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  • #26,061
  • Jan 27, 2013 10:52pm Jan 27, 2013 10:52pm
[quote=chiknthief;6397579]
Quoting DaddyBear



Wave 5 is in already.
Attached Image
  • #26,062
  • Edited 11:16pm Jan 27, 2013 11:00pm | Edited 11:16pm
Quoting chiknthief
I suppose there are different ways to use momentum. I'm not going to say whats right or wrong. What I look for is divergence only - when prices go to new highs and momentum doesn't match PA with a new high of its own (not confirming new high prices). Just the reverse at market bottoms.

Here's another divergence - the AUD/USD (forex) made a higher high on the week beginning 1/06 surpassing the high on the week beginning 12/09, then on the weekly futures chart week 1/06 failed to reach the high of week 12/09.

I am glad that we have had academic discussions of the nature of momentum. This is the format I'd like to see in this forum. These discussions are more like what happened at Acropolis of Athens 2,000 years ago than the fighting inside the Colosseum in Rome.

http://upload.wikimedia.org/wikipedi...inn.net%29.jpg
Christophe Meneboeuf (http://commons.wikimedia.org/wiki/User:XtoF)
daddybearforex. com
  • #26,063
  • Jan 27, 2013 11:01pm Jan 27, 2013 11:01pm
[quote=chiknthief;6397598]
Quoting chiknthief


Wave 5 is in already.

I don't do EWP but I have a problem with this.
Play the players, not the cards.
  • #26,064
  • Jan 27, 2013 11:07pm Jan 27, 2013 11:07pm
[quote=chiknthief;6397598]
Quoting chiknthief
Wave 5 is in already.
I see this differently.....
Attached Image
daddybearforex. com
  • #26,065
  • Jan 27, 2013 11:08pm Jan 27, 2013 11:08pm
[quote=GnarlyPips;6397605]
Quoting chiknthief


I don't do EWP but I have a problem with this.
Do you interpret wave (3) as wave (1) ???
  • #26,066
  • Jan 27, 2013 11:11pm Jan 27, 2013 11:11pm
[quote=chiknthief;6397611]
Quoting GnarlyPips

Do you interpret wave (3) as wave (1) ???
Well, I would, however, wave four pierces through wave one. Just based on that alone, I don't see how any wave count would work.
Play the players, not the cards.
  • #26,067
  • Jan 27, 2013 11:18pm Jan 27, 2013 11:18pm
[quote=GnarlyPips;6397613]
Quoting chiknthief

Well, I would, however, wave four pierces through wave one. Just based on that alone, I don't see how any wave count would work.
If it is not impulsive then it is corrective.
daddybearforex. com
  • #26,068
  • Jan 27, 2013 11:19pm Jan 27, 2013 11:19pm
[quote=GnarlyPips;6397613]
Quoting chiknthief

Well, I would, however, wave four pierces through wave one. Just based on that alone, I don't see how any wave count would work.
Based on my interpretation nothing gets pierced until AFTER wave (5) was complete.
  • #26,069
  • Jan 27, 2013 11:21pm Jan 27, 2013 11:21pm
Quoting Davit
I think Harmonic patterns ABCD Gartley,Bat,butterfly are lot easier to spot and less subjective then EW
Problem with EW is that no 2 people can agree on it hence it becomes cloudy.
Currently I am studying harmonic patterns and it is real eye opener for me.
Free Ebook by Carney here

http://www.harmonictrader.com/htpdfdld.htm
Davit, although I understand your consternation and reticence to accept EWP, please realize that harmonic trading is a derivative of EWP. Both are harmonic and symmetrical ways of understanding and predicting the market which rely on Fib ratios.

For example, and ab=cd buy pattern or ab=cd sell pattern is nothing more than an abc correction.

A three drives sell pattern is often a 5 wave advance.

A butterfly is often just a 5 wave advance followed by a correction.

Although harmonic patterns may be easier to spot than achieving an accurate EWC count, EWC would offer more insight into the future path of the market and many harmonic patterns face the same difficulty as EWP when applied.

I hope you can see that they are intricately linked and that EWP would just be a higher form of harmonic trading.

Best wishes on your journey.
The world you desire can be won. It exists.. it is real.. it is possible..
  • #26,070
  • Jan 27, 2013 11:22pm Jan 27, 2013 11:22pm
[quote=chiknthief;6397622]
Quoting GnarlyPips

Buy on my interpretation nothing gets pierced until AFTER wave (5) was complete.

Wave (3) is usually the biggest wave but this time wave (5) is almost the same size as wave (3).
  • #26,071
  • Jan 27, 2013 11:24pm Jan 27, 2013 11:24pm
Quoting Mr. Scott
Davit, although I understand your consternation and reticence to accept EWP, please realize that harmonic trading is a derivative of EWP. Both are harmonic and symmetrical ways of understanding and predicting the market which rely on Fib ratios.

For example, and ab=cd buy pattern or ab=cd sell pattern is nothing more than an abc correction.

A three drives sell pattern is often a 5 wave advance.

A butterfly is often just a 5 wave advance followed by a correction.

Although harmonic patterns may be easier to spot than achieving an accurate...
Great comment! Cannot agree with you more. -DB-
daddybearforex. com
  • #26,072
  • Jan 27, 2013 11:29pm Jan 27, 2013 11:29pm
[quote=chiknthief;6397622]
Quoting GnarlyPips

Buy on my interpretation nothing gets pierced until AFTER wave (5) was complete.

How you define one, I can see a few waves being defined where wave three would be for you. I don't see consistency, I guess. Something's just off.
Play the players, not the cards.
  • #26,073
  • Jan 27, 2013 11:37pm Jan 27, 2013 11:37pm
[quote=GnarlyPips;6397633]
Quoting chiknthief


How you define one, I can see a few waves being defined where wave three would be for you. I don't see consistency, I guess. Something's just off.
Wave (4) is an ABC correction (sort of) The markets are imperfect. Wave (3) is a steep uptrend. Wave (1) is a turning point off a major low.
  • #26,074
  • Jan 27, 2013 11:44pm Jan 27, 2013 11:44pm
Quoting Mr. Scott
Davit, although I understand your consternation and reticence to accept EWP, please realize that harmonic trading is a derivative of EWP. Both are harmonic and symmetrical ways of understanding and predicting the market which rely on Fib ratios.

For example, and ab=cd buy pattern or ab=cd sell pattern is nothing more than an abc correction.

A three drives sell pattern is often a 5 wave advance.

A butterfly is often just a 5 wave advance followed by a correction.

Although harmonic patterns may be easier to spot than achieving an accurate...
I agree with you that Harmonic patterns are related to EW but its easier for me to spot Gartley patterns on their terms.
Like I said in my previous post I am yet to find a profitable EW trader that does not have 10 other indicators on their charts which makes me doubt their sincerity of trigger reasons.Was it a wave 5? or RSI was above 80.
DB has Bollinger bands if I am not mistaken on his charts and makes me think why bother if EW is his primary weapon.
In trading, you have to be defensive and aggressive at the same time
  • #26,075
  • Jan 27, 2013 11:50pm Jan 27, 2013 11:50pm
Quoting Davit
I agree with you that Harmonic patterns are related to EW but its easier for me to spot Gartley patterns on their terms.
Like I said in my previous post I am yet to find a profitable EW trader that does not have 10 other indicators on their charts which makes me doubt their sincerity of trigger reasons.Was it a wave 5? or RSI was above 80.
DB has Bollinger bands if I am not mistaken on his charts and makes me think why bother if EW is his primary weapon.
I agree. I can't trade EW either. I can see it on the charts AFTER the fact. Thats about all. It makes good conversation with all the differing interpretations.
  • #26,076
  • Jan 28, 2013 12:13am Jan 28, 2013 12:13am
Quoting Davit
I agree with you that Harmonic patterns are related to EW but its easier for me to spot Gartley patterns on their terms.
Like I said in my previous post I am yet to find a profitable EW trader that does not have 10 other indicators on their charts which makes me doubt their sincerity of trigger reasons.Was it a wave 5? or RSI was above 80.
DB has Bollinger bands if I am not mistaken on his charts and makes me think why bother if EW is his primary weapon.
Davit, in fact, I only use ADX to supplement EWP in order to define the waves. Bollinger Bands are not used. I am trying to find the relation between the bands and EWP. It's there for the academic purpose not for the trading.
daddybearforex. com
  • #26,077
  • Jan 28, 2013 12:39am Jan 28, 2013 12:39am
The PIG market

The PIG chart looks quite a lot like the aussie chart. If you get tired of trading the aussie you can trade PIGS instead. Which way will this market go from here ? DB - whats the EWC forecast on PIGS ???
Attached Image (click to enlarge)
Click to Enlarge Name: PIGS.png Size: 9 KB
  • #26,078
  • Jan 28, 2013 12:44am Jan 28, 2013 12:44am
Quoting chiknthief
The PIG market

The PIG chart looks quite a lot like the aussie chart. If you get tired of trading the aussie you can trade PIGS instead. Which way will this market go from here ? DB - whats the EWC forecast on PIGS ???
Need more readings on weekly, daily and H4 to determine the EWC. your current chart is too narrow to get any meaningful reading.
daddybearforex. com
  • #26,079
  • Jan 28, 2013 12:53am Jan 28, 2013 12:53am
Quoting DaddyBear
Need more readings on weekly, daily and H4 to determine the EWC. your current chart is too narrow to get any meaningful reading.
The website isn't cooperating with me. Can't sign on for some reason. I'll ck it later.
  • #26,080
  • Jan 28, 2013 1:33am Jan 28, 2013 1:33am
Hellow everyone! We should be in a tight range today, very good for scalping 104300 and 104060 as Australia is on public holiday and little news.
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