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  • #323,461
  • Nov 10, 2010 4:04pm Nov 10, 2010 4:04pm
Quoting cloggie
I have a lot of respect for EW traders that can make it work, there are not many out there. It is very much limited to the retail arena.
If you dont mind, can you plz answer me?

http://www.forexfactory.com/showpost...stcount=323509
  • #323,462
  • Nov 10, 2010 4:05pm Nov 10, 2010 4:05pm
hi


i noticed an article in ny times and i do not quite understand it...

its about a possible chance to go back to gold standard...

could someone explain? what would that mean for future trading???

here is the link http://www.nytimes.com/2010/11/10/bu...1&ref=business


thx
  • #323,463
  • Nov 10, 2010 4:05pm Nov 10, 2010 4:05pm
Quoting DMA Trader
could be. but all those sweet stop losses near 1.382 area are so tempting.
should they all be taken out by some "unexpected news" ) could it be the Aussie data tonight ? the China CPI ? ))

we'll see. so many traders all around the world setting Sl there.
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  • #323,464
  • Nov 10, 2010 4:08pm Nov 10, 2010 4:08pm
nasdaq futs taking a hit..........
  • #323,465
  • Nov 10, 2010 4:11pm Nov 10, 2010 4:11pm
Quoting mfoste1
nasdaq futs taking a hit..........
big Cisco miss earnings -10% am
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #323,466
  • Nov 10, 2010 4:11pm Nov 10, 2010 4:11pm
Not moving much anymore, time for trading is over for this week I guess.
Going into bank holiday tomorrow ... Shit I hate bank holidays!!!!
But I guess people who work there don't.
So should I also hate people that work at banks? I doubt it, They can't help it !!!! They just work there and do their job.
But I want to make money and bank holidays are not helping me !!!!! Especially when that bank holiday is on a Thursday so Friday is pretty much ruled out too.

Shamu
New voice message: Why are you calling me? If I need you, I'll call you!
  • #323,467
  • Nov 10, 2010 4:13pm Nov 10, 2010 4:13pm
issues and range .... lol

I am with you on the sell rallies though for the larger moves

I am hoping for 1.3920 test and seller coming in hard . this would be out lower pivot high on a 4 hr



Quoting DMA Trader
well BB showing up at a very important point today. just coincidence . I thoght 1.3735 would be hard to break. but they did yet the level then was defended. so I could have some reasons for long also. We had 3 tests of 78.15- 78.3 in the past 2 months. all of them with huge rally for USD in 3 days. then sell off aka E/U surge up.
well we just did the same thing today and stopped.

no previous surges in E/U were made very fast. loosing all the gains in matter of hours. so if that is the case. we will soon find out.

lots of data from Australia...
Blogging daily now at www.volume.zone
  • #323,468
  • Nov 10, 2010 4:15pm Nov 10, 2010 4:15pm
We have the three black crows formation on the daily, but today ended almost with a doji. As has been said before, we are at a critical line of support.

The three black crows doesn't happen very often, and it is indicitive of a reversal....but, the support is strong.

Just have to play the range for now.
Attached Image
Doing what you like is Freedom. Liking what you do is Happiness.
  • #323,469
  • Nov 10, 2010 4:18pm Nov 10, 2010 4:18pm
Quoting realjumper
We have the three black crows formation on the daily, but today ended almost with a doji. As has been said before, we are at a critical line of support.

The three black crows doesn't happen very often, and it is indicitive of a reversal....but, the support is strong.

Just have to play the range for now.
yeah, we will see if the bears are strong enough
Pecunia non olet
  • #323,470
  • Nov 10, 2010 4:21pm Nov 10, 2010 4:21pm
Quoting privatefr
believe me you are wrong.

1 year means NOTHING.

Pepe
u are probably right
i do it more then a year and i would not dare to call myself as a pro, despite i am doing quite well, so far and i got a feeling one mistake can cost me a lot
but i need to read someone sometimes
i do not read "1 minutes setup " ( charts) it's not my story
i like long term fundies analysis ,
sometimes charts but not to often, because some charts are so complicated i see shit
take care
  • #323,471
  • Nov 10, 2010 4:22pm Nov 10, 2010 4:22pm
Thanks I see the same. Yes thats the long setup in the daily I was waitng for a while (all my daily charts I posted the last 4 weeks have a mark long in that level). Your chart is exactly showing very clearly the rejection confirming the setup (I also use H4)

But I was referring if its a good idea to take it tomorrow becasue of holidays and also because fundamentals were again distorted today becuse of the FED that make my fundamental analysis upside down and make me doubt about the validity of today rejection.... Did you see the DX, did u see the ES (I have good US 1st hour obviusly betting on the clear down move but gave everythig and + in the afternoon in a very unconventional turnaround).

In any case, the only thing for sure is that I wont trade intraday tomorrow ' cause I dont have a clue what markets will do with europe & US on holidays.

Thanks for the chart and let see what happens

sisse

Quoting redsword11
Attachment


just watching PA on smaller tfs for clues
Pending conversations? PM for a chat...I am mainly in OTM now
  • #323,472
  • Nov 10, 2010 4:26pm Nov 10, 2010 4:26pm
It's ok. I don't like EW at all, I find it pointless cause way too subjective and leading pretty much nowhere. I see it as Russian nesting dolls, waves, into waves, into waves... The time you count them the price is already gone. However, I was posting the flag cause I have a lot of respect for Mr Bulkowski's work on chart patterns, and I learned a lot at The Last Coke's thhread here on FF. A flag usually shows five counts and the target is the projection of the pole of the flag. It worked awesome here, as often. chart patterns are everywhere and quite helpful to back a trading system.

Anyway, off for now, good luck guys.

Quoting cloggie
No disrespect, but I have never found any use for 123 patterns and wave formations, in my experience they don't really work over time. In all my years of trading I have not found a use for them and I have looked at it in depth, as I do with most new fangled ideas.

I found this great example on another thread here:

http://cdn.forexfactory.com/attachme...7&d=1289156309
Hello.
  • #323,473
  • Nov 10, 2010 4:27pm Nov 10, 2010 4:27pm
Quoting cloggie
One way of cleaning things up a bit is getting rid of noise,

 

  1. ban youtubes,
  2. get rid of the smileys,
  3. Get rid of colors and fonts.
  4. only allow attachments of charts,
  5. set a limit on "chartless" posts, each 10th must include a chart or else you can't post
  6. a spell checker
  7. have a moderator on the big threads; cable, fibre etc.
  8. Have a "negative" vouch system where you need to redeem yourself before you can post again.

Just some thoughts.

how could one redeem oneself if not via posting (more delightfully from a trader's perspective)?
  • #323,474
  • Nov 10, 2010 4:29pm Nov 10, 2010 4:29pm
Quoting sisse
Thanks I see the same. Yes thats the long setup in the daily I was waitng for a while (all my daily charts I posted the last 4 weeks have a mark long in that level). Your chart is exactly showing very clearly the rejection confirming the setup (I also use H4)

But I was referring if its a good idea to take it tomorrow becasue of holidays and also because fundamentals were again distorted today becuse of the FED that make my fundamental analysis upside down and make me doubt about the validity of today rejection.... Did you see the DX, did u see...
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if you like trading other pairs you might like this
  • #323,475
  • Nov 10, 2010 4:29pm Nov 10, 2010 4:29pm
charts are simple, traders are complicated.

smaller time frames are just noise, like waves in the ocean that move but cant do anything against the ocean currents.

Take Care

Pepe
  • #323,476
  • Nov 10, 2010 4:31pm Nov 10, 2010 4:31pm
Quoting cloggie
I have a lot of respect for EW traders that can make it work, there are not many out there. It is very much limited to the retail arena.
Hi Cloggie,

sometimes I feel like having found the holy grail with Elliott Wave, the other day I think I would be better off if I had never heard about it.

Take the day yesterday and today. Since the downmove from 3973 I was totally confused with Elliott wave, because I thought waves would evolve in another way. Same today. I was only able to take pips via scalping relying to my oscillators, MACD and Murrey Math.

I thought a lot about to get rid of Elliott Wave, but I have lived the past years with it. I see the waves everywhere LOL

With Elliott Wave I can only survive because of only trading good setups in situations, where the count is clear. One of the best trades are situations, where one can expect an ABC-correction and trading the C-wave.

I hope that I can learn here to identify the supply and demand zones. Maybe that would make Elliott wave more clear or reliable.

Maybe, when I got that skill, I am able to forget EW. :-)

Problem with EW mainly is:

a) one tends to trade his beliefs rather than what one can see
b) produces often very much alternatives

In situations where you have a clear count (remember this years winter and spring) it is very easy to make money only watching the waves.


Best to you Cloggie,

have a nice evening,

Markus
  • #323,477
  • Nov 10, 2010 4:33pm Nov 10, 2010 4:33pm
Quoting privatefr
charts are simple, traders are complicated.

smaller time frames are just noise, like waves in the ocean that move but cant do anything against the ocean currents.

Take Care

Pepe

utterly disagree
  • #323,478
  • Nov 10, 2010 4:34pm Nov 10, 2010 4:34pm
Quoting mfoste1
nasdaq futs taking a hit..........
Thanks for that. Just look at CNBC all major US futures are down.

Where do you get the quotes from?
  • #323,479
  • Nov 10, 2010 4:36pm Nov 10, 2010 4:36pm
I must admit that it looks interesting, however at 1st glance the daily is not fully aligned for my taste... thanks mate, today/tomorrow that I have a "free" day I will have a look in detail and I will drop a line later.

sisse

Quoting redsword11
Attachment


if you like trading other pairs you might like this
Pending conversations? PM for a chat...I am mainly in OTM now
  • #323,480
  • Nov 10, 2010 4:40pm Nov 10, 2010 4:40pm
Quoting infinitus
Hi Cloggie,

sometimes I feel like having found the holy grail with Elliott Wave, the other day I think I would be better off if I had never heard about it.

Take the day yesterday and today. Since the downmove from 3973 I was totally confused with Elliott wave, because I thought waves would evolve in another way. Same today. I was only able to take pips via scalping relying to my oscillators, MACD and Murrey Math.

I thought a lot about to get rid of Elliott Wave, but I have lived the past years with it. I see the waves everywhere...
hehe, your points a) and b) are the reasons why I immediately put the material about EW aside. I was cheating my way through the possible patterns and nearly came up with the question "what if..." - no, that was the wrong approach for me. I had so many "what if..."-situations I wanted to get rid of in the first place that I couldn't accept the additional ones created by EW.
I often get the impression that when a count turns valid, it's kind of too late - the same as "waiting for confirmation", which is what I was told to wait for, but more often then not only delivered fractions of the amount of pips possible.

the levels i'm working on on a daily basis have really helped me a lot, but i still have to dedicate much more time to studying the charts. i'm looking forward to my own resumée when the first year is over. could be eye-opening...

ps: don't kill EU over the weekend, for I'm taking the rest of the week off...
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