%% LOL Try telling that to some one you have a RE a contract with; or a lawn mow contract with\ or your broker when he emails or mails your monthly loss statement for not cutting a loss\again\again . You said you were blowing up your account , did you mean 1st or 6th account ?? SAT timeframe , about 1;00 CST /2024 AD.................
The problem I have with EW is that price has to move before you can draw the wave. Same as any indicator.
Indicator?? Lol what? EW is a method based on statistics. Have you not seen me chart 6 months out in the future? My entries and exits are months out always. I was buying JAN19 16 calls back in Sept months before the move. I've had this chart drawn in since A...and price is now approaching X...or completed X heading down to A for the double ABC correction. If it breaks the .50 fib then likely headed down to A, if not then we could be headed up to X. If it blows through X then we are off to the races after a single correction.
Bob Prechter opened my eyes, years ago, when his team completely changed their months-long wave counts (and bearish forecast) in 2010, after the indices blasted thru "resistance"... They deleted a complicated corrective wave and "diamond top" and just redid it all with compounding impulse waves. That made the light bulb go on for me. It's very rare to see anyone use waves to get in, unless they are also using HSR, momentum, volume, inside info, or just fading the emotions of new traderz. We need an indicator for their biometrics, in real time!
There is no support and resistance levels in EW unless you are talking Fibonacci levels...price levels mean nothing. Complicated corrective waves? Corrective waves are how you take entries!
Hello wxytrader, Without a fraction of a doubt, you are the second most smartest ET member on the planet, IMO. Your words have improved my trading mental greatly. Thank you,
Hello rb7, I am not sure what you mean by irony. But I really like how wxytrader theory or mental approach on trading. It matches mine as well. I appreciate him.