Thread: Elliott Wave Trading Discussion

Originally Posted by Sean Hyman

While I don't deny that there are some "bad apples" on Wall St. just like in every profession...I think Wall St. is very misrepresented mostly by politicians but also by the media too.

They are the ones that help to put together the deals for bridges, schools, municipalities, ..taking stocks public, etc. They are the risk takers that have stuck their necks out and used capitalism to advance America overall.

Are there some abuses at times? Sure. But honestly, that's in every profession. So it's not the profession that's bad. Just my two cents from working on the inside of some firms for quite some time.

Growing up on Main Street and then later on working within Wall St...it's helped me to really get a better grasp on what's really true and what's been "fed to us" that they want us to believe about Wall St.

State's monetary power. I've disserted on this a couple of days ago. It's a political interest to prevent private actors to make money. States like having people under control. It likes people being fed by the media and in the constant need of money, not financiers.

Sorry, couldn't prevent myself from posting ^^

Originally Posted by AjsooOO

State's monetary power. I've disserted on this a couple of days ago. It's a political interest to prevent private actors to make money. States like having people under control. It likes people being fed by the media and in the constant need of money, not financiers.

Sorry, couldn't prevent myself from posting ^^

Originally Posted by thebacktestking

NEW YORK -- Goldman Sachs Group Inc was charged with fraud by the U.S. Securities and Exchange Commission over its marketing of a debt product tied to subprime mortgages that was designed to fail.

The lawsuit is the biggest crisis in years for Goldman, which emerged from the global financial crisis as Wall Street’s most influential bank.

It is also a huge test for Chief Executive Lloyd Blankfein, who has faced a firestorm of criticism over the bank’s pay and business practices. It comes as lawmakers in Washington debate sweeping reform of financial industry regulation.

Goldman shares fell as much as 15.6% and broader stock markets fell after the news.

The SEC alleged that Paulson & Co, a major hedge fund run by billionaire John Paulson, worked with Goldman in creating a collateralized debt obligation, and stood to benefit as its value fell, costing investors more than US$1-billion. That is roughly the amount that Paulson is estimated to have made by betting against the CDO.

///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////// //////////////////////////////
No none is going to jail ----


the Politicians that are grilling Goldman are all guilty of taking
contributions from Goldman and others on wall street

when this sherade is over
the Politicians will be taking contributions again from Goldman

and besides ,

these are civil charges , not criminal charges

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

Originally Posted by Sean Hyman

While I don't deny that there are some "bad apples" on Wall St. just like in every profession...I think Wall St. is very misrepresented mostly by politicians but also by the media too.

They are the ones that help to put together the deals for bridges, schools, municipalities, ..taking stocks public, etc. They are the risk takers that have stuck their necks out and used capitalism to advance America overall.

Are there some abuses at times? Sure. But honestly, that's in every profession. So it's not the profession that's bad. Just my two cents from working on the inside of some firms for quite some time.

Growing up on Main Street and then later on working within Wall St...it's helped me to really get a better grasp on what's really true and what's been "fed to us" that they want us to believe about Wall St.

Sean ,

Gambling on Wall Street --- is not like ---- Gambling in a Vegas Casino


////////////////////////////////////////////////////////////////////////////////////////////////////////////
in Vegas you know your odds .........
( the casino fully and openly discloses the odds to you )

on Wall Street you don't really know your odds
beacause it's as if the fund manager is inside the slot machine
tweaking the odds in his favor against you .........

and then charges you a Commission fee when it's all said and done

///////////////////////////////////////////////////////////////////////////////////////////////////////////

Eur/Usd

---------------------- ------
a work in progress

Originally Posted by Gizmo

Just going through some charts from EWI and found this one interesting. Mywavez theory (which does make sense to me) says we are in the same period as 1929 - 1938 so here is a comparison of the stock markets from then and now that EWI had put together. Mind you we have retraced more than before but I believe EWI stated we could still go a bit higher before we drop. I hope I don't get in trouble for posting this but a picture is worth a thousand words.

Larry Pesavento Larry Pesavento & Trading Tutor - Fibbonacci Ratios with Pattern Recognition :: Home thinks April 25 was a very important turn day for the markets, similar to March 2009.
Can You Trade Astro-Cycles? Larry Pesavento Sees A Turn Date This Weekend | Dominic Frisby | Stockopedia | Page 1

On another website I found that 2012 will be the year that we will start to get out of this mess. Which coincides with my 18.6 year business cycle theory hitting a low in 2009.

Originally Posted by marketwavez2

Sean ,

Gambling on Wall Street --- is not like ---- Gambling in a Vegas Casino


////////////////////////////////////////////////////////////////////////////////////////////////////////////
in Vegas you know your odds .........
( the casino fully and openly discloses the odds to you )

on Wall Street you don't really know your odds
beacause it's as if the fund manager is inside the slot machine
tweaking the odds in his favor against you .........

and then charges you a Commission fee when it's all said and done

///////////////////////////////////////////////////////////////////////////////////////////////////////////

You can look at the trend of a chart and know whether you've got a statistical edge or not. So I'd disagree.

In Vegas, you don't know what they've got those slots to pay out on. But there, the house always has an edge.

Wall St. is a needed function of society because it brings together those with the money and those needing stuff done. That's how IPOs come about. It's why you can buy ownership in a company...its how many schools, bridges, municipalities, etc. are partially funded, etc.

Gambling is not a need of any society.

However, it's amazing how so many people think that Wall St. is so evil...but they buy company stock..they have 401ks, IRAs...they speculate and trade in those "evil markets".

Unfortunately, too many have bought into the idea that politicians and the media have taught them.

Once you work on the inside, you know better than anyone. Just like anyone else knows their industry better than I ever would.

However, if you want to keep the same paradigm that Wall St. is evil, you can. I was just letting you know from working in stock & forex firms that, that's not the case.

There are "bad apples" in any and every industry. But the industry is needed.

Taking another look at the German DAX.
It looks like an impulse to me (in RED) on the hourly chart.

On the daily, notice a large bearish candlestick.

nice channel in the s&p

Originally Posted by Sean Hyman

You can look at the trend of a chart and know whether you've got a statistical edge or not. So I'd disagree.

In Vegas, you don't know what they've got those slots to pay out on. But there, the house always has an edge.

Wall St. is a needed function of society because it brings together those with the money and those needing stuff done. That's how IPOs come about. It's why you can buy ownership in a company...its how many schools, bridges, municipalities, etc. are partially funded, etc.

Gambling is not a need of any society.

However, it's amazing how so many people think that Wall St. is so evil...but they buy company stock..they have 401ks, IRAs...they speculate and trade in those "evil markets".

Unfortunately, too many have bought into the idea that politicians and the media have taught them.

Once you work on the inside, you know better than anyone. Just like anyone else knows their industry better than I ever would.

However, if you want to keep the same paradigm that Wall St. is evil, you can. I was just letting you know from working in stock & forex firms that, that's not the case.

There are "bad apples" in any and every industry. But the industry is needed.

Sean ,

every industry has " Bad Apples " as you say
i've got no argument there -

but we can't deny that Wall Street needs to be reformed
and needs new rules and regulation ...............


in the 1920's and 1930 's we didn't know any better ,

- there was no stock market crash prior to the 30's on that magnitude
for us to reference back when they went through it at the time back then
////////////////////////////////////////////////////////////////////////////////////
so , understanding that

it looks like the way Wall Street is set up right now
it's probably going to send us all deep in to the abyss


Wall Street basically needs to be revamped to be more
performance based without any conflict of interest


///////////////////////////////////////////////////////////////////////////////////////////////////////////

The problem on Wall Street i'sn't solely the " Bad Apples " that makes it an evil establishment

- the real problem with Wall Street is the business model of how Wall Street operates


//////////////////////////////////////////////////////////////////////////////////////////////////////////

Originally Posted by Sean Hyman

In Vegas, you don't know what they've got those slots to pay out on. But there, the house always has an edge.

Yep, but you still need a point to get out of the market. That's where most people lose.

Once you work on the inside, you know better than anyone. Just like anyone else knows their industry better than I ever would.

Okay, I'll bite.
You hire me and pay me mega money. Then I'll bet other people's money and lose a fortune (or two) and then you pay me a mega bonus from tax payers money. And in the mean time I still charge huge fees while losing other people's money. Sounds like a win win to me.

Last week I posted comparison charts of the long term down trends in both EUR/AUD and EUR/NZD --- In that post I showed EUR/NZD is due for a large push lower still as it continues to lag the EUR/AUD lower... A short trade in this pair will likely end up being one of the best trades of 2010... And I'm all over it

Price just keeps dropping like a rock month after month

There's not a buLL in site

Hey Guys,

Here's a long-term chart of USD/CHF that shows price testing the neckline of an inverse head and shoulders pattern and a W-X-Y rally in progress.

Originally Posted by Mywavez

Yep, but you still need a point to get out of the market. That's where most people lose.



Okay, I'll bite.
You hire me and pay me mega money. Then I'll bet other people's money and lose a fortune (or two) and then you pay me a mega bonus from tax payers money. And in the mean time I still charge huge fees while losing other people's money. Sounds like a win win to me.

Exits are easy for me. I just move my stop up periodically behind the market and continue to do that until eventually stopped out with the remaining profits. so that one doesn't bother me a bit.

Originally Posted by Sean Hyman

Exits are easy for me. I just move my stop up periodically behind the market and continue to do that until eventually stopped out with the remaining profits. so that one doesn't bother me a bit.

Exits are easy for me too. Mine are all mechanical exits at fixed price levels (i.e., +50, +100, +150...) I think making trading decisions while in a trade is a bad idea because it's most likely influenced by emotion, so having mechanical exits takes care of that problem and helps me stay objective while in a trade.

Here is an update to my long-term Elliott Wave possibilities for EUR/USD. Based on these counts, there is no clear direction for this pair at the moment. It could go either way. The complex correction could be complete now, or the (X) wave could still be in progress which means that interpretation is not giving a clear direction. Then with the other four counts, two call for price to rally at some point (diagonal rally & triangle) and the other two call for a continued decline (diagonal decline & flat).

My trading plan requires the majority of possible counts to indicate the same direction for future market paths, and since the long-term EUR/USD does not meet that requirement at the moment I'm out of this pair until it clears up. I'll be looking for a clear impulsive structure on a shorter time frame to indicate which counts are more probable.