that was much better than a simple "incorrect count" statement. e-wave is very hard to discern. My count may or may not follow a profetional providers count. I use just the basics. 5/3/5 or 3/5/3. Simply put...3 waves in one direction immediatly followed by 5 in the other is the signal. In the direction of the 5. On the above posted chart the lines I drew starts with a RED 3 down followed by a BLUE 5 up. That is where it was last sunday I belive. I gave that as a bull signal for the weekly forcast I do. after you see the 3/5 then wach for another 3 once the 3/5/3 was complete and the last 3 doesn't extend past the start of the first 3 then another 5 is sure to follow. Wich will be a wave 3 as we saw here. Or a wave C as the greater trend here could be a wave of the next higher degree. But its too early for all that now. the market will through x,y,z....d,e,f...and all kinds of confusing waves at you so I don't even try to get all that. Just identify impulse waves and the wave of the next lower degree for entry. If the wave 4 decline unfolds in 5 waves it blows holes in my analisys. Dave here is last weeks chart. wave c extended little deeper than my line but the lines are a rough estamate.
is that all you can say? Guess your just trying to start something. The charts clearly show the projected wave count panned out as I thought. Why not offer an alternate count. There is always an alternate. Dave
I just closed my remaining long position at 2795 for a 276 point profit on this half. I am keeping an eye on this 2795 area. I want to get short here, but am going to wait to see how it is resolved. This is a very key area. If we move above and build value, then it may be onto 2795 3065 If we move down a build value below 2660 then I suspect we are headed down. Good luck everyone. DRT I just took half off at 2645. Will add some back once I get my barrings if warranted. +126 Points -------------------------------------------------------------------------------- Quote from downrivertrader: Okay the hell with the dollar bull thing. I covered my trade at 2521 for a 117 point profit. I am now long (a bunch) at .12519. Makes my head spin. Fed should move the needle tommorrow. Too much priced in the down move in my opinion. DRT --------------------------------------------------------------------------------
I know things are thin, but I have decided to get short at 2795. The market has not run away upward from this level so far. This is a very high risk trade. 2795 is an extremely key value area. If it continues to hold and we build value upward then the move out of here will be very strong in my opinion. If I am wrong, I will get out quickly and take my lumps. If the market does move down, I am looking for 2690 as the first stop. If we move below 2660 then it may be a downward path to 2570/2480. Good luck this week. DRT
DRT, Good luck with your trade. Is this trade based on TA only, overbought conditions, COT? Just curious why you went short and why now. Appreciate your input.
Just technical analysis. I am not good with anything else. Hunches sometimes. I study price distribution mostly. Certainly not an exact science. Maybe you guys can shed some light on this...... If the ECB does not increase this week, will the EUR likely gain in value?? DRT
Just to give you guys something to make fun of instead of Ivan and Coinzy....... I have a methodology that is something like a River. Water is always seeking equilibrium. 2795 is the equilibrium of the river. When price is near this area, I take above average risk to try and figure out which way the tide is going to flow. I call it River Theory and of course I am called DownRiver Trader since water flows downriver much easier