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Anyone use Elliott Wave ?
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Anyone use Elliott Wave ?

  #41 (permalink)
Trading for Fun
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I forgot to mention that few minutes after they released the FOMC minutes ES retested the 100% wave C = wave A then they went back up very quickly, what a coincidence it was.

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  #42 (permalink)
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Larry View Post
I forgot to mention that few minutes after they released the FOMC minutes ES retested the 100% wave C = wave A then they went back up very quickly, what a coincidence it was.

Thanks for the feedback Larry. Much appreciated.

I know it's weird how social mood conincides with fibonacci retracements and timeframes. The more I've learned about math, the more I realize it's intertwined in everything we do.

All the best

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  #43 (permalink)
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I read something that look interesting about using EW by Tom DeMark who has is own interpretation of them. What I like on that is the fact that his EW system is very mechanical so little room for over interpretation.

I my previous life I had a boss who was a great great fan of EW and he made me read almost everything about them (this explain maybe why I have a strong rejection for them now) but my interpretation at the time was: with EW you are always 100% right but only after the close of the market...

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  #44 (permalink)
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:-)


Okina View Post
I read something that look interesting about using EW by Tom DeMark who has is own interpretation of them. What I like on that is the fact that his EW system is very mechanical so little room for over interpretation.

I my previous life I had a boss who was a great great fan of EW and he made me read almost everything about them (this explain maybe why I have a strong rejection for them now) but my interpretation at the time was: with EW you are always 100% right but only after the close of the market...

LOL! I know what you mean Okina. When I first started studying EW I ran into the same observations. But I don't know, the best I can explain it for me is once I studied it for so long, it finally clicked. I was telling everyone that I try to have 3 wave counts ready and try to trade the smaller subdivisons while it's doing it's thing. But the most important thing I've learned is that EW will not show as many opps as other stradegies from what I've learned so far. If your lucky maybe 2-4 a week. Other opps present themselves but they are more risky IMHO. The 3 charts I posted could potentially be traded on the subdivisions if one is well versed. (I'm still learning but I have done it before) Full disclosure. The one marked Auto Count is Motive Waves interpretation. It thinks were are headed down down. We shall see

Other posters on this thread have key setups they look for and seem to do pretty well. And as you notice there are many alternate interpretations.

I'm conversing with this trader right now that says he's booked 40% win rates and was still quite profitable. And the drawdowns weren't that substantial. I'm sure you've heard this before but I always think about baseball. The best hitters only do well 40% of the time but thier still batting .400 because they take advantage of the homers or (runners) in our case. My main thing is not getting excited when the runners are in process. I think this was an analogy I read from Prechter or Kennedy.

Like my post today. The NQ went another 20 lots after I got out. If I would have calmed down and let er rip, I would have helped my Expectancy substantially.

Anyway, please let me know if you still use the principles today

Thanks for commenting Okina

Attached Thumbnails
Anyone use Elliott Wave ?-nqm6-primary-count-apr-27-1736-pm-2-hour-.png   Anyone use Elliott Wave ?-nqm6-alternate-count-nq-apr-27-1736-pm-2-hour-.png   Anyone use Elliott Wave ?-nqm6-auto-count-alt-2-apr-27-1736-pm-15-min-.png  

Last edited by smb2222; April 27th, 2016 at 09:55 PM. Reason: Forgot to mention who I was quoting
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  #45 (permalink)
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I do not use EW even if sometime I have the reflex of counting them...

But what I think is that you need to have tools in which you believe and that have proved to be good for you. If EW works for you that is 100% fine. There are dozen of ways of doing money in the market and at the end of the day we all see the same thing.

Everyday I spoke with other traders or see their trades. They have different method than mine but not so strangely when I want to buy they want to buy and when I want to sell they want to sell. We just use different vocabulary to explain our trades but we have almost the same entry.

So dozen of way to phrase it but just one way to be right or wrong

(PS the only pitfall you must be aware of is not adding tools over tools over tools because one will say buy the other one sell etc... and at the end you will be confused and do nothing). I only use S/R and order flow just 2 tools and that is already a lot of thing to check.)

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  #46 (permalink)
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I have never traded NQ but just for fun I have looked at my system with NQ it is a purely intellectual exercice and I have not done it in real time so it is necessarily biased (because I can see the results so even if I tried to remain honest I can't guaranty it for sure.)

But in the hypothesis I had trade NQ today this is what I would have done based on my system (but as I said it is biased).

Tell me if some levels correspond to yours?

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Just to give some context (and I don't want to pollute you post since it is not EW) my trade are based on acceleration of order flow (the little arrows on the charts - but the chart is not optimize for NQ this is the setting I use for CL here) and the opening range and the S/R levels that are calculated by my system.

But if I am right we should have almost the same entry levels +/- a couple of T.

On a side note I like what I see on NQ I will give it a look in the following weeks.

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Last edited by Okina; April 27th, 2016 at 11:11 PM.
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  #47 (permalink)
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Alternative - Simple market stages

The market moves in waves...I have found that using simple market stages can be very helpful to my trading...
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  #48 (permalink)
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Okina View Post
I do not use EW even if sometime I have the reflex of counting them...

Okina I see you are from the Montreal area I hope you don't count pot holes in the streets.

I am surprised that you are also from the area, I live on the south shore.

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  #49 (permalink)
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Great Chart


Okina View Post
I have never traded NQ but just for fun I have looked at my system with NQ it is a purely intellectual exercice and I have not done it in real time so it is necessarily biased (because I can see the results so even if I tried to remain honest I can't guaranty it for sure.)

But in the hypothesis I had trade NQ today this is what I would have done based on my system (but as I said it is biased).

Tell me if some levels correspond to yours?

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Just to give some context (and I don't want to pollute you post since it is not EW) my trade are based on acceleration of order flow (the little arrows on the charts - but the chart is not optimize for NQ this is the setting I use for CL here) and the opening range and the S/R levels that are calculated by my system.

But if I am right we should have almost the same entry levels +/- a couple of T.

On a side note I like what I see on NQ I will give it a look in the following weeks.

Okina,

Thanks for the post. I can definately see some similarities. That's a nice set up you have. Isn't it funny how it matches with BlueRoo's post right after yours. Look at the similarities with his charts he posted as opposed to your charts. Pretty crazy.
Thanks for giving your 2 cents. I have to say the Motive Wave auto wave count was spot on so I have to give credit where credit is due. I thought the NQ was already done on a 5 wave down but it looks like we have one more 5 wave push down before a massive wave 2 rally.

Thanks guys
All the best

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  #50 (permalink)
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Counting waves is never an easy task, we could be 10 people looking at same instrument and have more then half with different counts. You always need to check Fib relationship to help you out but even then this will not mean you will pick the top or the bottom, you need other tools to help you avoid taking trades as market might not be ready to go where you expect him to.

Over the years I have developed some tools that help me spot when a trend change is underway, also the fact that I follow ES and YM increases my odds as I wait for both to hit my criteria before initiating a trade.


Larry

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