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  • #678,941
  • Aug 11, 2012 4:03am Aug 11, 2012 4:03am
Quoting infinitus
Hi Mercy,

yes, it was a nice discussion


Best results are, when Eliotticans and Pivot-icans agree :-))
As always ... best trading setups are to be generated when many arguments are pointing up for a sitiation to take a trade ...

That's why we use several methods ...

###

And never a good idea to judge it only from one kind of apprach ...




;-|
2013-07-31 Today's Phrase of the Day: Hold off from any recycle bin experts
  • #678,942
  • Aug 11, 2012 4:16am Aug 11, 2012 4:16am
Quoting mercy seat
You probably mean resistance there ...

Yes ...




;-|
yes, i will modify it - thanks
"It's the Margin, Stupid."
  • #678,943
  • Aug 11, 2012 7:33am Aug 11, 2012 7:33am
Quoting infinitus
Hi Mike,

a UTL is a upper trend line

a LTL is a lower trend line


at least this is what I thought for the last decade or two
Decade or two ? Awesome , So you have been trading from like 1992 ??? How did you traded back then ???
Human
  • #678,944
  • Aug 11, 2012 8:18am Aug 11, 2012 8:18am
Quoting infinitus
Hi Droox,

what should I say? Wrong, wrong and wrong.....

a) sometimes wave 5 does not make a new high (or low) - it is called a truncated five

b) the wave B of Suntrader is a perfect ABC-flat correction (3-3-5)

c) a wave C has not to be an impulse. It can unfold as an ending diagonal or as a complex correction. When complex correction, it is labeled as y-wave, but in this case wave W (WXY) can not be an impulse

d) Suntraders recent wave 3 is kind of debatable at this point, since we now need a relatively long wave 5 to move in the...
a) I try to keep it simple and to use wave counts i learned from Robert Miner that is why i do not know anything about a truncated 5, but out of curiosity as i find it on internet this truncated five should be also a 5 wave count , which is not in this case.

b) my bad i didn't see it , i was reading from the phone- and wave B is indeed an ABC

c) Maybe wave C should not be an impulse , but as i learned it should be(maybe the reason is that it's easiest to see and it has a higher chance to be confirmed), also i don't know anything about WXY waves and do not intend to know as i feel it will only get me everytime reasons to put waves on the chart just because i want to find something.

d) at least here you agree with me but anyway you try to find reasons (another waves which could confirm your bearish sentiment)

In my count the only thing that gives me second thoughts is that the end of C correction (which unfolded in 5 waves count) exceeded my final target support zone with 30 pips or so , eventually it came back and closed above at the end of the week .(giving me reasons to hope that it is bullish)

Best regards
  • #678,945
  • Aug 11, 2012 8:18am Aug 11, 2012 8:18am
EURUSD
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  • #678,946
  • Aug 11, 2012 9:22am Aug 11, 2012 9:22am
EURUSD
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  • #678,947
  • Aug 11, 2012 9:33am Aug 11, 2012 9:33am
Quoting gizod
EURUSD

sorry
  • #678,948
  • Aug 11, 2012 9:33am Aug 11, 2012 9:33am
1.2440, the new magical number for EURUSD. The battle line is drawn between the bulls and bears. Bears will dig a hole to keep EURUSD under 1.2440. Bulls will use their horns to break above 1.2440. If the bulls succeed and 1.2440 defense is broken successfully, expect the old resistance zone to turn into support zone.

I have mentioned twice of this magical number. Click on the 2 links below for reference.

http://www.forexmindgames.com/2012/0...ws-part-1.html

http://www.forexmindgames.com/2012/0...s-part_08.html

http://i47.tinypic.com/14abr0p.png

http://i46.tinypic.com/qpfnvb.png

Trading is simple. Support and resistance do work. If you understand the crowd psychology behind S&R, you can trade it effectively. It takes practice to identify S&R. Similar to learning how to swim or ride a bicycle. The initial training is difficult, but once you get the hang of it, you get it for life. And once you reach the EUREKA moment, it is easy to spot and easy to trade with. Practice it today. Have fun!!!
  • #678,949
  • Aug 11, 2012 10:08am Aug 11, 2012 10:08am
a retest of the blue area will be a short setup.... if price breaks thru to the upside, will look for a subsequent pullback to go long....
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  • #678,950
  • Aug 11, 2012 10:21am Aug 11, 2012 10:21am
Quoting Chanya
Decade or two ? Awesome , So you have been trading from like 1992 ??? How did you traded back then ???
Hi Chanya,

back in 1992-1994 the first online broker opened.

The times before I can remember placing orders via telephone calls or even via fax.
  • #678,951
  • Edited 11:03am Aug 11, 2012 10:34am | Edited 11:03am
Quoting droox
a) I try to keep it simple and to use wave counts i learned from Robert Miner that is why i do not know anything about a truncated 5, but out of curiosity as i find it on internet this truncated five should be also a 5 wave count , which is not in this case.

b) my bad i didn't see it , i was reading from the phone- and wave B is indeed an ABC

c) Maybe wave C should not be an impulse , but as i learned it should be(maybe the reason is that it's easiest to see and it has a higher chance to be confirmed), also i don't know anything about WXY...


Hi Droox,

thanks for your answer.


to point a)

a wave 5 can be an ending diagonal. In this case nearly almost the subwaves unfolds as corrective waves and wave 1 and wave 4 do overlap

Especially in an ending diagonal it makes sense, that a wave 5 can truncate. Both are signs, that market thinks that things got too far too fast

to b) hehehe, I know the problem with smartphones and identifying the waves


to c) in order to know or discuss Elliott-waves with others, it seems to be imperative to know the rules and guidelines


to d) when counting EW it is important to see alternatives. Then you weigh the different counts against probability, momentum, Pivot-considerations etc. and place the bet




Best wishes to Romania,



Markus
  • #678,952
  • Aug 11, 2012 10:37am Aug 11, 2012 10:37am
Quoting infinitus
Hi Chanya,

back in 1992-1994 the first online broker opened.

The times before I can remember placing orders via telephone calls or even via fax.
Oh .... Cool .... I saw it in the movie couple of years back people doing that , placing orders via fone ... Sucks ... Have a broker ever messed up your trade ??? I saw brokers bitching to their clients everytime they received a call to put a trade on saying what they do or don't think is a reliable thing to do ... Interfere I mean ...
Human
  • #678,953
  • Aug 11, 2012 10:51am Aug 11, 2012 10:51am
Quoting droox
a) I try to keep it simple and to use wave counts i learned from Robert Miner that is why i do not know anything about a truncated 5, but out of curiosity as i find it on internet this truncated five should be also a 5 wave count , which is not in this case.
Then you haven't read Dynamic Trading completely because it is in there.

Anyway EW theory does not say wave 5 has to be higher than wave 3 whether or not it is truncated.

But you should also read (or re-read) in DT: "And now for another opinion page" 3-51 and "And now for the real Elliott Wave story" page 3-53
wherein Miner states the case these were never rules but guidelines by Elliott.

And that is how I look at them since as Miner repeatedly emphasizes markets are dynamic, ever-changing and sometimes price does not cooperate with exact wave counts and you need to be prepared for alternatives.

If only things worked exactly right everytime we would all be gazillionaires.

But I prefer to be a trader in the real world and not a theoretician in an ivory tower.
  • #678,954
  • Aug 11, 2012 10:55am Aug 11, 2012 10:55am
Quoting droox
...., eventually it came back and closed above at the end of the week .(giving me reasons to hope that it is bullish)
Just keep in mind it was end of (summer) week on light activity.

It might also open Sun night bullish since I believe 4th wave has more to go.

But the trend is the trend so I wouldn't expect it to last.
  • #678,955
  • Aug 11, 2012 11:00am Aug 11, 2012 11:00am
Quoting Chanya
Oh .... Cool .... I saw it in the movie couple of years back people doing that , placing orders via fone ... Sucks ... Have a broker ever messed up your trade ??? I saw brokers bitching to their clients everytime they received a call to put a trade on saying what they do or don't think is a reliable thing to do ... Interfere I mean ...
Back at that time I was not interested in daytrading, scalping etc. I did longer term trading, so speed was no factor.


But I can remember some discussions with some bank officers trying to talk me out of positions or trying to prevent me from buying them
  • #678,956
  • Aug 11, 2012 11:01am Aug 11, 2012 11:01am
Quoting SunTrader
Then you haven't read Dynamic Trading completely because it is in there.

Anyway EW theory does not say wave 5 has to be higher than wave 3 whether or not it is truncated.

But you should also read (or re-read) in DT: "And now for another opinion page" 3-51 and "And now for the real Elliott Wave story" page 3-53
wherein Miner states the case these were never rules but guidelines by Elliott.

And that is how I look at them since as Miner repeatedly emphasizes markets are dynamic, ever-changing and sometimes price does not cooperate...
  • #678,957
  • Aug 11, 2012 11:14am Aug 11, 2012 11:14am
And don't forget, wave four NEVER ends in the price zone of wave one.
Time turns trend. - W.D. Gann
  • #678,958
  • Aug 11, 2012 11:16am Aug 11, 2012 11:16am
Quoting ForExtraPips
And don't forget, wave four NEVER ends in the price zone of wave one.
Yes

Except when it does.

What do you do with a perfectly good 5 wave that breaks the rule. I trade it.
  • #678,959
  • Aug 11, 2012 11:17am Aug 11, 2012 11:17am
Quoting SunTrader
Yes

Except when it does.

What do you do with a perfectly good 5 wave that breaks the rule. I trade it.
Exactly.
Time turns trend. - W.D. Gann
  • #678,960
  • Aug 11, 2012 2:11pm Aug 11, 2012 2:11pm
GET READYYYYYYYYYY
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