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  • #44,781
  • Nov 11, 2008 8:51pm Nov 11, 2008 8:51pm
Quoting Bemac
wtf. I've just been wvs'ed and didn't even get kissed.
Not all sins are created equal
  • #44,782
  • Nov 11, 2008 8:52pm Nov 11, 2008 8:52pm
Quoting ak4x
Thanks jay, "Wisdom" sounds so pretentious. Seems like there should be one for SmartA$$ as well then... Of course everyone would want that one.

Me being too stupid to know what it was sort of negates the rating tho. Never mind.
I would get about 2000 SmartA$$ ones right off the bat.

But I think you deserve the rating. You need at least 4 to award them. I will if and when I get to that point.
Not all sins are created equal
  • #44,783
  • Nov 11, 2008 8:53pm Nov 11, 2008 8:53pm
High guys. I'm just learning a little bit about elliot waves. I know some of you use them here. I was wondering what you thought of the pic below. It definitly fits the description of an elliot wave at completion.

The new wave has begun and is circled in red. The question is, for how long will it rise? How do you trade elliot waves?--I suppose you'd have to use fibs in conjunction with it but you still don't know when one wave has ended and another begins. Seems like a waste?

See this link for a quick look at elliot waves if you don't know what i'm talking about:
http://www.babypips.com/school/the_5..._patterns.html
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  • #44,784
  • Nov 11, 2008 9:00pm Nov 11, 2008 9:00pm
Quoting altrader
High guys. I'm just learning a little bit about elliot waves. I know some of you use them here. I was wondering what you thought of the pic below. It definitly fits the description of an elliot wave at completion.

The new wave has begun and is circled in red. The question is, for how long will it rise? How do you trade elliot waves?--I suppose you'd have to use fibs in conjunction with it but you still don't know when one wave has ended and another begins. Seems like a waste?

See this link for a quick look at elliot waves...
I don't have a current wave count on 30M chart but yours is not right. ABC, unless on a higher timeframe, are not supposed to be bigger than a 5 Wave - just for starters. And the way you have them labeled is hard to understand where you begin and end them?
  • #44,785
  • Nov 11, 2008 9:04pm Nov 11, 2008 9:04pm
Quoting SunTrader
I don't have a current wave count on 30M chart but yours is not right. ABC, unless on a higher timeframe, are not supposed to be bigger than a 5 Wave - just for starters. And the way you have them labeled is hard to understand where you begin and end them?
ahh ok, I see that I don't know all the rules. I'll go do some more research.
Thanks SunTrader

I only skimmed the baby pips site and thought I'd see what it was all about in a broad sense.
  • #44,786
  • Nov 11, 2008 9:40pm Nov 11, 2008 9:40pm
Here's a weekly to ponder while things are stalled...

Current price of 2550 is right at that white circled 23% fib. That fib is from the green bull candle that set a new low and has not had either the high or low broken yet, it's a "working fib" at this point to give a quick reference for where we are relative to the week that made a new low. You can see the fib levels respected fairly well with last weeks high and so far this week as well.

The heavy dotted PINK line is an arbitrary S/R line that ballparks a zone of strong S/R going back to 2004 and 2006. I think of that line as being maybe up to 100 pips wide.

Obviously a break and weekly close below that line should really get our attention and open up the next step down in price movement. Even a daily close below it would get my full attention...
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FUBAR...
  • #44,787
  • Nov 11, 2008 9:46pm Nov 11, 2008 9:46pm
Quoting altrader
High guys. I'm just learning a little bit about elliot waves. I know some of you use them here. I was wondering what you thought of the pic below. It definitly fits the description of an elliot wave at completion.

The new wave has begun and is circled in red. The question is, for how long will it rise? How do...
EW counts differ from people to people. But the basic facts remain the same. 5wave impulse followed by 3wave correction. If you consider the recent break from the triangle, I would start by treating that as an impulse and count 5 waves down to trend line/fib support. The current correction needs to be treated as a typical 3 wave A-B-C move. Look at lower time frame to count 5/3 sub waves for Wave A, 3 sub waves for Wave B and 5 sub-waves for Wave C. For exact details of fib levels to watch for each part of the corrective wave completion, I recommend you read http://www.tradingfives.com/articles...wave-guide.htm

If your head starts spinning, stop counting lower time frames and stick to daily/4h charts which are less noisy.
  • #44,788
  • Nov 11, 2008 10:00pm Nov 11, 2008 10:00pm
Quoting shajib
EW counts differ from people to people. But the basic facts remain the same. 5wave impulse followed by 3wave correction. If you consider the recent break from the triangle, I would start by treating that as an impulse and count 5 waves down to trend line/fib support. The current correction needs to be treated as a typical 3 wave...
Wow many thanks for the response and the great link
  • #44,789
  • Nov 11, 2008 10:09pm Nov 11, 2008 10:09pm
that darn 1.2580..just does not want to break...when it does...here comes 1.2650...maybe

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Different opinions highly valued, ignorant to slander.
  • #44,790
  • Nov 11, 2008 10:10pm Nov 11, 2008 10:10pm
One more look at the weekly from a longer term view using my old weekly swing fib w/ extensions that have worked very well so far. Don't fix what ain't broke, and don't break what works...

Next target on the way to the mid 116's is that shaded 179% extension.
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FUBAR...
  • #44,791
  • Nov 11, 2008 11:25pm Nov 11, 2008 11:25pm
Hi,

Why it is unable to break 1.2617
if it break should we expect long with target 1.2650 psych. level?

Need plz expert advise.
  • #44,792
  • Nov 11, 2008 11:29pm Nov 11, 2008 11:29pm
Quoting 786 trading
Hi,

Why it is unable to break 1.2617
if it break should we expect long with target 1.2650 psych. level?

Need plz expert advise.
It just broke it.

It didn't before because this pair, like Popeye, needs it's spinach.

2650 is not not impossible not. Or maybe it is
Not all sins are created equal
  • #44,793
  • Nov 11, 2008 11:33pm Nov 11, 2008 11:33pm
Quoting Jay Walker
2650 is not not impossible not. Or maybe it is
Jay, get your head out of the Jack bro...
FUBAR...
  • #44,794
  • Nov 11, 2008 11:40pm Nov 11, 2008 11:40pm
Liking these levels... shorting 151.70 GY, 123.80 EJ, and 2626 EU with tightish stops, as I don't trust GY to not tear up another hundred or two, and that would ruin the party. But considering London opens in 30m, this might be as high as the frankensteins want to push things...

we'll know pretty fast I'd think.
FUBAR...
  • #44,795
  • Nov 11, 2008 11:40pm Nov 11, 2008 11:40pm
Quoting ak4x
Jay, get your head out of the Jack bro...
Not Jack anymore. Too expensive in these parts.

http://www1.korea-np.co.jp/pk/118th_...phothaesan.jpg

It's called Pothaesansul. You could use this as jet fuel. Strong stuff.
Not all sins are created equal
  • #44,796
  • Nov 12, 2008 12:13am Nov 12, 2008 12:13am
just got stopped out of a inverted head and shoulders on the 30min, managed to get 10pips.. looks like an non-inverted head and shoulders is forming on 5min, if you guys are fast mabye you can get in
  • #44,797
  • Nov 12, 2008 12:25am Nov 12, 2008 12:25am
Quoting nikolaou
just got stopped out of a inverted head and shoulders on the 30min, managed to get 10pips.. looks like an non-inverted head and shoulders is forming on 5min, if you guys are fast mabye you can get in
price action psychology 101

on days like today because of the holiday in the states and few players in the markets patterns do not have much relevance. instead horizontal supports and resistances are crucial. in this particular case...1.2580 was strong resistance most of the day. now...its acting as strong support...in other words the bear move does not start until that 1.2580 gets broken decisively...take a good look at your chart
Different opinions highly valued, ignorant to slander.
  • #44,798
  • Nov 12, 2008 12:32am Nov 12, 2008 12:32am
Quoting psiholog
price action psychology 101

on days like today because of the holiday in the states and few players in the markets patterns do not have much relevance. instead horizontal supports and resistances are crucial. in this particular case...1.2580 was strong resistance most of the day. now...its acting as strong support...in other words the bear move does not start until that 1.2580 gets broken decisively...take a good look at your chart
Good morning Psi,

Daily range is at 121, meaning that our best PIPs are ahead of us. I'll enter short after 1.2565 but probably not before.

Still in your contest?
Up or down, gimme a ticket
  • #44,799
  • Nov 12, 2008 12:36am Nov 12, 2008 12:36am
Quoting nikolaou
just got stopped out of a inverted head and shoulders on the 30min, managed to get 10pips.. looks like an non-inverted head and shoulders is forming on 5min, if you guys are fast mabye you can get in
got in at 2626 based on s/r levels and what time it is... mid frankie session. candle patterns don't carry much weight with those boys, they just do what they want to. see previous post and chart below for that w/ entries on the green shaded things.

you know, don't take this wrong, but your inverted 30m hns looked like a typical sideways asian session channel with a dip in the middle to me. A genuine hns is a reversal pattern in any event, and I'd be skeptical of this current downtrend reversing on a weak 30m pattern no matter what it was. it'd take alot more than that to get me to go long against this tide, but you had a stop, so that's good.
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FUBAR...
  • #44,800
  • Nov 12, 2008 12:39am Nov 12, 2008 12:39am
Quoting SpecialEd
Good morning Psi,

Daily range is at 121, meaning that our best PIPs are ahead of us. I'll enter short after 1.2565 but probably not before.

Still in your contest?
yea but im not going to win it....i came to realize others who play in the contest have multiple accounts....their main account worth xxxx and their mini account which starts at 250$ where they overleverage without a care in the world if they lose that 250. for me...i cant overleverage like that yet so i do it the super hard way with 25cents at first per pip and now 50cents....somehow i am ranked 11...2 weeks and a half left maybe ill get top 5
Different opinions highly valued, ignorant to slander.
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