hungrybear
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Nice chart barjon.
I was going to post a chart, but haven't figured it out - must do so soon!. Instead I'll have to use words!
The Ftse does look like it's breaking down - so much for my contrarian attitide yesterday! Taking a trendline across the lows of Sept 30th and Oct 20th, the Ftse broke through yesterday and back-tested this morning. Unless some buyers can be found soon, which considering the weakness in the face of the Dow strength seems unlikely, to get the Ftse back up through this line we could see the bears back in control for more than a day or two.
I was going to post a chart, but haven't figured it out - must do so soon!. Instead I'll have to use words!
The Ftse does look like it's breaking down - so much for my contrarian attitide yesterday! Taking a trendline across the lows of Sept 30th and Oct 20th, the Ftse broke through yesterday and back-tested this morning. Unless some buyers can be found soon, which considering the weakness in the face of the Dow strength seems unlikely, to get the Ftse back up through this line we could see the bears back in control for more than a day or two.
hungrybear
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Hope you're right Bonsai.
I had a turn day yesterday and the next one, which is stronger, is on Monday. Monday should then be a significant high, but this weakness is perturbing. Still, we haven't taken out yesterdays low and until we do Monday should be a high.
The waves over the last few days look corrective off the highs (or it's the 1-2,1-2 scenario), but I'm taking note of the trend-line breaks as a warning.
I had a turn day yesterday and the next one, which is stronger, is on Monday. Monday should then be a significant high, but this weakness is perturbing. Still, we haven't taken out yesterdays low and until we do Monday should be a high.
The waves over the last few days look corrective off the highs (or it's the 1-2,1-2 scenario), but I'm taking note of the trend-line breaks as a warning.
the high this morning seems to have been held back by hooya's
original trend line and so we had a standard gap fill.
but this continual fall is muddying the water for me.
It is just possible that the fall yesterday was a 1/2/3 and we finished 4 this morning. So the 5th would be my false break and complete the wave.
?
original trend line and so we had a standard gap fill.
but this continual fall is muddying the water for me.
It is just possible that the fall yesterday was a 1/2/3 and we finished 4 this morning. So the 5th would be my false break and complete the wave.
?
fotheringham
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Re Elliott Wave - I'm someone who it doesn't seem to work for (though I'm not saying it doesn't work). In practical terms, does it actually maximise profit compared to, for example, the pure study of price and volume action (my main method) ?
Seems to me that followers spend a lot of time debating which wave is which and not really having a clear idea of what the price is likely to do next.
As I say, I'm not knocking it - different things attract different sorts. Just interested to hear what followers like about it.
Seems to me that followers spend a lot of time debating which wave is which and not really having a clear idea of what the price is likely to do next.
As I say, I'm not knocking it - different things attract different sorts. Just interested to hear what followers like about it.
hungrybear
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That would fit Bonsai. And if the fifth wave fails even better for my turn day! I'm looking to buy any strength this afternoon, but with a very tight stop.
fotheringham
I really wouldnt know how to compare different concepts but
Elliott has always basically proved 'untradeable' because of its ambiguities. - There is always an alternative count.
But I don't think trying to trade every rally and fall using Elliott is where its value lies.
For that you need a more traditional trading system.
I asked Prechter about the ambiguities because he has a number
of staff who issue wave counts to subscribers and the possiblity
of different wave counts on the same instrument.
Apparently he does not act as arbiter and they go ahead and
issue contradictory views !
I really wouldnt know how to compare different concepts but
Elliott has always basically proved 'untradeable' because of its ambiguities. - There is always an alternative count.
But I don't think trying to trade every rally and fall using Elliott is where its value lies.
For that you need a more traditional trading system.
I asked Prechter about the ambiguities because he has a number
of staff who issue wave counts to subscribers and the possiblity
of different wave counts on the same instrument.
Apparently he does not act as arbiter and they go ahead and
issue contradictory views !
Morning all,
Been away in the country yesterday getting muddy. Glorious day.
re EW: I take the very simplistic view that when you can clearly see (even my 4 year old can spot it) a 5 wave count then be aware that EW watchers will be active. This has the possibility of presenting a trading opportunity.
Otherwise, follow the maxim towards EW -"If in doubt stay out."
Been away in the country yesterday getting muddy. Glorious day.
re EW: I take the very simplistic view that when you can clearly see (even my 4 year old can spot it) a 5 wave count then be aware that EW watchers will be active. This has the possibility of presenting a trading opportunity.
Otherwise, follow the maxim towards EW -"If in doubt stay out."
fotheringham
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Thanks bonsai.
***
"But I don't think trying to trade every rally and fall using Elliott is where its value lies"
What, in your opinion, is the value of E.W. ?
***
"But I don't think trying to trade every rally and fall using Elliott is where its value lies"
What, in your opinion, is the value of E.W. ?
fotheringham
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Thanks mully - I take your point to mean that a basic understanding will allow someone to anticipate where a large following might adopt a position (in the same way that recognising TA patterns and being aware of pivot points etc does). Am I understanding you correctly?
fotheringham
I tend to trade very selectively.
Although the 1 day features very large, I dont trade every break just most of them.
You can use Eliott in much the same way.
There are times when the market becomes very clear.
Don't know if I can explicit examples off the top but
if we now have a false break to a new low and then reverse
you can expect me to be trading it immediately I get confirmation
from my set up.
So Elliott is like a road map and the trading system tells me when
I am out of a bult up area.
I tend to trade very selectively.
Although the 1 day features very large, I dont trade every break just most of them.
You can use Eliott in much the same way.
There are times when the market becomes very clear.
Don't know if I can explicit examples off the top but
if we now have a false break to a new low and then reverse
you can expect me to be trading it immediately I get confirmation
from my set up.
So Elliott is like a road map and the trading system tells me when
I am out of a bult up area.
hungrybear
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tried a long, but still no strength. Got out at b/e
fotheringham
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cheers guys
fotheringham
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Big volume spike in last 5 mins?
hungrybear
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more than likely Bonsai. In which case it could be temporary.
