Tailz, What do you use to scan stocks? Also, what single book or other source would you most recommend for me to begin learning EW better? I only know the very basics of 1-2-3-4-5, a-b-c, thanks. Bry
Tradestation has a custom scanner built in that I use for creating my list of top gainers (% daily gain > 5%, volume > 500k, price < $20). You can get the same thing on finviz.com's home page. For EW education, two resources that helped me the most were The Wave Principle by Prechter & Frost, and Jeffrey Kennedy's many educational writings at elliotwave.com. But EW trading is a lot of work. For two years I wasted effort looking for simpler ways. It wasn't until I exhausted all alternatives that I finally realized that I had to jump in with both feet.
PWER getting weak; sold @ 4.11 for $5 loss. The Market is definitely in a holding pattern these last few days.
It's that time again, Elite members of the Price Moving Community. The weekly tail report. Two trades, 1.5 wins for total profit of -$5 booked, $183 open. The gestating specimen this week was IMH. I have been waiting for a sell off that did not come. Counting it out, it appears to have undergone a very flat fourth wave and began breaking out today. I picked up a piece of it a little too early, sat thru a $100 drawdown then added this morning when everything shaped up on the 60 minute chart. Target $18. We'll see...
Minor update: IMH was not acting right so I cut it on Monday for b/e. Looks like I caught a piece of the b wave, not a third, and this is typically how they act: like an airplane taking off and the engine quits. Counting it out, it looks like the first wave of the expected fifth is now complete.
What's up, money movers. No hot action this week; just the exit of IMH when it wasn't following the typical third wave flight path. Might be a good time to mention that I believe that I never have the Holy Fractal of The Market figured out - I believe that there are very few times when an outcome is probable. Hence "when in doubt, get out". This mentality can work very well if one can find a low risk entry that, when it fails, tends to fail by not going up, rather than going down. Behold, the glorious third wave. IMH update: approaching longer term trendline, selling off in C wave fashion, as expected. :eek:
possible new start of wave http://bigcharts.marketwatch.com/ka...lf2=32&lf3=8&height=981&width=1045&mocktick=1
My spidey senses are picking up a possible double top coming (target ~$17) and then the down draft. Nice third wave long setup a week ago on the daily.