coolTrader
Established member
- Messages
- 610
- Likes
- 6
Kaffee said:
oh Yes it is ! lots of volatility got cleaned out the last time.
Best Thread Live Cable Trading
oh Yes it is ! lots of volatility got cleaned out the last time.
We seem to be forming a reverse head & shoulders in the 60 min time frame. With the 12 Oct one shoulder 28 Nov the head, and now the second shoulder we are now forming could take us to around the 1.7500 figure and then up to 17800 17900 level. These head & shoulders patterns are appearing all the time in GBP/USD some break out and some just get to the neck line and stop.
We also have a elliot wave correction taking place now, we are presently in the 5th wave of the first wave down with a ABC up move next, then 5 waves down to 17500. We could also have just had a 4th wave correction of the big up move over the last couple of weeks, with the 5th up wave still to come this could take us to 1.78 to 1.79 level.So what I am really saying is we could go down to 17500 of up to 17800 to 17900.
Breadman
We also have a elliot wave correction taking place now, we are presently in the 5th wave of the first wave down with a ABC up move next, then 5 waves down to 17500. We could also have just had a 4th wave correction of the big up move over the last couple of weeks, with the 5th up wave still to come this could take us to 1.78 to 1.79 level.So what I am really saying is we could go down to 17500 of up to 17800 to 17900.
Breadman
trendie
Legendary member
- Messages
- 6,875
- Likes
- 1,433
dc2000 said:
no. although that book is regarded as a classic, I believe.
I have mostly pdfs from helpful traders, etc.
the only Prechter book I have is "Fibonacci Trader", which refers to Fibs in the context of EW.
as an aside, is next week going to be slow as it is being week leading into Christmas ?
( only 3 more working days to go, then I am off for 2 months, so I wont be able to trade properly until next Monday.)
SOCRATES
Veteren member
- Messages
- 4,966
- Likes
- 136
In the late 1960 ' s there were a series of books and very detailed technical papers written by Bob Beckman, including Powertiming, Into the Upwave, The Downwave, from memory. He is now retired and lives in the South of France. All of his work is essential reading for aspiring Ellioticists.All of them are illustrated with charts. In his work he clearly explains the most demanding part of Elliot Wave Theory, namely extensions of extensions. The difficulty is that the topic is huge and has to be understood and absorbed all at once, or not at all.
SOCRATES
Veteren member
- Messages
- 4,966
- Likes
- 136
There is a simply brilliant Ellioticist in France who is a leading light at the Salon des Analyses Techniques and another guy in Belgium who is also an expert. Both of these have submitted papers on the subject, the first one in French and the second in Flemish. Regrettably translations are not available in English, although the first one kept promising to do it up till 3 years ago. His explanations of second leg exceptions with detailed cataloguing is simply superb. The other one included a very comprehensive ratio study which he showed me and was thinking of putting into a program, but I have no idea whether he completed the project or not.
SOCRATES
Veteren member
- Messages
- 4,966
- Likes
- 136
I have a little bit of time to say some things about the theories of Ralph Nelson Elliott.
He arrrived at a series of conclusions because he had been ill and was convalescing for 6 months I believe (someone correct me if I am wrong ) in a sanatorium. During this period he put his attention on the phenomenon of peridicity and wave structure that he spotted by studying price movements as published in the Wall Street Journal.
He noticed a familiar, almost subliminal concurrence of repetitions in price movements that he could only explain as if waves were regularly formed in series. He then proceeded to catalogue these and to identify them in order of magnitude, and when and where they apperared, repeatedly.
The greatest formations he called a grand super cycle and when he broke this down, contained within it, like Russian Dolls, he discovered cycles within cycles, too regular to be mere chance.
The whole idea is very complex and it is no use just toying about with it.
In order to make it meaningful for you, you have to study it in great detail from A to Z.
Only then can you become totally familiar with the whole theory and be able to commit it to memory and a level of familiarity in which you are able to identify what fits where and to what order of magnitude.
I say this because, in my view, the whole concept has to be assimilated and understood as an absolute complete agenda. Now, at the highest level of proficiency, it is sympathetic with all forms of market action, whether in a bull or bear phase.
You have to work at it very hard for it to work for you, so that you are able to identify wave counts at a glance, because it is no good dithering about and trying to force fit that which cannot be force fitted. What I mean by this is that wave identification and counting must be dead accurate and instant, second nature, if you like.
It is rather like learning to type, or to play a musical instrument. After a time, and effort, a complete series of waves can be identified in their proper order, sequence and magnitude. It is there not to be a sort of fixed formula but as an intelligent guide.
The best result is obtained by viewing waves subliminally, and not necessarily by detailed and exhaustive counting, as that is very mechanical and not reliable. When you become totally immersed and have finally mastered all of it, it becomes second nature, such that the next expected wave invairiably takes its proper place in the general scheme of things, such that you may not be aware consciously, but then find in a later post mortem of market action, the true valildity of his discovery.
What I mean by this is that I do not use / rely on Elliott Wave at all, but concede that outcomes that develop and which I anticipate via another separate route so often are in perfect harmony with the theory that it cannot be sheer chance or coincidence.
I do not use Elliott Wave to confirm my views, nor to predict future price development, I am only saying it is so very often in harmony with results as to be more than sheer coincidence.
I mean that skilled Ellioticists would not arrive at diverging conclusions when all the outcomes are examined as illustrated in a chart, regardless of time frame.
He arrrived at a series of conclusions because he had been ill and was convalescing for 6 months I believe (someone correct me if I am wrong ) in a sanatorium. During this period he put his attention on the phenomenon of peridicity and wave structure that he spotted by studying price movements as published in the Wall Street Journal.
He noticed a familiar, almost subliminal concurrence of repetitions in price movements that he could only explain as if waves were regularly formed in series. He then proceeded to catalogue these and to identify them in order of magnitude, and when and where they apperared, repeatedly.
The greatest formations he called a grand super cycle and when he broke this down, contained within it, like Russian Dolls, he discovered cycles within cycles, too regular to be mere chance.
The whole idea is very complex and it is no use just toying about with it.
In order to make it meaningful for you, you have to study it in great detail from A to Z.
Only then can you become totally familiar with the whole theory and be able to commit it to memory and a level of familiarity in which you are able to identify what fits where and to what order of magnitude.
I say this because, in my view, the whole concept has to be assimilated and understood as an absolute complete agenda. Now, at the highest level of proficiency, it is sympathetic with all forms of market action, whether in a bull or bear phase.
You have to work at it very hard for it to work for you, so that you are able to identify wave counts at a glance, because it is no good dithering about and trying to force fit that which cannot be force fitted. What I mean by this is that wave identification and counting must be dead accurate and instant, second nature, if you like.
It is rather like learning to type, or to play a musical instrument. After a time, and effort, a complete series of waves can be identified in their proper order, sequence and magnitude. It is there not to be a sort of fixed formula but as an intelligent guide.
The best result is obtained by viewing waves subliminally, and not necessarily by detailed and exhaustive counting, as that is very mechanical and not reliable. When you become totally immersed and have finally mastered all of it, it becomes second nature, such that the next expected wave invairiably takes its proper place in the general scheme of things, such that you may not be aware consciously, but then find in a later post mortem of market action, the true valildity of his discovery.
What I mean by this is that I do not use / rely on Elliott Wave at all, but concede that outcomes that develop and which I anticipate via another separate route so often are in perfect harmony with the theory that it cannot be sheer chance or coincidence.
I do not use Elliott Wave to confirm my views, nor to predict future price development, I am only saying it is so very often in harmony with results as to be more than sheer coincidence.
I mean that skilled Ellioticists would not arrive at diverging conclusions when all the outcomes are examined as illustrated in a chart, regardless of time frame.
Last edited:
Kaffee said:
Maybe Big Ben is. But not Big Baruch. I just jump on the first move after 7.00 (with a tight stop). I don't have time to wait for a breakout of the range. Crazy idea? Maybe, but I don't care as long as it gives me pips... :cheesy:
