Posted by vnathwani on 12th of Mar 2010 at 01:27 pm
you missed out alternative scenario, extended fifth wave,
truncated fifth wave, maybe its a 12345 that will play out instead
of an ABC, have we started P3 down in the larger trend or is P2
extending and lots of other squiggly lines that look pretty in the
rear mirror but do absolutely no good looking forward as there are
so many possible permutations
EW is just absolutely ridiculous in my opinion and for the vast
majority of traders on this site, I would guess that its something
we don't refer to and in the main, just don't like hearing about as
its confusing and very often wrong! (I have read both EW Principle
by Prechter and also tried to understand the value in EW analysis
by subscribing to their service before and watching videos/learning
etc. so I am familiar in detail with the concepts. Will I
subscribe again? Never!)
If you like Prechter and the crap he comes up with then good
luck. Otherwise, you are most likely similar to myself who simply
has to google elliott wave blog and you will end up with at least
10 different counts and possibilities of where the market is going.
A load of c*ap is EW and I would advocate everyone to shy away from
it and just stick to the raw basics of trendlines, S&R and
OB/OS and not EW BS*it
Sorry to be so frank but these are my opinions and I am entitled
to voice them if they assist fellow traders and make their lives
100 times simpler by avoiding EW
Posted by racerick on 12th of Mar 2010 at 01:37 pm
I actually know a little about, but can't say I disagree with
you lately. Seems like the wavists have an answer for everything,
mostly in hindsight. Seem to work a little better on currency than
stocks it seems, but currency markets trend better most times.
Posted by vnathwani on 12th of Mar 2010 at 01:42 pm
Thats EXACTLY what I am referring to for the vast majority of us
traders on this forum and you sum it up well.
There is always an alternative scenario that fits what the
market is done and its that scenario that is shown to the world.
The other 74 scenarios that have cost the average trader are
brushed under the carpet to be forever forgotten about
Posted by racerick on 12th of Mar 2010 at 01:58 pm
It's just like most other indicators, can't rely on just one. It
can help predict certain movements, IF you can figure out what wave
you're really in. And there are certain rules they have that can
help. But leaves itself open for lots of interpetation. LOL, I'm
simple, just give me a trend line.
you missed out alternative scenario,
Please....
Posted by vnathwani on 12th of Mar 2010 at 01:27 pm
you missed out alternative scenario, extended fifth wave, truncated fifth wave, maybe its a 12345 that will play out instead of an ABC, have we started P3 down in the larger trend or is P2 extending and lots of other squiggly lines that look pretty in the rear mirror but do absolutely no good looking forward as there are so many possible permutations
EW is just absolutely ridiculous in my opinion and for the vast majority of traders on this site, I would guess that its something we don't refer to and in the main, just don't like hearing about as its confusing and very often wrong! (I have read both EW Principle by Prechter and also tried to understand the value in EW analysis by subscribing to their service before and watching videos/learning etc. so I am familiar in detail with the concepts. Will I subscribe again? Never!)
If you like Prechter and the crap he comes up with then good luck. Otherwise, you are most likely similar to myself who simply has to google elliott wave blog and you will end up with at least 10 different counts and possibilities of where the market is going. A load of c*ap is EW and I would advocate everyone to shy away from it and just stick to the raw basics of trendlines, S&R and OB/OS and not EW BS*it
Sorry to be so frank but these are my opinions and I am entitled to voice them if they assist fellow traders and make their lives 100 times simpler by avoiding EW
LOL, why don't you tell us how you really feel
Posted by racerick on 12th of Mar 2010 at 01:37 pm
I actually know a little about, but can't say I disagree with you lately. Seems like the wavists have an answer for everything, mostly in hindsight. Seem to work a little better on currency than stocks it seems, but currency markets trend better most times.
Thats EXACTLY what I am
Posted by vnathwani on 12th of Mar 2010 at 01:42 pm
Thats EXACTLY what I am referring to for the vast majority of us traders on this forum and you sum it up well.
There is always an alternative scenario that fits what the market is done and its that scenario that is shown to the world. The other 74 scenarios that have cost the average trader are brushed under the carpet to be forever forgotten about
Stick to the basics
EW
Posted by racerick on 12th of Mar 2010 at 01:58 pm
It's just like most other indicators, can't rely on just one. It can help predict certain movements, IF you can figure out what wave you're really in. And there are certain rules they have that can help. But leaves itself open for lots of interpetation. LOL, I'm simple, just give me a trend line.
I'm with you Rick, with
Posted by ditch on 12th of Mar 2010 at 02:05 pm
I'm with you Rick, with Waves you can have a sell on a 5 minute chart that's at the 5 wave while the 30 min. chart is on wave 2.
Trend lines, support and resistance, volumes and Moving Averages for me.