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  • #1,141
  • Nov 20, 2006 11:58am Nov 20, 2006 11:58am
fixme1too,

Oh come on...for a fact I would like to state that your sharings and insights on Elliott and the proper way in using the fibonacci have given me valuable knowledge this past few days.....to gauge where the currency I'm trading is headed. Before coming across your thread I was totally oblivious to the fact that I needed to know more than just the basics to have a more systematic trade.

I for want would like to thank you for all your efforts as I have gained so much in so little time........It would be great if you just take their comments as constructive criticism, and the bottomline is your satisfaction in sharing with all of us, experienced traders or not.

I would like to take my hat off (if I was wearing one) to you for all your kind efforts.
  • #1,142
  • Nov 20, 2006 12:21pm Nov 20, 2006 12:21pm
It is a sad sad day when Fixme, who obviously has a huge following desides to throw in the towel in disgust due to some whom all they have given is negativety and un-constructive cristicism with no appreciation for the efforts put forth from Fixme. I for one do not blame him for his decision. Fixme has done more for traders here than 90% of thread starters, he unselfishly promoted EW theory, even if it is his version of it, never proclaiming to be an expert but to develop a "Team" of traders serious about learning and improving, all contributing positively. Many have done just that, unfortunately in an open forum you will always have some who find more appreciation for tearing down ones work than building their own success, strange but true! For those who are positive, constructive, supportive, appreciative, serious, and most importantly, mature, Fixme has given you an open invitation to conference with him, except now he decides who is invited. I hope those that fit that description join him. I believe from my experience and conferences with Fixme, he has a lot to offer, he is a good trader, and more importantly a giving and good person.

Rather than arguing and negatively critisizing ones efforts, the negative critics should just shut up, move on, start your own thread, don't take the trade recommendations, and don't follow the thread. Ask yourself, what good am I doing by putting someone's technique down.

Fixme, I wish you all the best brother. Keep your chin up, keep giving, and I for one will periodically join you and your team on the invite only web conference.

Salute,
Northpro
  • #1,143
  • Nov 20, 2006 12:36pm Nov 20, 2006 12:36pm
well said, northpro...

thanks for the info fix...

29340...



Quoting Northpro
It is a sad sad day when Fixme, who obviously has a huge following desides to throw in the towel in disgust due to some whom all they have given is negativety and un-constructive cristicism with no appreciation for the efforts put forth from Fixme. I for one do not blame him for his decision. Fixme has done more for traders here than 90% of thread starters, he unselfishly promoted EW theory, even if it is his version of it, never proclaiming to be an expert but to develop a "Team" of traders serious about learning and improving, all contributing positively. Many have done just that, unfortunately in an open forum you will always have some who find more appreciation for tearing down ones work than building their own success, strange but true! For those who are positive, constructive, supportive, appreciative, serious, and most importantly, mature, Fixme has given you an open invitation to conference with him, except now he decides who is invited. I hope those that fit that description join him. I believe from my experience and conferences with Fixme, he has a lot to offer, he is a good trader, and more importantly a giving and good person.

Rather than arguing and negatively critisizing ones efforts, the negative critics should just shut up, move on, start your own thread, don't take the trade recommendations, and don't follow the thread. Ask yourself, what good am I doing by putting someone's technique down.

Fixme, I wish you all the best brother. Keep your chin up, keep giving, and I for one will periodically join you and your team on the invite only web conference.

Salute,
Northpro
  • #1,144
  • Nov 20, 2006 12:41pm Nov 20, 2006 12:41pm
Northpro,

you took everything out of my mouth. Well written. Fixme,thank you so much for your effort and for all the pips(good tips for them).
  • #1,145
  • Nov 20, 2006 1:00pm Nov 20, 2006 1:00pm
Hey, FixMe1Too, some people have different viewpoints. That's to be expected. Don't let it bother you. It's good. They hold them sincerely, just like we all do. Some people have different approaches to EW. Others reject it vociferously. (Like Jacko, who is sometimes on my case.) I know how it feels to be seemingly attacked, but these people who see things differently probably don't hate anyone, they just see things differently and want to put in their two cents (or two pips) worth.

I personally think it's counterproductive to count Elliott Waves from the perspective of strictly adhering to the wave rules, because I KNOW that the market frequently bends the rules, while it pretty much ALWAYS sticks to the basic rythmns of the EW design pattern.

So there are two ways to work with EW Theory:

One is to look for rule compliant patterns, and only to trade them, and to expect the future movements to always comply with the rules.

The other approach is to know that the market pretty much always follows the basic design pattern, but the ratios of the legs varies considerably, and frequently deviates from the rules. Knowing the norm, but also the types of variations, one may analyse and interpret almost all wave patterns using the second approach, not just the occasional few which strictly conform to the rules. This second approach requires more experience, insight and flexibility. But in time, as FixMe1Too says, one can gain familiarity with a currency pair and its idiocyncracies, and then develop a specialised Wave Theory for that pair on the time frame that interests you.

It has been frequently stated that Elliott Wave Theory requires adjustments for the Forex Market. Can anyone comment on this idea please?
  • #1,146
  • Nov 20, 2006 1:09pm Nov 20, 2006 1:09pm
good points I appreciate all the info on this thread im not knocking anyone but I would just like to state in my opinion elliot wave has some predictive value as far as figuring out which wave ur in and positioning urself accordingly however it seems to be more apparent after the fact the wave count always looks more clear with hindsight than when price is actually unfolding also you dont always have a perfect elliot wave setup, supposedly if any of the rules dont conform IE wave 3 not being shortest and wave 2 not retracing more than wave 1 and wave 4 not overlapping ect ect.. u have to have these rules u cant bend them to fit a system not saying this is what this thread is doing, I dont know... Elliot wave can be very subjective, ur wave 3 might be my wave 5 and so on, simple breaks of support or resistance seem to me to be more consistent price action formats to follow as well as fib retracements id have to study elliot wave theory for quite a while before i could use it successfully not saying others are not...
  • #1,147
  • Edited 1:55pm Nov 20, 2006 1:37pm | Edited 1:55pm
Yes, Elliott Wave patterns are easier to recognise after they are fully formed. But even correctly counting all the waves on all timeframes after the fact is a very challenging skill. This could take years to perfect, depending on one's level of dedication, practise, intelligence and the methods one is employing.

After one has learnt to recognise and count waves accurately after they are already formed, then one can begin to master the skill of recognising and understanding them BEFORE they are complete. Like any complex skills, some people will be better at this than others. And some theories and approaches will be more successful than others.

Beware heeding the council of the ignorant and inexperienced, especially on matters of great import.

I will share an important observation.

When a market is trending, then the ratio of the waves changes as compared to a non-trending market. When the market is trending strongly, then the retracements are smaller than usual in proportion to the impulse waves. Also, there is a near certainty of extended waves, usually but not always the third wave. When the market is trending moderately, then the waves approximately conform to the rules, but not exactly. When the market is not trending, then the rules are not followed. The second wave will usually return to the starting point of the first wave, and the third wave may not go much further than the first wave. The fourth wave may go almost back to the beginning of the first wave. And the fifth wave may not even make it as far as the end of the third wave.

When the price has reached a major barrier and needs to reverse, or a strong news release changes the direction, before a proper wave pattern has unfolded, frequently the third and fifth waves become quite small, and the ratios can become totally distorted. But the wave will pretty much always play itself out before the reversal takes place, even if it is very distorted and stunted.

All a person has to do is to look at any chart on any currency pair on any time frame to view examples of what I said above. This is what the market is doing. This is not a matter of opinion. It is an empirical fact.

Theories are only useful insofar as they conform to reality. If a theory conforms to reality, then it is useful. If it doesn't, it is merely a mental abstraction with no practical value. What I know about Elliott Wave theory is based on what I have observed the market actually do on a regular basis. The price patterns conform to the basic design as illustrated by the attached diagram about 98% of the time. But where "the rules" are concerned, which describe the relative size of the waves, the market only conforms to them perfectly a small percentage of the time.
Attached Image
  • #1,148
  • Nov 20, 2006 4:26pm Nov 20, 2006 4:26pm
You would think people are paying for these trade calls. It's all free and you have the choice to TAKE IT OR LEAVE IT!!!!! And unless all those who are complaining are starting their own thread with something better then in my humble opinion go rag on someone else's thread. UNFREAKIN believable.....
AJA
  • #1,149
  • Nov 20, 2006 4:40pm Nov 20, 2006 4:40pm
Itme,

Maybe you can clarify the last paragraph, especially:

"The price patterns conform to the basic design as illustrated by the attached diagram about 98% of the time. But where "the rules" are concerned, which describe the relative size of the waves, the market only conforms to them perfectly a small percentage of the time."

Do you mean when a proper EW develops then it conforms 98% of the time?

Because as I posted previously EW has been shown to only happen on average about 50% of the time in any one market regardless of the time frame looked at. Now maybe that is not accepted belief by all EW followers but just looking at a chart and one see's how little is trending while most times are consolidation periods does not make it conducive to labeling everything a EW. To cover those times a lot of X's and overlaping ABC's are needed.

Sun
  • #1,150
  • Nov 20, 2006 5:05pm Nov 20, 2006 5:05pm
Quoting aja1971
You would think people are paying for these trade calls. It's all free and you have the choice to TAKE IT OR LEAVE IT!!!!! And unless all those who are complaining are starting their own thread with something better then in my humble opinion go rag on someone else's thread. UNFREAKIN believable.....
Yes it is unbelievable that someone would ungratefully criticize anyone giving free info on how to do anything. Especially trading. There are people paying thousands of dollars to learn what is freely being given in FF. Count your blessing people and appreciate them. Or you will lose them.
And to the ungrateful one, that man/woman knows what they are talking about. I don't trade EW because I can't get my 100 pip a day goal. And it throws my style off. But from listening to the forcasts that people give from the EWs help to confirm/deny my trade choices. And if I tell anyone how I trade they will probably argue because my style is unique but old school. But I have seen many 5 figure days because of it. If it works don't knock it.
A. Finesse Williams Making Millions One Pip At A Time!
  • #1,151
  • Nov 20, 2006 10:14pm Nov 20, 2006 10:14pm
Wait, is Fixme leaving this Journal! No wai!!!!!!!!!!
fxtrada.com
  • #1,152
  • Nov 21, 2006 2:06am Nov 21, 2006 2:06am
Thanks for all your analysis and responses to EW questions Fixme - as Ive expressed before, I appreciated your efforts here very much as I am sure, did many others.

good trading
Adam F
  • #1,153
  • Edited 6:49am Nov 21, 2006 2:19am | Edited 6:49am
Quoting fixme1too
Perfect example guys of rules is sidus and moultike sorry for the spelling and vegas, bunny girl or what ever it is and any other system none are 100% in trading. If you know your pair you will know how to make those systems work for you. Fortunately I have been able to use EW theory to benifit me as well as using rsi and candle sticks. EW for direction and possible end point , rsi for oversold overbought and candle sticks to determine verification of the move. What does all of these three have in common they all are base on price action. That is the best way in my opinion to make money in FX. Its unfortunate when you try to do something helpful, for what ever reason you have others come in and disrupt everything. I call these kind of people "HATERS" lol dont know why it has to be this way. Is it envy, or what exactly is it? I really dont know. When I first started trading I lost big, man really big in my opinion. Maybe it was because I lost it so quickly since then, I have gotten better and said if I ever got to the point where I was making money on a consistent basis I would share my method so others may learn in the process as well and this is what happens. Envy to prove one wrong, animone

if following rules for you make you pips then do your thing and keep making the pip if the system works for you. I came back to the thread because I got so many PM's about leaving so I said to myself yeah, if i left I would not be acheiving what I was trying to achieve and I am not trying to charge a fee or nothing this is all FREE. You have so many groups that charge big money per month for what I am doing Not only with the signalss but the teaching as well. Last night we had a good conference on some web site one of the team members set up. It was set up where one could see how I measure my waves. I really think now it would be best to let some of the others continue the thread . For those of you who would like to be part of the web conference where you actually can see my desk top and how I measure my waves in real time you can email me at [email protected] with you email and we will send out the invite. This way maybe we wont have all the confusion. I can handle other peoples suggestion and opinions I dont profess to know it all, I am learning everyday. When I am not working I am litterally reviewing charts all day from 4 am to the night as well as the whole weekend. One really good trader told me THE MORE YOU LEARN THE MORE YOU EARN this is the truth. If you read those guidelines on page 27 i believe it is I know that whole thing by heart like some know bible scriptures. It is ingrained in my brain litterally. By the way that is not something I wrote I got that off of a web site just as I did the ELLIOTT article that follows. So those who are really serious about what I am trying to achieve you know how to reach me. For all the others "MAY ALL YOUR TRADES BE FILLED" as TRO would say. If you have been trading for a while you may know who TRO is but as for now I am signing off. Happy trading and remember

" IF IT DONT MAKE DOLLARS IT DON T MAKE SENSE"
Charles,

i'm very sorry if you, and all the people here, have considered my posts a distructive criticism against you and your system.

Believe me, i'm not that kind of person.

I've tried only to discuss about something i firmly believe is unbreakable (the rules).

I hope you have read the post where i say "Afterall what's important is to make money".

Confirmed by you few rows above when you say "if following rules for you make you pips then do your thing and keep making the pip if the system works for you".

  • #1,154
  • Nov 21, 2006 3:03am Nov 21, 2006 3:03am
Traders need to become immune to all personal feelings for any reason whatsoever. Animone just expressed his / her own view quite politely, and it is a very common and understandable position. We need to be aware of the various approaches to EW Theory, as it is a tricky area, which can lead down many blind alleys. Thanks everyone for being so generous with your advise and perspectives! I am an adherent of the flexible rule style, but many are adherents of the inflexible rule style of EW Analysis. There are pros and cons to both styles, and we should consider carefully all these issues.
  • #1,155
  • Nov 21, 2006 3:13am Nov 21, 2006 3:13am
Quoting lifetime_trader
Wait, is Fixme leaving this Journal! No wai!!!!!!!!!!
And I second that.

Fixme, you're doing a lot of good to a lot of people. Do it for your karma! LOL

Goozman
  • #1,156
  • Nov 22, 2006 12:18am Nov 22, 2006 12:18am
Hey, i just have to say... THANK YOU CHARLES. You have been so giving and so gracious. There are numerous people here, including me, that have larger accounts because of your help. Your insight has been more helpful to me than anything else I've learned in any other FF forum.
  • #1,157
  • Nov 22, 2006 2:27am Nov 22, 2006 2:27am
Elliott made further interpretations of price movement and these are recognised as guidelines: the guideline of alternation, truncation, extension, channeling, diagonals , intermediate waves... This is to say, if you are only trying to look for the five three combination, this is a serious oversight of the guidelines.

For example, the current GBPUSD daily chart is currently forming an ending diagonal. These are recognised as final or fifth waves of an advance. Therefore, many times three wave action will occur for periods less than 1 day. The price action will 'compress', in a general sense.
Say NO to global warming
  • #1,158
  • Nov 22, 2006 4:13am Nov 22, 2006 4:13am
Recent live trades I took, confirmed by fixme's analysis in this thread: +60 pips long on AUD/USD; +60 pips short on USD/JPY; +183 pips long on GBP/USD. Is there anything more obvious to say?
  • #1,159
  • Nov 22, 2006 5:36am Nov 22, 2006 5:36am
because of my addictive behavior to FX. I had to post this did you see the bounce off of 117.19 on the USDJPY thats all I want to know. short now on the nzd at from6714 and short on aud from 7735 now. cable will reverse and eur should go down now. B wave up is complete on the daily. wait for todays close with the cable probably overshooting the 78% on the daily will more than likely cause the eur to go up a little as well but she is done and ready to fall. after cable completes the b wave look out below we will go down to the 8650's like I said two weeks ago. But mainly came on today for to ask did you see the USDJPY. leave the software alone you will loose money with it.http://www.forexfactory.com/forexfor...ons/icon12.gif
  • #1,160
  • Nov 22, 2006 5:41am Nov 22, 2006 5:41am
Quoting fixme1too
because of my addictive behavior to FX. I had to post this did you see the bounce off of 117.19 on the USDJPY thats all I want to know. short now on the nzd at from6714 and short on aud from 7735 now. cable will reverse and eur should go down now. B wave up is complete on the daily. wait for todays close with the cable probably overshooting the 78% on the daily will more than likely cause the eur to go up a little as well but she is done and ready to fall. after cable completes the b wave look out below we will go down to the 8650's like I said two weeks ago. But mainly came on today for to ask did you see the USDJPY. leave the software alone you will loose money with it.http://www.forexfactory.com/forexfor...ons/icon12.gif
Hey,

Welcome back stranger, good to hear your in fine spirits...

Alex
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