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Crude conversations

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  #41 (permalink)
Round Rock, Texas
 
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roreilly View Post
I am also enjoying your thread. I am no fan of Elliot waves, especially on CL.

Have you read Trading Chaos by Bill Williams. He discussed fractals, and how to trade them. His approach seems very similar to yours, and considering his method started with an Elliott wave analysis, you may find his book clarifying in some respects. Thanks again for your journal.

Yes, have not been a fan of Elliot either - mostly because I just haven't been able to make it work for me, as well as seeing people who use it constantly adjusting the waves when they don't pan out as they thought they would (which I guess is what trading is - constant adjustment)

But @peterg brought up some interesting ideas and observations, and as he said, he isn't using Elliot specifically. I am looking forward to the continued comments.

I have read Bill William's book - actually have it here somewhere among the other 100 or so trading books I have bought over the years. No doubt some of his concepts have impacted my trading, as obviously my trading is based on fractals to a degree. May have to dig it out again and give it another review.

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  #42 (permalink)
maui
 
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Maelstrom View Post
@peterg,

Interesting post... I will admit, my first read through prompted immediate thoughts of "oh no, it IS Elliot raising his confusing head again!".

Couple more read throughs however, and I see the value there. I will respond a little more in depth later on, but I wanted to post my chart with what I believe are your views of the waves and corrections from Friday morning.... please let me know if those are correct.

Thanks!


And I i'm no Fan of exact Elliott counts either...just the basics. 5 trend waves(1,2,3,4,5) followed by 3 corrective
waves (abc). Action / Reaction. Impulsive swings show little retracement while typically corrective show more overlap consolidation and deeper or full retracement

The reason for use is just for quick context, since this is pure price action trading...just count the swings...look left and anticipate to the right. And you are definitely concluding with a bias for your actions

This is fast and dirty Elliott.... the numbers depict the trend and lead direction while the letters are the corrective phase and offer entry opportunity as pullbacks to get long.
They are fractal in nature...they display swing ratios through out both Extensions and Retracements(not shown but proportionally visible.)



I think this is taking it a bit overboard....




Even if the five waves you count are actually corrective abcde, theory of alternation suggest 3 to follow or 5

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  #43 (permalink)
Round Rock, Texas
 
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.... you need to have belief in your methods.

Again, no trading today, but easy to see the setups.

1st trade - loss of 15 ticks
2nd trade - loss of 16 ticks
3rd trade - gain of 9 ticks, but was at a max of +30
4th trade - MFE of 101 ticks


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  #44 (permalink)
Round Rock, Texas
 
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peterg View Post
And I i'm no Fan of exact Elliott counts either...just the basics. 5 trend waves(1,2,3,4,5) followed by 3 corrective
waves (abc). Action / Reaction. Impulsive swings show little retracement while typically corrective show more overlap consolidation and deeper or full retracement.....

Think I am going to need a bit to absorb all that - thanks for the explanation!

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  #45 (permalink)
Chicago, IL
 
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Do you determine your swing points manually or are they auto plotted on your chart?

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  #46 (permalink)
Round Rock, Texas
 
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mongoose View Post
Do you determine your swing points manually or are they auto plotted on your chart?

Manually.

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  #47 (permalink)
Round Rock, Texas
 
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Long trade from 95.92

M


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  #48 (permalink)
Round Rock, Texas
 
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Stop moved up to 95.82

Inventories in an hour - let's see what happens

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  #49 (permalink)
Round Rock, Texas
 
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-11 ticks.

Next!

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  #50 (permalink)
Round Rock, Texas
 
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Chart attached. Had a couple of requests for chart markers - don't like having them on because they clutter the chart, but there you go.

20 mins to Inventories.... will see where price is at before that and decide whether to exit or not.

M


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