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Just recorded this video and hopefully it answers your questions
about it. The video is only 5 min
see my detailed SPX chart for a great example of this
What a quick reply! Great customer service! Thank
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
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 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 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, 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
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
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 is that Wave 3's are typically the
largest and thus wave 4's can have a somewhat deeper pullback -
Regarding EWs: another interpretation of wave 4
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
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 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
expensive than 1 month membership
Or maybe this...
That's funny. Plus, I didn't even know bone throwing was a
thing. Learn something every day at BPT!
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 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 :-)
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