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charts in general can be very subjective...there are lots of ways to intrepret them.
cheers all
cheers all
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I have no idea???...I just do what I do...But I'm sure that most have absolutely no idea what I do...I've had quite a few people that know me fairly well ask me..."What the h*ll do you do anyway"?...Guess I'm not very good at explaining...But I look at a lot of different things and make a lot of trades based on various reasons depending on my immediate goals...DougOriginally posted by spikefader"Trade What Is Happening...Not What You Think Is Gonna Happen"
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Nothing is 100% - Nothing ...
No trading method including Elliott Waves or not ... is 100%
Is this not the truth ?-
Please don't acuse me of being a great marketer for saying this .
These words are common sense - not marketing ....
Elliott Waves is Just a trading method -Thats all ! ....
It has it's good points and its not so good points .
Just like what ever the trading method that you are currently utilizing . Yes, .....The same can be said ....
Your current trading method that you are using is also Subjective and definately not 100% ...
The situation is the same , One is not better than the other.
Your trading plan is not better than Elliott waves and Elliott waves is also not better than what ever Trading method you are currently using .
It does'nt matter if you ageree or not - These words are not here for everyone . Some people will never apreciate what's being said here . Some people just don't get it and never will !
This is the truth of the matter
So , Here's the bottom line -
PLAN YOUR TRADE- ....... and .......TRADE YOUR PLAN ............
Looking for the Holy Grail ? The closest thing that exists to this is called -
Risk to Reward - coupled with what's called Position Sizing.......
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THIS STYLE OF TRADING IS NOT FOR EVERYONE ......
We are not all the same ......... We are all built differently .
We all have different experiences and more importantly don't see the charts or the world the same way . This is why if you gave the same chart data to 10 diffrent people who interpret the Elliott Wave you will come up with diffrent wave counts .
Does it mean someone has the wrong wave count? ..... No !
It doesn't mean this at all ......
It's all a matter of perception . -in which some times is greater than reality , by the way .
So , here's the bottom line ,
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- It doesn't matter what your Wolf wave count is .
- It doesn’t matter what your Elliott wave count is .
- It doesn't matter what your Gartley count is .
All wave counts are Subjective.............(So is your current trading method )
What matters is Price Action .
( and the ability to analyze time )
Tracing out Elliott Waves - Wolf Waves- and Gartleys is
not a competition to see who has the right wave count .
These wave structures mean nothing without applying sound
Risk to Reward principles, which in the long run is the key
to success in the market .
-Please do not confuse Risk to Reward with Money management....
though similar, Money management is a subject on to its own .
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The charts by Marketwavez are simply Elliott wave-counts that are believed to be what the given market is tracing out . Wave-counts are highly subjective and definitely not 100 % reliable... Wave-counts also vary from one person to another who may be analyzing the given market and also can vary based on the time frames that are being analyzed.....
I leave you with my trading motto for now
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Professionals are concerned with Risk to Reward
- Everybody else is concerned with being right all the time .Last edited by Guest; 05-23-2006, 12:56 PM.Comment
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Doug, I’ll need to disagree with you on the part that EW is garbage. The problem is most who criticize a methodology never study it and or stick with it long enough. I bet this happens every day where people try something new and they get chopped up and continue to find something new and continue to get chopped up.. Now as far as subjective any chart you post or talk about to anyone is subjective to ones perception. I think EARNINGS are subjective to false BS. YES that’s right how many companies do you think are feeding you a big bag of crap? I bet you a dime to a donut ENRON is not the last you will read about. But hey this is my subjective approach to things…. These big dogs for the most part, are crooks and I’m not getting caught up about earnings and all that other crap. But hey that is what makes this so interesting. My methodology does not need to be popular and I could care less what others think. I will not downgrade your methods or anyone else’s as being garbage.Originally posted by IICComment
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Not to mention little ripoffs like tech companies that back date their executive stock options grants to catch the lowest price and once again rip-off the shareholders.
About EW - there are people that make a lot of money trading using fundamentals and/or charts/technicals usually both together. I wouldn't dismiss the chart or technicals out of hand.
I'm no expert on EW but some of the things I've picked up from reading a Prechter book seem to come very close to real events. I definitely wouldn't be suprised to see the Naz go a LOT lower on this cycle down - which is something Prechter predicted from EW if I remember correctly.
May not happen, but as I mentioned above - who expected 9/11, etc. (not the US gov't obviously). If the Iranians close off tanker traffic in the Persian Gulf - the entire world economy would go into an uncontrolled crash as the price of oil went to $1000. It's a pretty good guess they have the missles set up already - what if some Iranian guy drinks too much Turkish coffee and accidentally hits one of the buttons? It could happen.
Originally posted by RunnerComment
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Theres no such thing as an Elliott Wave expert ....
Wave counts are going to vary based on who's counting it
and the time frames being used .
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There is only the understanding of Risk to Reward
to apply to your trading method of choice .
This is what keeps you ! Along with position sizing ......
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Most people selling and telliing Elliott Waves .... Don't really understand this either .Last edited by Guest; 06-06-2006, 11:12 AM.Comment
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Lets look at the dow
This is an alternative count -........you dont have to agree with it to appreciate what its saying
the dow jones - begininng of a 5th wave
with a ......
Diamomnd Top Fornmation
Diamond tops are rare as it is ....... but there it was -was for all to see
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how may people had this perspective on the Dow ? ( 2 ) charts posted ....
Last edited by Guest; 05-24-2006, 01:16 AM.Comment
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It is not the coffee; it is the mosque; it is the religion; it is the ayatollahs; it is the Koran, with its 120 verses that say that unless you worship Allah, you must die. That's the problem and it will not go away.Originally posted by lemonjelloIf the Iranians close off tanker traffic in the Persian Gulf - the entire world economy would go into an uncontrolled crash as the price of oil went to $1000. It's a pretty good guess they have the missles set up already - what if some Iranian guy drinks too much Turkish coffee and accidentally hits one of the buttons? It could happen.Comment
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OK...You're right...Sorry for the thoughtless comment...Doug(IIC)Originally posted by Runner"Trade What Is Happening...Not What You Think Is Gonna Happen"
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Hear is another possibility I’m contemplating as far as EW counts. I think it is possible that we are or currently in the B from the 2000 top (S&P). I think the bottom in 2002 is possibly the A. If this is true then we very well could see a nasty C move to the downside. Not sure on this as my EW is fuzzy (as Spike says) to say the least. If (big question mark) my theory is close I think we slide this summer and this could get pretty ugly. Please feel free to advise me on my thought process as I view this as still part of the bigger corrective move from the 2000 top……
If we rally up and clear the 2000 highs I’ll then admit my wrong way of thinking.Last edited by Guest; 05-28-2006, 10:09 AM.Comment
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