tradingwizzard

hi there, nice meeting you.....it is always a pleasure to share ideas with somebody that knows Elliott like you and Sunny here regarding your post, from my point of view Elliott works only from a top-down analysis point of view.......what this means is that you are counting monthly, weekly, daily charts, and then pick your entries and SL on 4h and 1h charts...invalidation means something is wrong and have to do it again.....the beauty of top-down analysis is that by the time you are actually trading on the 1h or 4h chart your SL is smaller that your initial analysis on the monthly chart suggested regarding your post, Elliott is a summ of scenarios, and by the time one is invalidated, the one that stands still is the winning one... again, I trade mostly Elliott.....and this is what I do TW

Well, no offence, but try harder.......confusing or not, rules are rules and the only way to succeed is to do your own labeling and counting and to make sure scenarios are validated TW

sunny, there's a saying that if 10 people look at an Elliott Wave count then the outcome is different for all of them...... TW

this is just a follow through with what happened with that daily contracting triangle in eurjpy posted a couple of posts earlier and now we have new highs.....continuation pattern here

what time frame you are looking at? TW

somehing like that.....c=a and the correction (or at least one leg to the upside seems to be done)......classical zigzag

oh no no....totaly wrong........this is corrective all the way (what you labeled12345)....it is channeling too well, corrections are almost the same......so no......late in the evening here but tomorrow I will redo the counting and post it here.......DEFINITELY WRONG! TW

indeed guidelines, as most of the original work uses words like "most likely", "typical", and so on, nothing specific. However, there are still some rules that need to be there. For example the third wave should not be the shortest one. TW

price action is the first to look at, of course.....but even that is considered to be labeled with Elliott (range = corrective wave, trend = impulsive wave, etc.) TW

closed a big chunck of the trades earlier this early Thursday and now looking to see the remaining three positions how will perform......will not open any new trades today as is Friday and want to go into weekend as light as possible......euraud looking good though, but looking at eurnzd to follow too......check the attacment for current stadning for September

I disagree completely with your statement......it just means that your count was wrong, and you missed something......this is why you are supposed to have a SL......I trade 7+ years now using mainly Elliott TW

I know, I know.......after markets hit all time highs everyone you ask around were bullish....let's get serious TW

hi zdo, finally a good reply to the thread........well, probably the ones in the 90's thought the same.....and here we are 100% higher TW

beautiful break to the upside now, as we have new highs.....aren't these triangles beautiful or what?

you mean after the measured move is done? ....I don't quite understand... Thanks. TW

hi there, I am sure you will get a lot of good advices here. From what you are describing you are a scalper, even if you are trading for 7-10 days. You didn't mention what makes you to close a profitable trade? That should be interesting in order to have the overall picture. TW

payday today........God bless Bernanke and the Fed :missy:

tp reached here for +57 pips as well

closing the eurjpy long trade here in 133 for another +73 pips profit

closing the long here in 1.3824 for +64 pips profit

closing the gbpcad long here in 1.6476 for +66 pips profit

Hi mits...great to see you're live and well...I was missing your sarcasm I named the book as the analysis is not mine...I just scanned the chart and is logical to name the author....but I do think is a freat book as it changed my trading style I would be ok with 80k for Dow Jones, so make it 2040 .....kidding earlier...probably bears are looking for some technical explanation....well, one is this:double three running and the targets above

...................anyone?

I see only recordings up to #186......:crap:

Head and shoulders and inversed head and shoulders patterns fall into the reversal patterns category and they are extremely common on all the time frames. So, regardless of what you are trading, currencies, indices, etc, and regardless of the time frame you are looking at (hourly, 4hours, daily, even higher time frames), head and shoulders and inversed head and shoulders are extremely common and should be taking into consideration as they are powerful reversal patterns. The beauty of such a pattern is that it is extremely visible and it is coming with a measured move. Like the name suggests, the head and shoulders pattern is formed by a head (which is the spike to the upside), a left and a right shoulder and a neckline. By taking the amplitude of the head (the distance price travels from the neckline to the top of the head) and projecting it by the moment the neckline is broken to the downside the result is called the measured move of the head and shoulders. The opposite is true for the inversed head and shoulders pattern, basically this one being a mirroring image of the previous one. Head and shoulders are reversal patterns in uptrends, while inversed head and houlders are reversal patterns in downtrends. The above represent the theory regarding the pattern, however, there are some tips and tricks to be considered when actually trading such a pattern: - look for the time taken for the shoulders to form to be almost the same. This should be a confirmation that the pattern is valid. Moreover, what one can do is to take a look at the time taken for the left shoulder to consolidate (as this is the first one), measure the time taken to consoliadate and then project the respective time on the right side when the right shoulder starts, this representing an educated guess about the possible end of the right shoulder; - drawing the neckline is a tricky thing, as most of the traders draw the neckline connenctign the highs of the candles that form the two shoulders. While this may work, a more appropriate neckline should be drawn trying to connect the bodies of the candles and trying to avoid the shadows. In this way, the measured move is smaller and the trader avoid the risk of waiting for the measured move to come and being traped waiting for the last pip/point; - the measured move is just a target, but in order to be on the safest side look for it more in terms of price to reach 70-75% of it as this is a good enough confirmation; - usually the neckline is retested after being broken, but this is not mandatory. Because of that, sometimes traders wait for the retesting in order to enter a trade but such a retest might not happen. Below is a current audcad 4h chart and it shows a possible inversed head and shoulders pattern with all the elements discussed above. Any other current head and shoulders or inversed head and shoulders pattern you might see, regardless of the time frame and the instrument traded, feel free to upload it in this thread so that we can see as many as them possbile and learn from all of them.