, you are correct that it should have come after 5.

Hi Trading4cash,

I sent you a PM about your labeling also, but I didn't get a reply so you might have missed it. When you talk about corrections never being fives are you referring to complex corrections (which are normally labeled using WXY and Z)? Because if you are then I understand what you're trying to get at with your labeling, but your A would still need to be a 3 wave move (not a 5 as you have it). Here is a link to a video about labeling complex corrections if you don't know what I'm talking about.

Originally Posted by Trading4cash

Speak for yourself!

I'm not a novice when it comes to trading currencies or equities, 15= years under my belt and still going strong. If you want to box yourself within Prechters definition on what form corrective waves can take, be my guest. Your condescending undertones are childish at best. There are variant views on wave formations as first defined by Nelson Elliot. The world is not flat.

Condescending undertones...are you joking

You did not answer my question:
How do you expect us to understand your charts if you do not adhere to commonly accepted Elliott wave rules??

Second thoughts, don't bother...consider the matter closed.

Regards

Originally Posted by hunterboy

Hi, im new here. is it true that they will always fill up those gaps after a huge jump? cos saw some friends saying that eurusd will go up to 1.38 in short term (1-2days time).. do you think is true?

Gaps usually do get filled but that is not surprising considering if you just selected any random spot on a chart chances are price will come back to that price point at some stage in the near future. This is because market are only trending 30% of the time and are consolidating for the remaining 70%.

That said however if everyone expects a gaps to be filled than it becomes a self fulfilling prophecy. I think it is highly likely that the gap in the EUR/USD will be filled this week, however that does not mean the pair wont push higher first before falling back to close it.

Here is a link to some additional information about price gaps.

This is the H4 chart of EURGBP. SSD 5 3 3 and SSD 10 3 3 are overbought. Is the count valid? What do you think?

why did you bother responding, you're being silly.

I am adhering to Elliot wave RULES, it seems when faced with anything that tethers beyond your realm of comprehension you throw a tantrum.... go figure!

What are the Elliot wave RULES?

There is a big difference between a RULE and a GUIDELINE.

Originally Posted by Gray

Condescending undertones...are you joking

You did not answer my question:
How do you expect us to understand your charts if you do not adhere to commonly accepted Elliott wave rules??

Second thoughts, don't bother...consider the matter closed.

Regards

Originally Posted by Trading4cash

why did you bother responding, you're being silly.

I am adhering to Elliot wave RULES, it seems when faced with anything that tethers beyond your realm of comprehension you throw a tantrum.... go figure!

What are the Elliot wave RULES?

There is a big difference between a RULE and a GUIDELINE.

All this carry on for trying to help?...go figure that!

Can you show us all the section in the rules or guidelines that describes labeling such as yours?

Hi Jayrad,

Sample this scenario: You can see how this took us to 92.xx then 88.14

A WXYZ would have pointed to a different outcome

Originally Posted by Jayrad

Hi Trading4cash,

I sent you a PM about your labeling also, but I didn't get a reply so you might have missed it. When you talk about corrections never being fives are you referring to complex corrections (which are normally labeled using WXY and Z)? Because if you are then I understand what you're trying to get at with your labeling, but your A would still need to be a 3 wave move (not a 5 as you have it). Here is a link to a video about labeling complex corrections if you don't know what I'm talking about.

I'm still looking for a test of long term fibonacci support at 1.2651 --- It's very obvious price dropped far too quickly from the last high by 1.5000 and the market is now catching it's breath before another eventual push lower towards fibonacci support.. I'm sure most of the crowd out there must be clueless as to what's going on here in the bigger picture, but it looks pretty clear to me..

hey guys, stop arguing before it gets personal, every elliotician has unique style of labeling. some pairs respond very well to the count some of'em dont. thats why we dont trade just any pair. anyway, here are my daily, weekly and LT counts on usdjpy.

Originally Posted by Trading4cash

Hi Jayrad,

Sample this scenario: You can see how this took us to 92.xx then 88.14

A WXYZ would have pointed to a different outcome

That move looks like it could be a triple zig-zag, although my USD/JPY data on small time frames doesn't go back that far so I can't be sure. Even if that is incorrect there would definitely be a way to count it as a complex (WXYXZ) correction. The outcome is the same for both counts, the only difference is mine conforms to the standard convention that I and what I assume most others here have come to know as Elliott Wave Theory.

Anyway it is obvious that you are not receptive to our advice. Gray and I are only trying to help but if you don't want that then there is no point continuing this conversation. I guess we're just going to have to agree to disagree Good luck with your future trading.

Originally Posted by Trading4cash

Hi Jayrad,

Sample this scenario: You can see how this took us to 92.xx then 88.14

A WXYZ would have pointed to a different outcome

A wave C can never be 3 waves... what is this labeling?? It looks like incoherent gibberish to me.

Update to yesterday's EUR/AUD chart...falling as expected. So far, so good.