itme..
GBP/USD
BUY @ 1.9555
STOP 1.9525
TAKE PROFIT 1.9700 RISK/REWARD RATIO 7.2 OK TO TRADE.
ANY COMMENT PLZ..THX
GBP/USD
BUY @ 1.9555
STOP 1.9525
TAKE PROFIT 1.9700 RISK/REWARD RATIO 7.2 OK TO TRADE.
ANY COMMENT PLZ..THX
High Risk/Low Reward Ratio Trading System 108 replies
High risk reward experiment 0 replies
Low Risk/High Reward trading 4 replies
Good reward/risk ratio experiment 20 replies
Results for Low Risk,High Reward 11 replies
Dislikeditme..
GBP/USD
BUY @ 1.9555
STOP 1.9525
TAKE PROFIT 1.9700 RISK/REWARD RATIO 7.2 OK TO TRADE.
ANY COMMENT PLZ..THXIgnored
DislikedI am concerned for your trade. It is not what I would do. I try to enter at the end of one wave and beginning of another, or at the end of a corrective wave and beginning of an impulse wave. Your entry is neither. Your stop is not in a safe place, behind a support or resistance line, or safely past a recent high or low. If you assume we are starting Wave 3 up, then still there can be a retracement to 1.9500 or lower before the next impulsive wave occurs. You may win this trade, but it is not strategic in my opinion.Ignored
DislikedHi Itme, I have just finished reading this thread and WOW. When I say wow I'm not even talking about your method, but rather your structure. Very Impressive journal, very consistent and methodical. As for all of the naysayers on EW I have only this to say. I am not an EW expert by any means, however as Crazy Connie Brown has said, You dont need to be a watchmaker in order to be able to tell the time. The Problem with many newbies getting into EW is that they try to learn how to make the watch before they can tell the time. For this reason, I would suggest if trying to learn EW to start from that 30-50 year chart and work from the outside in. Try to get your count to make sense in terms of certain symmetries and confirming characteristics in wave counts.......Ignored
DislikedHi itme
Thanks for your great threads in regards to the elliot wave theory. If possible I would like to know if I'm seeing the chart correctly using this theory. I'd appreciate you evaluating this chart since I'm in the beginning stages of studing the theory and just want to make sure I'm on track.
ThanksIgnored
DislikedHi Itme, I have just finished reading this thread and WOW. When I say wow I,m not even talking about your method, but rather your structure. Very Impressive journal, very consistent and methodical. As for all of the naysayers on EW I have only this to say. I am not an EW expert by any means, however as Crazy Connie Brown has said, You dont need to be a watchmaker in order to be able to tell the time. The Problem with many newbies getting into EW is that they try to learn how to make the watch before they can tell the time. For this reason, I would suggest if trying to learn EW to start from that 30-50 year chart and work from the outside in. Try to get your count to make sense in terms of certain symetries and confirming characteristics in wave counts. I am still at that level and it is difficult but becoming clearer. Anyway it is just an opinion.
As for knowledge, it is the goal or should be of every professional trader to keep seeking observing and documenting. Many people will knock EW as I have knocked EW, but truly it is easy to always knock any puzzle that you cant put together. I have heard the "trend trader" argument and although it may work for some for the time being, it is extremely mis-labeled, especially when coupled with technical analysis. The whole point of technical analysis is to use information in order to predict turning points in trends of all levels, so that a low risk entry may be made which rides the new trend until a truning point is again discovered, etc,etc. This is trend trading and this is exactly what itme is sizing up all of his methodologies to do. As we look for these turning points, I believe EW can add alot of structure and symettry giving us more clues as to fib characteristics within or around waves, it can add some kind of cycle dynamic to our divergences and trend continuation patterns and once they all start lining up, it can help us to determine those low risk areas to enter trend and high probability areas(at least as high as we can expect) to look for characteristics that would be indicative of turning points. This is trend trading at its best - not that you cannot make money without it, however a more thurough knowledge coupled with MM, psychology, and balance in your life and you will be at your greatest potential. I dont have anything against Jacko - I have heard many wonderfull accounts of him with help he has given others, but I do think Jacko is the way he is because he has to be the way he is. That is his psychology for the game and if he were to change that, than he wouldn,t be who he is. Itme seems to be rather similar in his psychology perhaps with less of a crude edge, but similar nonetheless. The only thing that I see with Jacko however is that for some reason he feels threatened by progress, perhaps he is scared that a deeper knowledge will screw up something that works, and that is totally valid, especially if you get into questioning what you have been doing and do not search thuroughly and structuredly for your answers - In fact, that seems to be the case here with many newbie EW followers. You will fall on your face with this attitude that you just need to learn the count quickly and position yourself etc etc - itme please show me the money attitude. If you really want to learn EW - start with basics as with anything else, move deeper if you so desire but at least know what you do know and know it well, that is the only way to make true progress in anything. Then you can compare counts and you will know if it makes sense and you will know if you have a valid question even worthy of a response, because you are now looking to characteristics of wave counts that give more liklihood to the counts themselves, and if something doesn´t fit right, there is probably a reason for that, and now you can have an intelligent conversation - or perhaps even a run-on sentence or two. Is this count right or wrong means nothing when you dont even know what right or wrong means - he could say yes its a good count and you would only know less about EW because of that answer.
Anyway, appreciate the thread - please nobody take offense to anything that i have said as I know that we have all been there at one time or another and i do not exclude myself from any of the criticisms i have made. the fact that we are all even here is a good sign, especialy from those that continually search for understanding and knowledge, however long that may take. And Jacko, you just may be proof that analysis and trading are two completely different things, but that doesn,t mean that if one has a talent for analysis, that they should stop to develop that talent and just make money - why not do both - wouldn,t that just increase the odds of creating more wealth? In fact, from what I hear about you as a trader, I am sure you can get alot from a person like itme and that both of you probably have much you can offer to each other. A Jacko-Itme fund would probably be extremely explosive. Alot of times when you have two extreme opposite side arguments, the truth more likely lies somewhere in between, although neither of you would probably ever admit to it because that would just change that need to believe 100% in what you believe. But seriously, imagine jacko like trading where you make a fortune off of spotting a trend as it is halfway into it, coupled with itme spot accurate trend analysis - this is what we all as traders should strive for - We can all learn alot from extremely different perspectives.
Sorry again for the run onIgnored
DislikedOver the past 24 hours GBP/USD has fallen 70 pips then risen 90 pips, reaching a new high.
EUR/USD has gone only down, falling 60 pips.
USD/JPY rose 70 pips, then corrected 50% down.
USD/CHF rose 80 pips, then corrected 50% down.
USD/CAD rose 85 pips, then corrected 30% down.
Ignored
DislikedDude, You are so far wrong on what you are saying here.
I have seen with my own eyes Jacko's trading account statements with 3 different brokers, and they are all HUGELY profitable. I have also seen with my own eyes a complete breakdown of every trade experiment in itmes Elliott Wave trade experiments which was done - and is probably still being done - by Jacko's ex-broker account guy and it is HUGELY unprofitable.
The figures i saw showed the number of winner Elliott Wave trades to be seriously under 10% and a huge NEGATIVE account balance.
That's probably why Jacko is not hanging around here any more, he told me that he was originally interested in Itmes work on Elliott Wave, but the more he read the more he lost interest,especially when Mark showed him the figures. My discussions with him lately he told me that he doesn't go to any forums any more. Its a real loss here because he is a seriously great trader and a great guy who helped me to turn my trading around and helped me become a profitable trader. I must have asked some seriously stupid questions when I talk to him but nothing hassles the guy and he is always cool and straight with me. His answers and advise here was always very direct and clear to me and I have copied, pasted and printed off all his trading hints from this forum to keep me on the profit route.
????????Ignored
DislikedThe trade experiments here were never intended to constitute a profitable TRADING SYSTEM, just a series of experiments in predicting as precisely as possible the turning point of swing trends. If Jacko is a master trader with a hugely profitable trading methodology, then I would like to review the evidence and learn as much as possible about how he is able to accomplish his high returns. Would you elaborate on how profitable his trading system is, in terms of percentage returns on capital per time period, percentage of winning trades, average reward / risk ratio, risk factor, duration of trades, frequency of trading opportunities, etc. Also, what is the method he has successfully employed to make high returns on capital, and how can we verify these claims and learn the successful method that he employs. Thanks.Ignored
DislikedAll,
I know this is a bit off topic, especially considering the last few posts (hehe), but I was wondering what people use as their trading journals. I need to start one and looking for hints. What I think is hard to track is the charts, I think, just because paper must be always printed, on the other hand electronic format is sometimes not that easy to navigate.
I was also wondering how you "itme" did your EW analysis of the charts going back 30 years. I can only imagine a toilet paper like roll with wave counts on it
KrkvakIgnored