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  • #15,941
  • Sep 11, 2014 12:04pm Sep 11, 2014 12:04pm
Quoting waleed.khan
{quote} true... but the day still isn't over...(late rally?) but i agree momentum is down...would take a lot to hold above the mentioned levels... {quote} yes this fall was tricky... Todays close is going to be crucial i think...if it doesn't post a rejection candle and bounce above 1242; then indeed we are going lower...however if it does hold then that could be the start of wave 3 in which case it could go way higher... However in a broader context; the USD index has clearly broken out to the upside and perhaps will continue going up for some...
Hi,

I'm not very familiar with wave counting but credit to you as you seem to be pretty well versed in it.....can you briefly explain what is it in a nutshell please to give me some understanding when I read your posts

Many thanks.... LL
  • #15,942
  • Sep 11, 2014 12:13pm Sep 11, 2014 12:13pm
Quoting Landline
{quote} Hi, I'm not very familiar with wave counting but credit to you as you seem to be pretty well versed in it.....can you briefly explain what is it in a nutshell please to give me some understanding when I read your posts Many thanks.... LL
I think he is referring to the Elliot wave system. I don't use it myself but it's very popular and many people post their "waves". Easy to learn the principle just use google.

PS pls correct me if I'm wrong waleed
As the lights go by so too do the shadows move
  • #15,943
  • Sep 11, 2014 12:16pm Sep 11, 2014 12:16pm
Quoting Matts Micro
{quote} I think he is referring to the Elliot wave system. I don't use it myself but it's very popular and many people post their "waves". Easy to learn the principle just use google.
I see....ok ill investigate it to see what the merits of it are.. thankyou
  • #15,944
  • Sep 11, 2014 12:17pm Sep 11, 2014 12:17pm
Quoting Landline
{quote} Hi, I'm not very familiar with wave counting but credit to you as you seem to be pretty well versed in it.....can you briefly explain what is it in a nutshell please to give me some understanding when I read your posts Many thanks.... LL
wave counting as in elliott waves...(google it there is a lot of informatio on it) You can find its "rules" and "guidelines"

Here is a chart...which gives the general outline... wave 2 ( in this case is a sharp correction (zig zag).

If the red line breaks then the elliottwave rule breaks (Wave 2 cannot close beyond the start of wave 1)

* I hope that made sense*
  • #15,945
  • Sep 11, 2014 12:22pm Sep 11, 2014 12:22pm
Quoting Matts Micro
{quote} I think he is referring to the Elliot wave system. I don't use it myself but it's very popular and many people post their "waves". Easy to learn the principle just use google. PS pls correct me if I'm wrong waleed

Spot on...

Although it is easy to learn; it is hard and tedious to apply... ( I compare it to counting cards in black jack - in other words its a cheat sheet )
  • #15,946
  • Sep 11, 2014 12:32pm Sep 11, 2014 12:32pm
Quoting waleed.khan
{quote} Spot on... Although it is easy to learn; it is hard and tedious to apply... ( I compare it to counting cards in black jack - in other words its a cheat sheet )
hehe yah that's what I've always taken from it... it's so subjective and it seems rare to find two people with the same wave pattern. Imo trading is finding the crowd mentality; to be one of the herd and follow the trend, even if it is dumb money. I suppose as with all trading though, the better you get the easier it gets to see the waves.

If volume doesn't die too much in the coming hour or two should see a new low imo. Draghi's speech is the unknown in the formula however.
As the lights go by so too do the shadows move
  • #15,947
  • Sep 11, 2014 12:32pm Sep 11, 2014 12:32pm
Quoting waleed.khan
{quote} wave counting as in elliott waves...(google it there is a lot of informatio on it) You can find its "rules" and "guidelines" Here is a chart...which gives the general outline... wave 2 ( in this case is a sharp correction (zig zag). If the red line breaks then the elliottwave rule breaks (Wave 2 cannot close beyond the start of wave 1) * I hope that made sense*
Thanks for sharing your overview... I'll try to bear it in mind next time I see your reference to waves when you post from now on, but like MM said, its unlikely I'll find the time or the reason to use the method either, but having said that I'm sure you must be finding success with it...I appreciate you explaining the basics to me... cheers
  • #15,948
  • Sep 11, 2014 12:44pm Sep 11, 2014 12:44pm
Quoting Matts Micro
{quote} hehe yah that's what I've always taken from it... it's so subjective and it seems rare to find two people with the same wave pattern. Imo trading is finding the crowd mentality; to be one of the herd and follow the trend, even if it is dumb money. I suppose as with all trading though, the better you get the easier it gets to see the waves. If volume doesn't die too much in the coming hour or two should see a new low imo. Draghi's speech is the unknown in the formula however.

Indeed very subjective... However when 2 or more people have a similar count (the probability of it working increases).

Elliott waves are all about finding the crowd mentality and how the patterns keep repeating again and again in a "fractal" like manner.

Yeah price does want to go low...however notice oil and how it has so far come off its lows... (time for commodities to rally - dunno?)

Been a relatively choppy day for the usd index...
  • #15,949
  • Sep 11, 2014 12:52pm Sep 11, 2014 12:52pm
Quoting Landline
{quote} Thanks for sharing your overview... I'll try to bear it in mind next time I see your reference to waves when you post from now on, but like MM said, its unlikely I'll find the time or the reason to use the method either, but having said that I'm sure you must be finding success with it...I appreciate you explaining the basics to me... cheers

No worries....you are welcome

I personally believe that every trader should know about elliott waves... To me its the single most powerful tool for price projections. It gives context to "market structure". It gives a new meaning to "fibonacci" actually - I think without knowing elliott waves using fibonacci levels is like sky diving without a parachute!

Also having a good idea about how it functions will always help with improving ones understanding about "harmonics" etc...

For me it works very well with price action too...

IMO, If you are starting out or want to improve your understanding about trading...elliott waves is clearly a must. (far more advanced than any indicator or anything else for that matter)

Cheers!
  • #15,950
  • Sep 11, 2014 12:58pm Sep 11, 2014 12:58pm
Quoting Landline
{quote} Thanks for sharing your overview... I'll try to bear it in mind next time I see your reference to waves when you post from now on, but like MM said, its unlikely I'll find the time or the reason to use the method either, but having said that I'm sure you must be finding success with it...I appreciate you explaining the basics to me... cheers
You should be like sponge soaking up all information you can get

I personally don't use Elliot waves but that doesn't mean it wont work for others and perhaps even yourself. I suppose even I may use the waves in an essence, in that I can look at a chart and "see" the high's and lows and after years of staring at charts can sense when a PA has or hasn't quite completed a move. Same as I don't often use indicators these days but can "see" an overbought or oversold situation or other such circumstance. I think learning about different methods wakens another sense to your trading and even if you choose not to use the method you will retain that knowledge. I use many methods to my trading. When I am looking at a chart I am not looking for a pattern or such but am looking at what the chart looks like and one of the methods, patterns, strategies often hits me between the eyes and then I set a course to trading it.

but anyway... I don't know where that all came from, I'm rambling, guess cos its late or early (morning). K I'm going to stop typing now.
As the lights go by so too do the shadows move
  • #15,951
  • Sep 11, 2014 1:06pm Sep 11, 2014 1:06pm
waleed can you elaborate on the effect (if you expect any) new US sanctions on Russia could have on S&P500 as well as USD index?

thanks
  • #15,952
  • Sep 11, 2014 1:06pm Sep 11, 2014 1:06pm
Quoting Matts Micro
{quote} You should be like sponge soaking up all information you can get I personally don't use Elliot waves but that doesn't mean it wont work for others and perhaps even yourself. I suppose even I may use the waves in an essence, in that I can look at a chart and "see" the high's and lows and after years of staring at charts can sense when a PA has or hasn't quite completed a move. Same as I don't often use indicators these days but can "see" an overbought or oversold situation or other such circumstance. I think learning about different methods...

Well said...

Knowing more is absolutely no harm...especially when it compliments other methods of trading...( just makes the picture even more clearer and crisp)
  • #15,953
  • Sep 11, 2014 1:18pm Sep 11, 2014 1:18pm
Quoting waleed.khan
{quote} No worries....you are welcome I personally believe that every trader should know about elliott waves... To me its the single most powerful tool for price projections. It gives context to "market structure". It gives a new meaning to "fibonacci" actually - I think without knowing elliott waves using fibonacci levels is like sky diving without a parachute! Also having a good idea about how it functions will always help with improving ones understanding about "harmonics" etc... For me it works very well with price action too... IMO, If you...
It's ok, I was merely curious regarding EWs as I had seen some of your references to them that was all.

I think we all know that a holy grail doesn't exist in trading, whether it be complex or simple, and I personally think that "growing your own" method is always best, whether it be a naked chart with basic indicators or the more complex charts with lines everywhere, either way it doesnt matter because the owner will/should know exactly what the rules need to be to make a success of it.

One of the good things about FF in general is the diverse ways we all approach our trading, which is just as well otherwise we would have very little to exchange lets face it
  • #15,954
  • Sep 11, 2014 1:19pm Sep 11, 2014 1:19pm
Quoting bonnzi
waleed can you elaborate on the effect (if you expect any) new US sanctions on Russia could have on S&P500 as well as USD index? thanks
Honestly IMO... I don't think there will be any drastic effects at all. To me the Russia/ukraine issue has now become a regional issue. There have been many attempts by ukraine to make it a global issue with global implications, but don't think that is going to happen.

USD index is going to remain strong although there will be a little retracement at some point...

S&P is hanging on its upper channel levels and could retrace... currently it has been moving sideways this week... (possible retracement on the horizon?)
  • #15,955
  • Sep 11, 2014 1:37pm Sep 11, 2014 1:37pm
When I'm looking at H4 chart I am looking for chance to install next long.
Look last 3 candles
1st is confirmation that buls trying to fight with bears
2nd is pinbar - when we connect it with next candle we will know what is the target
3rd candle - hope will close at green
If last candle will close green My point of view tells me that we can looking for some update to the north side
If it close red i will lose rest of my hope :]
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  • #15,956
  • Sep 11, 2014 5:21pm Sep 11, 2014 5:21pm
Quoting ClockTrader
{quote} I got like 15 longs right now, awaiting a bounce (small peak out) so I can hedge some longs. I hope I get a chance by this weekend.
Right again.
A trade should be based on an assumption based on facts
  • #15,957
  • Sep 11, 2014 7:05pm Sep 11, 2014 7:05pm
As predicted Time to Buy again as it reached the 1240. Stop loss at 1220 Take profit at 1270.
  • #15,958
  • Sep 11, 2014 9:16pm Sep 11, 2014 9:16pm
Caution bulls, the Silver break can not be ignored imo.
As the lights go by so too do the shadows move
  • #15,959
  • Sep 11, 2014 9:31pm Sep 11, 2014 9:31pm
i'm new here
i want to buy for a rebound on gold but.............
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  • #15,960
  • Sep 11, 2014 9:36pm Sep 11, 2014 9:36pm
I am expecting a bounce to around 1238 before the next move.
As the lights go by so too do the shadows move
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