Here's a detailed video on symmetry

    Posted by matt on 6th of Dec 2019 at 11:23 am

    Just recorded this video and hopefully it answers your questions about it. The video is only 5 min

    https://breakpointtrades.com/jing/Snagit.mp4

    see my detailed SPX chart for a great example of this

    What a quick reply!  Great

    Posted by steverobin on 6th of Dec 2019 at 11:42 am

    What a quick reply!  Great customer service!  Thank you Matt!

    here's a great example of

    Posted by matt on 6th of Dec 2019 at 11:34 am

    here's a great example of symmetry guys on the daily SPX - please see the detailed chart

    Take the major uptrend which began in Late Dec 2018: Notice the pullbacks in the uptrend in Jan, Feb March technically the pullback in early March was larger than those 1st three pullbacks of 95 points BUT YOU DIDN'T get a lower high!!

    The uptrend was too strong and early.  Notice however that larger March pullback of 95 points then become the IMPORTANT symmetry number which when broken in early May resulted in a lower high

    So the point is, in a strong trend the largest symmetry pullback isn't decided until later in the trend



    That March pullback in 2018

    Posted by junkie on 6th of Dec 2019 at 12:07 pm

    That March pullback in 2018 completely lost me. I have stayed out of the indexes since except for tiny amounts that does not matter. Anyway, could you please quantify what a strong trend is? And what is not?

    Some many have entered a short position on this pullback, that I do not even care to mention.

    we've covered all that, but

    Posted by matt on 6th of Dec 2019 at 12:19 pm

    we've covered all that, but remember you left back in 2016 and came back in Sept, great to have you back, but you were going for 3 years when we have had many educational discussions on stuff like that while you were gone. anyway awesome to have you back and hopefully things start to click and the systems have been going since May of course.

    +1. Thanks for the video,

    Posted by junkie on 6th of Dec 2019 at 12:40 pm

    +1. Thanks for the video, Matt! I am a daily chart trader, so your 60 period stoch explanation works for me. Your bpt_ds stoch works very well too, but it requires a TS to display it. 

    The only problem with this is that divergences are not displayed on daily charts on these pullbacks. This pullback only had a positive divergence on 60-min charts. So it is a mix of both time frames.

    so let's tie it all

    Posted by matt on 6th of Dec 2019 at 11:38 am

    so let's tie it all together. the recent pullback of 84 pulls is probably the 'true' symmetry number that we should all monitor for the future. Just like early this year those first pullbacks were not. 

    if you want to use an EW perspective, generally the pullbacks of your wave 2's are not important symmetry, it's your wave 4th's or later ones that are

    One reason that makes sense

    Posted by steve on 6th of Dec 2019 at 11:49 am

    One reason that makes sense is that Wave 3's are typically the largest and thus wave 4's can have a somewhat deeper pullback - understand?

    Regarding EWs: another interpretation of

    Posted by junkie on 6th of Dec 2019 at 02:51 pm

    Regarding EWs: another interpretation of wave 4 https://www.insidefutures.com/article/3126387/SP500%20Futures%20Can%20Make%20Failure%20Break%20To%20New%20Highs%20-%20Elliott%20Wave.html

    That is why I do not even pretend to under the EWs. HFTs and big funds trade purely off numbers, not EWs, based on my insider info.

    Yes weaning LOL. How many

    Posted by retirefire on 6th of Dec 2019 at 03:25 pm

    Yes weaning LOL. How many times have I seen E.W. charts redrawn. Not to say it can have supplemental value. 

    yes when I referred to

    Posted by matt on 6th of Dec 2019 at 03:54 pm

    yes when I referred to EW below it was in a general sense, in that case it's useful. you can look at a chart and generally see in a strong trend a wave 2 or 4.  What I made reference to below as the symmetry breaks are not as useful early in an trend like wave 2 pullbacks but more useful later in an uptrend after you've had a quite a few pullbacks and are later in the cycle.

    again why is this even a discusion?  How many wave counts do you see in our newsletters these days? like zero?  come on guys,

    http://www.etsy.com/au/listing/598972165/custom-bone-throwing-divination-setMore expensive than 1 month membership

    That's funny. Plus, I  didn't

    Posted by stevieb294 on 6th of Dec 2019 at 04:43 pm

    That's funny. Plus, I  didn't even know bone throwing was a thing. Learn something every day at BPT!

    Correct Junkie - always a

    Posted by steve on 6th of Dec 2019 at 03:13 pm

    Correct Junkie - always a few options so best to trade what's in front of you.  It's best used for mapping with appropriate adjustments based upon price action.  

    Thank you! I understand it

    Posted by junkie on 6th of Dec 2019 at 12:00 pm

    Thank you! I understand it in principle but not enough to make it actionable. Sorry, I have had no luck with applying EW's. Could you or Matt explain it in terms of indicators, please? I believe in indicators a lot more than I believe in Elliot Waves :-)

Newsletter

Subscribe to our email list for regular free market updates
as well as a chance to get coupons!