Clusterwise was my mentor from July to September.
Since then the market has been my teacher. I have been it's student.
You've pulled up evidence of me learning.
I must apologize to everyone for not having stepped up to the plate sooner. After seeing the first few exchanges, I was hoping this would settle down with little roughing up.
After an out of town trip over the weekend, I come back to see it has gotten a bit out of hand.
I am sure that both guys are not willing to mentor me if I hold the other my mentor too.
But to me, I am learning to count waves from both of you based on your posts.
As I have mentioned in several posts before, I study and do my EW counts in conjunction with a multitude of technical indicators and I have been studying and observing how various scalping and trading systems found here at FF and other forums perform along side EW Counts.
The reason that I bring this up is because I have realized that I could actually see how EW is related or how I can use many other tools to aid me in my wave counts.
In the course of my learning, I have met these to great guys I consider as mentors ( although I am not sure if they are still willing to mentor me here on ) who continuosly use EW and post their wave counts. Very few people posts their elliott wave counts. Most either find the subject matter too complex and give up while others are to shy to post their wave counts with charts. Some good ones have started threads ( like Fixme1too and Traex ) and then fade away. While very few real elliotticians really post.
The fact is, it is true about that joke that " if you put 10 Elliotticians in a room and you ask them to label the same chart then you get 10 different answers".
But what that joke did not specify was that, the possibility of 10 different answers did not actually mean that each elliottician had his respective wave count which totally did not agree to a wave count of another in the room.
It actually meant that you most likely get 10 different wave counts, However, there would be wave counts that a number of people agree on as primary wave count while other wave counts can be considered as alternative wave counts which they may all agree on.
Elliott Wave counting ( if one studies the rules, would provide an EW student or an EW Practitioner various wave count potentials. Maybe 10 different wave counts is actually an exaggeration. But at least 2 to 3 possible wave counts is possible. These is where the ALTERNATIVE wave counts come in.
These alternative wave counts and the reason for each alternative wave count has been missing in most of the posts I have encountered in my earlier days on EW even on a signal provider I subscribed to before. This was what frustrated me and later on drove me to study this on my own.
I wanted to know the WHYs on EW counts. I wanted to know the characteristics of each wave, what to expect as clues to validate the wave count, the limits to make it a valid wave count and the limits that would nullify a particular proposed wave count.
By the way, this is for the Moderators of this Great Forum and the 3 people who have vouched for me. I have made more than 1000 Live Trades but they were all not winners. My overall rating is still on the negative on my LIVE trades. So I may not deserve the 1KT Status. I would understand if you withdrew your vouche.
Now back to my "mentors"
First I encountered marketwavez here, then in another forum. While many elliotticians or learning students rarely post their charts, It was only marketwavez whom I have found to be constantly posting his charts. Sometimes I do not agree with his wave counts because of what seemed to me was a deficiency on the aspect of Size and structure proportion of the waves within his counts. But one thing I noticed with his charts was that I rarely find or have not actually found him post an EW wave count on a chart with any technical indicator. But what you see on his chaerts together with his wave counts is a whole bunch of :
chart patterns
trendlines
support and resistance levels and
potential Target Profit levels
It is notable too that he always includes a line " that this is only a potential wave count and IS NOT CAST IN STONE". With his encouragement and seeing him admit that his wave counts are not cast in stone, that gave me more confidence to keep posting my ew wave counts.I considered that as an admission that he posts potential wave counts he sees or observes to be developing and there are other possible wave counts that he may not have seen.
To me, I did not see it as an issue because it is true that here, we were trying to forecast price direction ( before it actually happens ) and there are factors that may invalidate a count. So nothing is really sure. They were merely projections and coul;d still be invalidated by various factors that affect price direction.
That is the reason also for the Disclaimer under each post I make because all I present on this forum are POTENTIAL Counts I see. However, I strive to qualify each wave count I make specifying whenever I can the limits to consider a particular wave count as still valid and at which level it becomes invalid and havew an alternate wave count when ever I can.
It is all too taxing and requires a lot of time labelling and relabelling charts in various timeframes for 1 pair and specially for additional pairs. So in the interest of being able to teach myself and hopefully allow others trying to learn be able to follow my train of thought, I post multiple charts to explain and show how I arrived at my potential wave counts and the conclusions.
My Point is Marketwavez posts multiple charts in different timeframes for almost each of the pairs he makes a count on. This helps me to follow his train of thought. Although he does not really explain much about the chart patterns he puts on his charts. ( But because I have also been studying wave patterns along side EW wave counts ) I get to understand what he is doing - I think ) and I have to admire and thank him for this.
I too have seen him go back to his old charts to show that he was correct or his wave count was invalidated. I have also seen him advocate that people who post chartswith the EW counts should go back to the old charts as a follow thru and show that they were either correct or wrong and what really happened.
On the otherhand Tim (LTC) arrived and I found him to be quite confident about his wave counts and he would provide levels at which he would consider his wave counts invalid. His 123 Pattern Breakout was a nice addition to the EW Analysis for Entry Signals. And I actually found him an inspiration to put my EW Counts to the next level. That is one where I can put up a chart with my Wave count s with more confidence ( even if they were still faulty I must admit). But Confidence does a lot to a person. it can drive them to do better and strive harder OR leave them over confident with an empty bag full of air. I hope to be the former and not the latter.
As I was telling my wife before all this happened, here were 2 Great people I would consider as my mentors on EW. They may have differences in their style but I know I will learn a lot from them and be able to combine their styles.
What I did not expect was a CLASH between them.
I can understand why Tim doubts marketwavez after probably being turned down on the 1 Million Dollar Account Management Challenge. But I too respect Marketwavez' declining the Challenge/Offer as he is in no way obligated to accept it.
It used to be that I would wonder where marketwavez for example gets all his energy and time to analyze multiple pairs on EW. While I have been finding it extremely hard to do on even more than 1 and yet I have been doing this almost 10-15 hours a day for almost 1 year ( well not exactly analyzing ew wave counts but also studying other methods) . Then I found another group of Elliotticians who were open to discussing their wave counts on multiple pairts too. So I thought, it was indeed possible to do EW counts on multiple pairs and be serious about it specially when one has shown a level of Mastery for the subject.
I do not think that if you make and post a wave count for each pair you want to analyze, you are obligated to trade them LIVE. It could be that he is traing only 1 pair or maybe 2 or 3 LIVE and the other wave counts for other pairs he does was justbecause others have sought their help and the elliottician was just kind enough to draw up a wave count to assist others.
As to showing proof about ones LIVE trades, I believe it is still a right of each trader to show proof or not.
I really hope that I can bridge this GAP between Marketwavez and Learntocount. People in this forum can learn a lot from both of you. We have to accept that you have different styles which I believe is useful for many of us who are still learning to trade using Elliott Wave Principles.
Peace To Both of You
EG
Based on ew i see where gu is going.
Let's say first wave start @ 1.9336 till 1.9666 that will be around 300 pips
Second wave start @ 1.9464 till 1.9873 that will be around 400 pips
Last wave should ,be IN MY OPINION ( This is just informational propose only ), start @ 1.9728 and should bounce at least 200 pips.
And when i say it should i just mean i wish, i hope, i've put my money on it.
Hello to veryone and to EG
I made some new analysis on USD/JPY which if i am not wrong, could be could week for JPY. I will go short like i have marked on the picture, But i realy hope that willl not hit my stops, i was preapring and lookig for this one for a long time now...lets see what will heppen.
Any advices will be good.
tnx,
grega
I aslo posted this analysis and someother too, on this site.
Attachment
I am with you on this count Grega. However my SL would be around 108 or 1 pip above that wave 2 end of yours.
EG
