How does your wave count work?
Sorry, can't go there. Wait till the book comes out in 20 years.
Notice this retracement just hit the 50 fib. I expect it to go to the 61.8 before falling
How does your wave count work?
come on 30xcti, give us an overview of the waves.... elliot waves presumably?
Hi 0XTCi,
Thank you for a useful and interesting contribution. Normally, I'm not a fan of indicators, but I can see the value of the BB's as you describe. A few questions if I may . . .
1. If I've understood you correctly, trades are triggered upon the breach of the outer BB with 3 standard deviation. Given this, I'm not clear about the significance and use of the inner BB with 2 standard deviation?
2. With reference to the MA, I'm not sure what you mean by "linear, typical price.This is true price."? For very short periods (like 5), I favour an exponential MA and routinely set the source for the calculation to (H+L)/2, but I suspect this isn't what you meant! That said, I imagine it's not going to matter greatly?
Cheers,
Tim.
Hi 30XTCi,Bollinger Bands and time cycles,( waves ) go hand in hand, one cannot operate without the other. Before your post I was trying to think of a way to explain how to count waves to stuart and john, by sending them on a journey of self discovery, Guys if you read this I want you to google Hurst cycles, try and understand how they might apply to Forex,and get back to me with your thoughts.
timsk, I know this is not the answer you are looking for right now, but if you bear with me for a little while you will get your answer I promise you.
Hi 30XTCi,
Thanks for the explanation.
Another journey of self discovery awaits us eh? Given the number I've already been on in recent years, I ought to be a truly enlightened being by now! :cheesy:
I've Googled Hurst Cycles and, other than the original text by Hurst himself, there doesn't appear to be a great deal out there other than various e-books published by people claiming to make Hurst's work intelligible for the layman and the mathematically challenged - i.e. people like me! Here's an example:
JM Hurst Cycle Trading
Did you have a specific text in mind? Anyway, I'll keep looking and, in the meantime, look forward to your next pearl of wisdom to help us all along the path to enlightenment.
Tim.
Yeah, I saw the diagram on the net and, while I can see that there might be some application for the swing or position trader, I assume it's of no particular benefit to day traders? (I day trade U.S. stocks and SPY).timsk, I just wanted to point out the basics about how cycles operate,smaller ones within larger ones within even larger ones.
I didn't realise there was a timetable - perhaps the others don't either! I'm on my annual hol's for 2 weeks on Monday, so you'll have to continue this without me. Still, something for me to look forward to when I get back.. . .where are those guys, they're late, might have to move on without them.
Your going to have to sign up with Oanda to get the smaller time frames, the live account data from Oanda is better, super fast charts, very close to eSignaltimsk,I use Metatrader for charting, the smallest time frame being one minute. Inside a one minute cycle I have been able to identify five by 12 second cycles, all the way up to Monthly.Normally I work in 15min,30m,1Hr and 4 Hrs.
I have a question in general. What do you use to tell you when price has changed direction?:idea:
Anybody?
Your going to have to sign up with Oanda to get the smaller time frames, the live account data from Oanda is better, super fast charts, very close to eSignal
I used it back in my naive lazy newbie "forex news" days..
Anything less than fifteen minutes you need a good pair of ear plugs:cheesy:
What about direction?
Oh, O.K. I'm glad to hear I'm wrong about the timeframes!What do you use to tell you when price has changed direction?:idea:
Anybody?
come on 30xcti, give us an overview of the waves.... elliot waves presumably?
Novice traders are attracted to strategies that use indicators, as IF it works, it removes decision making repsonsibility away from the persons interpretation of what is happening with price. And if the indicator based strategy doesn't work, the person can just blame the indicators, and not accept personal responsibility, for not having the nouse/balls/will to learn about S/R & trend - the chart - the things that matter.