I'm going to start a thread for Elliott wave analysis for cocoa....let me know what you guys think. I think cocoa maybe on the way down.... For more trade recs go to http://www.commoditiesvue.com
that wave 5 will be blasted tomorrow - then what? start re-count wave- 3 - thats not very smart :eek:
Could be....wave 5 could have been 3. What you can do with trading this way is purchase an option. Normally if I sell I will back it with a delta neutral option if the market swings in the opposite direction you make money on the option...use it as a hedge.
wave 5 could have been 3." That in a nutshell is why EW is a farce. Good quote from investopedia about EW: "Market cycles are often hard to pinpoint until after the fact and rarely have a specific beginning or ending point."
That's why I like to straddle the market with an option and place my order to enter the futures contract a few ticks away. If I'm wrong I still make money
Here is another thought. Scrape EW out of your trading. There is no evidence that the market moves according to 5wave dominant or 3wave corrective patterns. As many have said, people read patterns into the market (and as in Sixth sense "They see what they want to see"). EW is unfounded. So, throw out the smoke and mirrors and find something that is proven to have value. You are obviously not spending money on ET sponsorship because you wish to be a free guru, spreading love and profits among traders. You are creating a site, trying to drum up traffic, eventually for the purpose of selling trading advice, attracting paying advertisers, or both. Why are you trying to make a business by dragging newer traders into this so they can lose their money? Are you that clueless or are you that unscrupulous? If you want to help them, stop foisting snake oil on them. And please don't reply that you believe in it or that it must work because it has a following. Neither has any statistical value.
You will find that with Elliot Wave, you will be wrong in such a way as to find it has no value. Here is another thought. Scrape EW out of your trading. There is no evidence that the market moves according to 5wave dominant or 3wave corrective patterns. As many have said, people read patterns into the market (and as in 6 sense "They see what they want to see). EW is unfounded. So, throw out the smoke and mirrors and find something that is proven to have value. Why are you trying to make a business by dragging newer traders into this so they can lose their money? Are you that clueless or are you that unscrupulous? If you want to help them, stop foisting snake oil on them