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  • #901
  • Sep 22, 2008 7:05pm Sep 22, 2008 7:05pm
Quoting split_unit
My elliot wave count is correct and i have no doubt about it,if you have studied the Elliot wave princeples you would find it correct too but at the end of the day we all look at charts differently , i have no doubt that the last move was wave 5.

As for Barak's question, after wave 5 comes a 3 move correction knows as A-B-C moves...these moves can expand to form 3 different formations known as:
1: Zig Zag
2:Flats
3:triangles

i expect to see any of these 3 formations and then a bounce from the 610 possibly.

Elliot's wave principles are very complex and are a subject to be studied carefully before followed,they can be very handy but i dont suggest that anyone follows my setups or charts, it was just an opinion not a recommendation.
I'm sorry, my friend. But your count is incorrect. The reason why is what you have labeled as wave 3. In the Elliot Wave Principle, wave 3 cannot under any circumstance be the shortest wave. It need not be the longest (even though it often is) but it cannot be the shortest. In your wave count, wave 3 is the shortest which violates elliot wave.

I personally would label your wave 3 as wave 1 of 3 and your wave 5 as wave 3 of 5. In either case, whether we look at your count or my count, the next move will be a correction to the downside.

I hope you don't feel I'm being rude, but I thought I would point this out as it is not a matter of opinion, but of Elliot Wave rules.

Good luck.

-G550
  • #902
  • Sep 22, 2008 7:09pm Sep 22, 2008 7:09pm
Quoting Barak's pip
is there a way to trade also the retracements , as you said the markets need some breathing (retrace) - what I see now on the eur\usd & gbp\usd is a bearish divergence (it's there the whole day) , and there are some inverted hammers ... so I guess that the market is signaling for retracement , the only thing in such a case is to detemine how deep will the market retrace(TP) ,and where to put the stop .

Hi Barak's Pip,

I think trading retracements would be more like scalping pips, which as we know is risky. A trade would have to be entered eaxctly at that 987 level to have a some probability of winning. It is definitely not a thing that would be advised. There would be questions like:
How much Stop Loss? Where do I take profit? When do I enter? In any trade there are these questions but on scalping it is more shaky and uncertain. Your Stop loss could be 20 pips and it blows pass it and then retraces after 30 pips. Too much uncertainity for my liking.

However, some traders make their money through scalping so.......if a man's personality can take that then he can do it.

Can be done, but risky.
  • #903
  • Sep 22, 2008 7:20pm Sep 22, 2008 7:20pm
....10 different experts....10 diferent theories?
  • #904
  • Sep 22, 2008 7:33pm Sep 22, 2008 7:33pm
Quoting G550
I'm sorry, my friend. But your count is incorrect. The reason why is what you have labeled as wave 3. In the Elliot Wave Principle, wave 3 cannot under any circumstance be the shortest wave. It need not be the longest (even though it often is) but it cannot be the shortest. In your wave count, wave 3 is the shortest which violates elliot wave.

I personally would label your wave 3 as wave 1 of 3 and your wave 5 as wave 3 of 5. In either case, whether we look at your count or my count, the next move will be a correction to the downside.

I hope you don't feel I'm being rude, but I thought I would point this out as it is not a matter of opinion, but of Elliot Wave rules.

Good luck.

-G550
hey man its okay ^^ i realize what ur trying to get to...and i respect ur opinion after all we are all here to learn from each other ...but from where i studied the wave theory...wave 3 doesnt have to be the longest...as wave 5 might be an extension or might be longer than wave 3...and as long as wave 4 doesnt go below wave 3 then the count is correct...at least with me...anyways i might be wrong or right...the wave theory isnt a 100% accurate theory...and i dont trade the theory i use other stuff with it as its not that reliable..

goodluck to everyone and happy trading !
  • #905
  • Sep 22, 2008 8:43pm Sep 22, 2008 8:43pm
If Mouteki doesnt mind i would love to announce that he has just posted the new video wooooohooooooooo !!
  • #906
  • Sep 22, 2008 10:01pm Sep 22, 2008 10:01pm
I wouldn't mind making $48k on a trade like that (video).
  • #907
  • Sep 22, 2008 10:14pm Sep 22, 2008 10:14pm
Quoting Fx Pipin
If Mouteki doesnt mind i would love to announce that he has just posted the new video wooooohooooooooo !!
Thanks!! Just the news I've been waiting for!!

And definitely: Thank you Mouteki for all the hard work you do to help us trade better!! I am so ready to start putting this new knowledge to work.

Also, thanks to all you great traders in this forum that have continued to help all of us. This is a great thread!!
  • #908
  • Sep 22, 2008 10:15pm Sep 22, 2008 10:15pm
Quoting Jared
I wouldn't mind making $48k on a trade like that (video).
One of these days, Jared, one of these days. . .we'll get there!!!
  • #909
  • Sep 22, 2008 10:36pm Sep 22, 2008 10:36pm
Quoting 4xisfun
One of these days, Jared, one of these days. . .we'll get there!!!

I WANT TO BE LIKE MOUTEKI !!!!!!!!!!!!!!!!!!!!!!!!!

You the MAN Mouteki.

Yup, one of these days man, one of these days.

Persistence like Thomas Edsion. 10,000 attempts to create the light bulb and he did not give up.
  • #910
  • Sep 22, 2008 11:01pm Sep 22, 2008 11:01pm
I am just sharing an excerpt from a book. Maybe some of you have heard it before but it inspires just the same.

This is a true story

One of the most common causes of failure is the habit of quitting when one is overtaken by temporary defeat.

R.U. Darby, tells the story of his uncle, who was caught by the "gold fever" in the gold-rush days, and went west to dig and grow rich. He staked a claim and went to work with a pick and shovel. The going was hard, but his lust for gold was infinite.
After weeks of labor, he was rewarded by the discovery of the shining ore. He needed machinery to bring the ore to the surface. Quietly he covered up the mine, retrace his footsteps to his home in Williamsburg, Maryland, and told relatives and a few neigbours of the "strike". They got together money for the needed machinery and had it shipped. The uncle and Darby went back to work the mine.
The first car of ore was mined and shipped to a smelter. The returns proved they had one of the richest mines in Colorado! A few more car loads and the debts would be clear, then would come the big killing profits.
Down went the drills! Up went the hopes of Darby and Uncle! Then something happened - the vein of gold ore disappeared. They had come to an end of the rainbow, and the pot of gold was no longer there. They drilled on desperately trying to pick up the vein again, all to no avail.

Finally they decided to quit. They sold the machinery to a junk man for a few hundred dollars, and took the train back home.

Some junk men are dumb, but not this one! He called in a mining engineer to look at the mine and do a little calculating. The engineer advised that the project failed because the owners were not familiar with "fault lines". His calculations showed that the vein would be found just three feet away from where the Darby's had stopped drilling! That is exactly where the gold was found!!!!!!

The junk man took millions of dollars in ore from the mine because he knew enough to seek expert counsel before giving up. Darby (the nephew) learnt from the mistake and became one of the most successful salesmen in the country.



Hope this could inspire even one person. Never give up. As Thomas Edison once stated "Many of life's failures are people who did not realize how close they were to success when they gave up"

  • #911
  • Sep 23, 2008 12:16am Sep 23, 2008 12:16am
Hi everyone. I'm sure I'm just overlooking it but can anyone point me to the explination of the 233, 377 & 610 lines I see marked on Mouteki's chart? Or explain it yourself for me if you can.

Thanks.
"Even if you fall down face first, you still went forward."
  • #912
  • Sep 23, 2008 12:37am Sep 23, 2008 12:37am
Quoting split_unit
hey man its okay ^^ i realize what ur trying to get to...and i respect ur opinion after all we are all here to learn from each other ...but from where i studied the wave theory...wave 3 doesnt have to be the longest...as wave 5 might be an extension or might be longer than wave 3...and as long as wave 4 doesnt go below wave 3 then the count is correct...at least with me...anyways i might be wrong or right...the wave theory isnt a 100% accurate theory...and i dont trade the theory i use other stuff with it as its not that reliable..

goodluck to everyone and happy trading !
Hey Split, I never said that wave 3 had to be the longest. If you go back and read my post, I said it cannot be the SHORTEST. I did say it usually is the longest, but doesn't have to be. So I agree with your assessment that wave 5 can extend, but wave 3 will not be the shortest amongst the three impulse waves.

Look at it this way: if my count is correct, then there is more upside left, which hopefully means more pips for the both of us!

Good luck, my friend!
  • #913
  • Sep 23, 2008 12:41am Sep 23, 2008 12:41am
The latest video is great. Even the way Mouteki exited his trade is worth watching - cool and unhurried.
  • #914
  • Sep 23, 2008 12:43am Sep 23, 2008 12:43am
Hwd good quote, think and grow rich by napoleon hill... my favorite book.

I just want to thank you Mouteki for taking the time out of your busy life to share this valuable knowledge with us, giving us insight that will ultimately change our lives if applied correctly. You could have continued about your life making millions and living the dream, doing whatever you desire. But instead you decided to share this gift with anyone who is willing to put in the time and effort to learn it.

I have been following this thread all along, but have finally created an account. Mouteki uour story has inspired me, your early beginnings remind me somewhat of myself (I am currently 20). I am giving this blog/thread/system my fullest attention and study for as long as it takes until I get it down.

I think I speak for everyone on this board when I say thanks again mouteki, your doing a superb job.

on a side note I can't wait to sink my eyes into those PDF's!
  • #915
  • Edited 3:23am Sep 23, 2008 2:39am | Edited 3:23am
I wish I can get Mouteki's and you guys opinion on that ...

when I opened the "old" charts of the gbp\usd & usd\chf - the ones with fib tools for a down move , I noticed that price had stopped at a very interesting points :

@ gbp\usd - price stoped @ FZ 233 of the small down move which is FZ 2584 of the huge down move.

@usd\chf - price stoped @ 38.2 fib retracement level

I wonder , is there any signifficance to those levels now , or we no longer use them ? because if they are meaningfull , we can prepair ourself for an up \ down move ?
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  • #916
  • Sep 23, 2008 3:05am Sep 23, 2008 3:05am
Quoting tokwanden
I'm waiting eagerly to learn from you, Mouteki Guru.
Lol!
  • #917
  • Sep 23, 2008 3:26am Sep 23, 2008 3:26am
anyone tried this on 1 min chart (using 1h or 4h as the higher view and fibo zone 13,21,34,55,89) ?

I prefer lower TF simply becoz

(1) No affected by fundamental

(2) Loss less than 50 pips per trade

(3) Able to watch it unfold in less than 24 hours

Trading on higher TF like 4h/daily chart means to be able to take over 100 pips lost and more time is needed to watch is unfold.

If a system works, i bet it work on all TF ?

My point is, anyone tried this on lower TF (1min/5mins/15mins) ?
  • #918
  • Sep 23, 2008 3:40am Sep 23, 2008 3:40am
Just wanted to say: thank you very very much! Mouteki. Great stuff!
  • #919
  • Sep 23, 2008 3:42am Sep 23, 2008 3:42am
Quoting Islander
Welcome back Mouteki and thanks for your latest videos.

Here's my updated chart - as we can see, there was perfect respect for the 61.8% support at #6 and this morning there has been a conclusive break of the green 61.8% expansion thus confirming the target as the 987 FZ at 1.4867.
Here's my updated chart to finish the sequence that I started last week.

For me - even before seeing Mouteki's latest video! - this has really confirmed the strength of the new ideas that he has shared with us, so once again many thanks for your unselfish time and effort - its really appreciated.

For me, another interesting point that has just been made is that we should be incorporating his ideas into out own trading style / system.

This is something that I have long believed to be the best way forward - we all have different temprements, experience and time available and thus will use what we have been given differently. Just lets get positive pips into our accounts......
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Trading Levels with WRBs
  • #920
  • Sep 23, 2008 4:13am Sep 23, 2008 4:13am
Her ya go folks. The CHF has taken out the 610 fib zone on the down move and is starting to head back up to possibly the 377 fib zone.

Now I've dropped down to the 5 min chart so you can see the reversal unfold to the up side. I've pulled my fib zones to the upside from 1.0686. Note that we have fib retracement respect early on (orange fib). Then we come up and take out the 144 fib zone. It looks like we may get a pull back below the 144 fib zone and then a push up to the 233 fib zone. This is very early but you should be able to see how you might trade the retracement back up to the 233 fib zone. If we reach the 233 fib zone the next push would take us to the 377 fib zone @ 1.1065 which just happens to be a few pips away from the 377 fib zone on the way down. I find that very intereting.
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