The Contents of a Bar

[Triathlete]

Through the years I have had a number of interactions with EW enthusiasts. I have never been able to make heads nor tails of it.

jog on
duc

EW is a subjective theory. I would never try to trade on it alone.

 

[tech/a]

Ah

Someone who "gets it "

Those who need to be right find Elliott impossible to fathom.
In fact all analysis becomes far easier to understand when you accept and understand that you don't have to be perfectly correct.

Around the mark can be very profitable

 

[Quant]

Cant backtest EW , useless in my eyes , looks like moving goal posts to me . Give me Objective anyday . I doubt there is a systems trader on the planet using EW

EWers try and predict 3 swings ahead when just getting 1 right is hard enough . they are never " wrong " , like economists they just revise #s

 

[tech/a]

Cant backtest EW , useless in my eyes , looks like moving goal posts to me . Give me Objective anyday . I doubt there is a systems trader on the planet using EW

EWers try and predict 3 swings ahead when just getting 1 right is hard enough . they are never " wrong " , like economists they just revise #s

And that's the beauty of it.
It will tell you when it's right and you'll
See when it's wrong all in good enough time to be of
Benefit.
You certainly can't use it in systems testing
Boggo uses it well.

It has its place for me at least.

 

[Quant]

And that's the beauty of it.

well one mans trash is another mans treasure , I will leave it at that

 

[Boggo]

Ha ha

 

[tech/a]

And so you should

 

[traderxxx]

I don't know anything about ew apart from the basic wave counting thing
and that yes as others say can be very subjective depending on when counts
are started.
but I have adapted the basic principle to suit myself, the recent wave calc had a low on
the spi at 5630 and the low was 5630 a few days ago.
and yea I know, hind sight now.
the next calc for the wave up comes out at 5837 , current high today so far 5828
not sure how that will pan out though given contract expiry tomorrow.

 

[traderxxx]

ok reasonable reaction off 37, down to 15.
better say now though, other numbers at 5855-57

 

[Triathlete]

I prefer 'options' for leverage, as I still retain control, even when the trade goes wrong. There are more strategies available to modify [leveraged] positions and thereby retain control of the trade.

jog on
duc

I have no experience with using options.( I have seen comments around that the Australian market is not very liquid for options here???) .

The way I see it you are either right or wrong, so you would either stay in the trade or close the position or if their is a reason to keep the trade open for a certain amount of time then you could hedge the position for that period required then close out.

Would you like to give us an example of a trade that is going wrong and what type of strategy you would implement to "retain control of the trade"

Cheers
Triathlete