Cartman I understand your thoughts regarding EW.
Cartman.
Have a read of
"Dynamic Trading "
By Robert Miner.
Would be helpful.
This is a good question.If you get a strong Wave3 with crap volume how do you respond to that from a trading point of view?
Seriously though, that chart on FMG that was mentioned above somewhere I could count at least 10 waves between the low in Jan to the high in June Y complicate it with stuff --- 123, 123, etc Lower high, lower low, mmmm.... might be time to sell !!
Not trying to be smart just the way i see it.
I guess it depends on the EW method you are using. If you go by traditional theory I cannot assist as I don't know enough about it and its rigidity.entry points from e/W or traditional T/A
E/W on a 1 min / 1 sec chart??? Valid or not ------ WHY/why not?
No worries Cartman. We all have valid points to talk about at times.Thanks Snake. I may write a lot of crap but its always tempered with serious content for anyone who wants to take the time to read it. Youve taken the time and I respect that.
I think this thread was started for ppl who wanted to learn EW, its not about justifying EW. Every1 has a method to help them pull the trigger... some ppl like to toss a coin, some ppl like to use EW ... whats the big deal
Cartman if u knew as much as u say about EW then u wouldnt ask those questions - u should try the google bar and come back with some better questions regarding EW if u are serious.
It's a mental illness Kennas.
It's a mental illness Kennas.
It's called Elliot Wavertism.
Helps you set up multiple accounts, never allows you to see the other side, and provides justification for letting your losers run.
i trade mostly on 1 second charts (not stocks) where i find E/W has very little use -- Cycles on a 1 second chart generally last between 10 to 30 minutes on average ---- simple MA's , MOMENTUM , H/H's L/L's etc etc relative to the previous cycle are all that is required
This is where I lose/have lost-- interest in the discussion.
Cartman,
This is the initial problems I had too. Why here and not here? Why 5 instead of 15 waves?
It is theory and that is not realistic at times. There are ways to see through the counts which are more practical.
Just taking a swipe at WP with that Porper my good man, who through one of his many aliases, admitted he had been holding USD for about 18 months or something, despite being on the wrong side.Hello Chops, not sure how it let's your losers run.
One of the main advantages of E.Wave is that it gives an absolute level where we the count is wrong, therefore a stop is triggered, no ifs and buts, this is absolute.
This question is easily answered. The five waves forward three waves back is the fewest number of waves possible for progress with fluctuation. That's the beauty of Elliott Wave and why I believe that it probably has some scientific basis and that someone will eventually win a Nobel prize one day for finally proving it.
Regarding someone else's question about waves on shorter timeframes. My opinion (based on common sense and some experience) is that Elliott Wave must work best at those timeframes where the price data (as represented on a chart) contains the purest representation of the sentiment behind the actions of the market participants, perhaps with some upper filter for volatility.
As you lengthen the timeframe of your analysis the risk for distortion of the relative meaning of price movements invariably goes up. What is a rise of 100% on the S&P500 when the USD depreciates 50% during the same time? Prechter had this problem when trying to breakdown the count of the 00-02 bear market and attempted to normalise the currency shifts and reduce the wave-count distortion by creating a "stable currency benchmark".
Similarly, while distortions caused by things such as currency fluctuations and inflation will (IMO) over a longer period of time slowly erode the viability of price data for wave counts, sudden increases in volatility (eg. 800-pound gorillas, black swan events etc.) must almost certainly destroy the effectiveness of wave counting until volatility subsides.
And at very small timeframes I expect that it takes events of lesser magnitude to ruin wave counts and start causing Elliott Wave rule breaking price activity. The lower you go the more likely you are to have your counts ruined, again IMO.
Prechter won the US Trading Championships using hourly charts. Many non-EW swing traders I know use this time-frame as their base (zooming out for market perspective and in to fine tune entries/exits). I've personally found the incidence of identifiable wave-counts at this time frame on liquid instruments makes it a kind of sweet spot for actually trading using EW.
My amateur opinion.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?