[quote=chiknthief;6397579]
Wave 5 is in already.
Wave 5 is in already.
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DislikedI suppose there are different ways to use momentum. I'm not going to say whats right or wrong. What I look for is divergence only - when prices go to new highs and momentum doesn't match PA with a new high of its own (not confirming new high prices). Just the reverse at market bottoms.
Here's another divergence - the AUD/USD (forex) made a higher high on the week beginning 1/06 surpassing the high on the week beginning 12/09, then on the weekly futures chart week 1/06 failed to reach the high of week 12/09.Ignored
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Well, I would, however, wave four pierces through wave one. Just based on that alone, I don't see how any wave count would work.Ignored
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Well, I would, however, wave four pierces through wave one. Just based on that alone, I don't see how any wave count would work.Ignored
DislikedI think Harmonic patterns ABCD Gartley,Bat,butterfly are lot easier to spot and less subjective then EW
Problem with EW is that no 2 people can agree on it hence it becomes cloudy.
Currently I am studying harmonic patterns and it is real eye opener for me.
Free Ebook by Carney here
http://www.harmonictrader.com/htpdfdld.htmIgnored
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Buy on my interpretation nothing gets pierced until AFTER wave (5) was complete.Ignored
DislikedDavit, although I understand your consternation and reticence to accept EWP, please realize that harmonic trading is a derivative of EWP. Both are harmonic and symmetrical ways of understanding and predicting the market which rely on Fib ratios.
For example, and ab=cd buy pattern or ab=cd sell pattern is nothing more than an abc correction.
A three drives sell pattern is often a 5 wave advance.
A butterfly is often just a 5 wave advance followed by a correction.
Although harmonic patterns may be easier to spot than achieving an accurate...Ignored
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Buy on my interpretation nothing gets pierced until AFTER wave (5) was complete.Ignored
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How you define one, I can see a few waves being defined where wave three would be for you. I don't see consistency, I guess. Something's just off.Ignored
DislikedDavit, although I understand your consternation and reticence to accept EWP, please realize that harmonic trading is a derivative of EWP. Both are harmonic and symmetrical ways of understanding and predicting the market which rely on Fib ratios.
For example, and ab=cd buy pattern or ab=cd sell pattern is nothing more than an abc correction.
A three drives sell pattern is often a 5 wave advance.
A butterfly is often just a 5 wave advance followed by a correction.
Although harmonic patterns may be easier to spot than achieving an accurate...Ignored
DislikedI agree with you that Harmonic patterns are related to EW but its easier for me to spot Gartley patterns on their terms.
Like I said in my previous post I am yet to find a profitable EW trader that does not have 10 other indicators on their charts which makes me doubt their sincerity of trigger reasons.Was it a wave 5? or RSI was above 80.
DB has Bollinger bands if I am not mistaken on his charts and makes me think why bother if EW is his primary weapon.Ignored
DislikedI agree with you that Harmonic patterns are related to EW but its easier for me to spot Gartley patterns on their terms.
Like I said in my previous post I am yet to find a profitable EW trader that does not have 10 other indicators on their charts which makes me doubt their sincerity of trigger reasons.Was it a wave 5? or RSI was above 80.
DB has Bollinger bands if I am not mistaken on his charts and makes me think why bother if EW is his primary weapon.Ignored
DislikedThe PIG market
The PIG chart looks quite a lot like the aussie chart. If you get tired of trading the aussie you can trade PIGS instead. Which way will this market go from here ? DB - whats the EWC forecast on PIGS ???Ignored
DislikedNeed more readings on weekly, daily and H4 to determine the EWC. your current chart is too narrow to get any meaningful reading.Ignored