I have never personally met anyone who could make money using Elliott Wave and Gann Lines in a live market with real money. I am sure that there are a few out there, but there are way more forex bucket shops and educators using it for promotion than there are successful practioners IMO. The requirement for overlap and offset compensations to make adjustments for the wave counts changing with the natural ebb and flow in the market makes it too inconsistent again, in my opinion. But, an Elliott Wave chart is the best looking most obvious technical chart there is. Too bad the wave counts are always changing once you've taken a position. I have seen traders use various combinations and permutations of every other technical study to make money. I have seen strict order flow 'tape readers' make money. I have seen order queue gamers make money. I have seen automated market makers make money. There is no one correct way or methodology. If you can find some way to be consistent then the worm will turn for you. If I had ten traders in a room, introduced them to a simple Moving Average Cross system for trade entry and trade exit on one product, I can promise you that you would have ten different P&Ls at the end of the day - and the big kicker would be that I would lay odds that the variance between the P&Ls would be larger than common sense dictates. Never underestimate the human being's capability to self-sabotage himself and get way to cute for his own good. Occam's Razor. Go find a Bloomberg Professional Terminal sales guy (you know, the $1900 per month 3 year contract product) from Manhattan and ask him what strategy most of his clients are using. The biggest flaw I see in clients is the timeframes they are using and indeed how they are using them. Timeframes are typically more important than the study in many cases.
Agreed. I get my daily laughs on many of these posts. Definitely a wide range of skills here, and I swear half these posts are fake like the OP, just to stir up people, and it appears to have worked. Who has time to read 79 pages of responses??_!
I've read a lot of your posts and agree with a lot of what you post, especially those concerning the psychological part of trading but saying that Elliott Wave is the most obvious technical chart out there is like saying the 80' Chevy is the most technologically advanced car on the road. There are chart environments that do not change over time and the "worm never turns" in them. They do not exist in a FOREX environments because of chart structure (the limitation to only create charts based in time).
Hello sir. Hope life is treating you well and Chi Town isn't too hot for you. We are close to dragging you down to this neck of the woods to share dead animal flesh and swap lies around a burn ring. I'm anxious. Fray is a mild term I guess regarding this website. Hopefully surf will keep his word and concentrate his focus on Anna and Canada for the next few weeks and things will quiet down on the boards a bit. I do wish both of them a hundred years of happiness and prosperity. They sure picked a beautiful spot for a wedding.
Prof, what I really meant was that as Fibo extensions and retracements get taken out during the natural ebb and flow of the market price action the previous wave count calculations get updated and they do change. In fact, Advanced GET and a host of aftermarket technical software packages exist partially to make timeframe sampling period overlap compensations. Some EW practitioners even use different study settings for stocks vs. commodities. Volatility spikes and trading range variances really plays hell with it. I was asked my opinion, and it still stands that I really haven't seen evidence of much applied success actually trading the methodology - and I admit that it certainly must exist somewhere. Just my 2 cents when asked by someone. I stated that EW makes the prettiest and most obvious technical charts out of sarcasm - any study will look great IMO if it gets to change historical results 'on the fly'.
Listen, if you are an EW practitioner then my hat is off to you if you can get it to work in a live market with real capital. As I stated before (and was glossed over, apparently) from my observations to date the much more critical issue was the trader's selection and use of timeframes. In my mind, that is a more important factor than using an EW versus a MACD divergence or trendlines or whatever.
No, I don't use Elliott Wave or MACD. I use Constant Volume Bar charting to stabilize the chart structure. What I mean by this is that Constant Volume Bar charting allows each price bar to show or depict the exact same weighted volume based on volume. Then I simply use 2 fractionally adjusted custom Ergodic Indicators to confirm long and short term support & resistance levels, immediate price direction and specific chart directional strength. I've posted a chart to help explain how I read a chart's price direction and strength. Trade entries and exits and labeled because until you can read the chart, trading is irrelevant.
Hello sir. Hope life is treating you well and Chi Town isn't too hot for you. We are close to dragging you down to this neck of the woods to share dead animal flesh and swap lies around a burn ring. I'm anxious. Fray is a mild term I guess regarding this website. Hopefully surf will keep his word and concentrate his focus on Anna and Canada for the next few weeks and things will quiet down on the boards a bit. I do wish both of them a hundred years of happiness and prosperity. They sure picked a beautiful spot for a wedding. Nope. It's wet, mighty wet. There is a fear that the corn might have gotten washed out. So watch the charts for that. Surf is still surf. He recently went countertrend and got short on the close Friday on a rumor. He was promptly told that this was a mistake and that he would puke the position on a gap and go, which was obvious to everyone but him, and of course, Monday morning, he chucked. ( A gap and go is TA, so obviously it is a product of our minds) So not much is different.