Current QQQ situation. Upper chart is the entire bounce from last month, ending a few days ago. Lower is the last little few dayz as of market close. Expecting a pullback tomorrow or a few days later if the compounded fives which complete 3 happen to extend (a finer order compounding, which is what escaped Mr. Prechter's forecasters way back when). Why post this? I know that no one is going to count the waves the same as I do so it's practically impossible to fade. Although sometimes I wonder if Prechter scuttled the theory intentionally with false forecasts to preserve the art for those who find it helpful. Even PTJ was using it back in the day, according to Market Wizards.
1) I know that no one is going to count the waves the same as I do so it's practically impossible to fade. Do you have or are you willing to share a written summary of rules outlining your method here with us so we can follow along at home? 2) Although sometimes I wonder if Prechter scuttled the theory intentionally with false forecasts to preserve the art for those who find it helpful. Wide Tailz, are you saying: "Adverse information about "the theory" is presented, with the intention of discrediting it?" (Poisoning the well can be a special case of argumentum ad hominem, and the term was first used with this sense by John Henry Newman in his work Apologia Pro Vita Sua (1864).[1] The etymology of the phrase lies in well poisoning, an ancient wartime practice of pouring poison into sources of fresh water before an invading army, to diminish the invading army's strength.)
That's exactly what I'm saying, but I didn't think the "pullback" would happen so fast. *my personal rules are the same as the sheet you posted.
First and foremost, thank you for your charts. Wow. "Adverse information about "the theory" is presented, with the intention of discrediting it?" A) Wide Tailz said: That's exactly what I'm saying. Do you have or are you willing to share a written summary of rules outlining your method here with us so we can follow along at home? B) Wide Tailz said: That's exactly what I'm saying. Are statements A and B both true?
%% IF it worked 20% of the time, that'$ a little like a PSAR\LOL. SPY,QQQ,VTWO. No wonder Paul Tudor Jones, duck shooter/ like' s a 200 day moving average. Some of the most skilled duck shooters start @ the back of the flock+ shoot. I like to aim my 12 gauge scatter gun [in season]@ lead bird\ its usually a mid bird that drops\LOL. No wonder Rich Fisher, TX Fed , said monetary policy is like duck shooting, you have to get in front of them
Man, I just want to see examples on charts. Nothing judgemental at all. This technique, like most chart tools prolly depends on the stats, refinements and execution skills of the operator. This is one that has so few operators that agree on a 'forecast' that Wide Tailz' post is of specific interest. At first lasting glance, and with gross oversimplification, it reminds me of an extended version of ABCD trading on fractal scales. Not simple but maybe simplifiable, know what I mean vern? Evening star dojis may work 20% of the time under the trading regimen of operator 'A' and perform much differently under operator 'B'. Refinements and context having to do with one of the simplest of the straightforward simple setups out there, will have their effects in end of month P/L for the humble ESD candlestick signal between trader A and B. The "10 Rules" listed in a previous post taken in a sober stepwise fashion on a slow enough chart would appear to an average noob, me, to be clear enough to provide two identical analyses by application of "those specific rules". So much so that a proctor should be able to grade both attempts according to 100% correct interpretation=Pass, or 99% correct=Fail. "Ten rules cheat sheet" https://elitetrader.com/et/threads/...t-right-here-baby.335635/page-25#post-5546083 What says y'all?
%% MR Wide T may be on to something; his theory=sounds like they goofed up the Ew so much , knowING when that happens over the many many years\ some may have a clue\ I know what you mean Vern; Vern said ''its like bobbing for water\ you cant miss!!!!!!!! ''[Edit,LOL]
Maybe, maybe not. Until written rules are followed to the letter to at least show one freakin chart by anyone claiming to be able to do this stuff, then it ramains in the realm of artistic intuitive trading and from what some of the local users of that technique seem to insist, it takes up to a decade to cut your teeth in that realm. Sweet Brown said it best as far as I'm concerned. I sure as heck do not have any experience with ewt but sooner or later a chart gonna pop up around this jernt with the barest of 1 2 3 4 5 A B C lightning bolt laid down as best a neutral noob can manage even if I nave to look a dozen different charts to slide under that lightning bolt, single level, simple simple simple zig zag dealio to make it fit, lol. If I gotta look at more than 10 charts to find one that fits, then I can't read rules, or the rules are not accurate, or what? The truth of the matter is what I'm after. I'm Switzerland on EWT at this point. We could use some help here, starting with a fact-check of those EWT "10 rules cheat sheet." Where the hell's GWB when ya need him, lol.
So many winning methods will give a "buy" signal at similar times, and cut losses for you when the time comes, that it's almost foolish trying to single one out. I use many. I even use the fur on my tail. When it starts getting excited, the move is just about over.....
When there's action a trader can find many and varied setups and methods that work imho. When there's no action, take no action, lol.