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We Probably Are Finishing The Last Bullish Impulse. I Dont Really Know But, Seeing The Charts We Could Not Go Much Futher Than Todays Highs Before Seeing A Big Retracement.

 

I Attach 2 Es Charts 15 And 60 Minutes.

 

P.d. Brownsfan. Because You Asked Me Which My Position Was And I Told You. I Tell You Now That I Have Closed My Longs Right At This Time. Hope It Is Useful For You To Know.

5aa70dd8ae345_HIGHS1.thumb.png.67b500c81cfc35d348daa9641ac815e7.png

5aa70dd8b7a11_HIGHS2.thumb.png.294c0f5d61212310c15cb60678976e55.png

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Mal - the spinning top you have labeled as a shooting star does not necessarily signify the end of the up move. Your candle preceding this shooting star is also a high volume spinning top as well. So you have 2 back-to-back high volume spinning tops on a 60 min chart. One could argue that the spinning top, like a doji, symbolizes an equilibrium in the market, not signifying the end of the current trend. Had you shorted the initial high volume spinning top, there's a good chance your stop was taken out on the next high volume spinning top. And as of the time of your screen shot, you have a bullish hammer as well.

 

Some food for thought.

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On the hourly charts we've seen all sorts of bearish candlesticks on the way up but none of them have been the top. I think we'll see a very bearish candlestick or pattern on the daily charts before any pullback begins. I wouldn't read too much into the hourlies.

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ES & YM moving in tandem.

 

ER2 & NQ moving in tandem.

 

No more taking your YM & ES trades off ER2 and NQ data for relationship for the time being.

 

I noticed this a couple of days ago.

18may07.thumb.jpg.d27f26f3b4b6aae27dc5c612cd2df0c4.jpg

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brownsfan,

 

I would like you to give me and explain in more detail spinnings and volume bars relationships with charts please. I dont know too much about these interactions. specially about what you say of the equilibrium market please

 

thanks MX

 

notouch,

 

I know there is a possibility to keep growing still, but I trade the dax (a very, very volatil index) so, having the weekend coming, a war running and oil prices growing, Im scared of having a big downward gap in dax monday morning. this wave is getting to its end, there is, probably, some extensions of this wave to come but, I dont like to run my longs to the top end just in case anything happens. there is also another possibility that we are in wave 3 still of 5 and there is a bullish run to come but it's scary.

 

thanks for the comment

 

wsam,

 

I dont understand what you really try to explain. Im not from the states and have some english language limitations.

 

thank you

 

I attach two dax charts because of I have a big doubt about the last elliott wave counting. each chart is a different scenario fot the next days. I would be very greatful if some ellotticyan with experience could bring me some light to my doubts. it can be also useful for those traders who hold long positions still.

 

thank you all again. it seems we are starting to understand to each other. the beginning was a little difficult and agressive in the texting but, now starts to be softer and these comments can be very useful for all of us and economically good for our trading accounts in the future. sharing different visions of whats going on in the markets make us think different views and being much more aware of changes and trends

5aa70dd8f1d20_RUNNING1.thumb.png.35f906201356c4a7e2fb461ff8ca143f.png

5aa70dd90723d_RUNNING2.thumb.png.03434029f3d69daf891331e78fc6e2ce.png

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brownsfan,

 

I would like you to give me and explain in more detail spinnings and volume bars relationships with charts please. I dont know too much about these interactions. specially about what you say of the equilibrium market please

 

thanks MX

 

notouch,

 

I know there is a possibility to keep growing still, but I trade the dax (a very, very volatil index) so, having the weekend coming, a war running and oil prices growing, Im scared of having a big downward gap in dax monday morning. this wave is getting to its end, there is, probably, some extensions of this wave to come but, I dont like to run my longs to the top end just in case anything happens. there is also another possibility that we are in wave 3 still of 5 and there is a bullish run to come but it's scary.

 

thanks for the comment

 

wsam,

 

I dont understand what you really try to explain. Im not from the states and have some english language limitations.

 

thank you

 

I attach two dax charts because of I have a big doubt about the last elliott wave counting. each chart is a different scenario fot the next days. I would be very greatful if some ellotticyan with experience could bring me some light to my doubts. it can be also useful for those traders who hold long positions still.

 

thank you all again. it seems we are starting to understand to each other. the beginning was a little difficult and agressive in the texting but, now starts to be softer and these comments can be very useful for all of us and economically good for our trading accounts in the future. sharing different visions of whats going on in the markets make us think different views and being much more aware of changes and trends

 

 

Hi Malvado, I am glad we interact in a civilized technicall realm, sometimes "maybe" the semantics can sugest some rudness but here at TL we are very franc on our opinion and try to make it constructive....

 

I have one doubt on the first chart where you count with the red lines the wave 3 doesnt take the high of wave 2... wich is I think incorrect... to validate a wave, it should swing the previous ending pivot of prior wave... I attach what I believe would be the overall count if we have to swing the first wave 1.... please tell me what you think, I am not elliotican, did take course from elliotwave.com some years ago.... cheers Walter.

elliot.thumb.png.1fdb27e55e9e538699df80866f29ee21.png

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Good Point Walter,

 

Your Vision Made To Repass The Elliott Rule. I Thought Wave 3 Had To Be At Least As The Top Of Wave 2. But, I Was Wrong. Elliott Rule Says That Wave 3 Must Always Overpass Top Of Wave 2 And With An Usual Length 161.8% Minimum Of Length Wave 1. So My First Vision Of The Chart Was Incorrect.

 

Only, Your Chart Or My Second Chart Can Be Correct. Noutouch And Brownsfan Were Right Thinking About The Continuation Of The Present Short Term Trend. Anyway, It Doesnt Matter Which Chart We Choose Betwen Yours Or My Second Because The Conclusion Of Both Are The Same: We Are In Wave 3. So, There Are A Lot Of Possibilities Of Keeping Growing. Considering Both Charts, Both Have Complex Corrections. This Means That The Next Retracement To Correct Wave 3 Will Be Simple To Keep Alternation But A Large Retracement To Keep Same Proportion Of The First Retracement.

 

Basing A Study On Your Chart, I Have Enhanced A Projection Of A Possible Next Future For The Following Days. Market Is Still Bullish But We Have To Be Aware Of Next Abc Keeping An Eye To Make Sure Is An Abc And Wait The End Of This Abc Looking For A Support Line, Bullish Candle, Big Volume Bar, Etc.

 

This Last Coment Would Be My Long Enter Criteria Once The Next Abc Finishes.

 

It Is A Pleassure For Me To Keep In Touch With You. You Are Quite Open Minded And Observant And This Is Very Constructive Because Make Us Consider A Wider Range Of Scenarios.

 

Thanks Walter

 

Hope You Enjoy The Chart I Think Is Quite Detailed And Helpful. To Have In Mind Where We Are And What Can Come First (the Big Picture) Is Very Important To Develop A Strategy And Be Aware And Sure For The Next Entries

5aa70dd932cb1_RUNNING3.thumb.png.4e68129216cfecc59d30a4f6e3a9d1fc.png

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malvado - sorry dude. What I was trying to explain from my observations, you know how some people say "X" market leads and "Y' market usually follows.

 

Well today, the ER2 and NQ both had some of a gap fill while the YM and ES did not and could not break their 30 minute low.

 

Its these little things that make the difference and this is to help newer traders who have heard of the "myth" that ER2 usually leads and the rest follows, etc.

 

Just be aware of how all four are trading. That's all I was trying to say. It actually helps if you use TS to insert the symbols in one chart, that way you get a direct comparison.

 

Here's another example with ES and $TICK on the same chart, notice the TICK lows and highs and how they correspond to ES lows and highs?

18may07.jpg.d68da3740872475f10051362a16e7426.jpg

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Good Point Walter,

 

Your Vision Made To Repass The Elliott Rule. I Thought Wave 3 Had To Be At Least As The Top Of Wave 2. But, I Was Wrong. Elliott Rule Says That Wave 3 Must Always Overpass Top Of Wave 2 And With An Usual Length 161.8% Minimum Of Length Wave 1. So My First Vision Of The Chart Was Incorrect.

 

Only, Your Chart Or My Second Chart Can Be Correct. Noutouch And Brownsfan Were Right Thinking About The Continuation Of The Present Short Term Trend. Anyway, It Doesnt Matter Which Chart We Choose Betwen Yours Or My Second Because The Conclusion Of Both Are The Same: We Are In Wave 3. So, There Are A Lot Of Possibilities Of Keeping Growing. Considering Both Charts, Both Have Complex Corrections. This Means That The Next Retracement To Correct Wave 3 Will Be Simple To Keep Alternation But A Large Retracement To Keep Same Proportion Of The First Retracement.

 

Basing A Study On Your Chart, I Have Enhanced A Projection Of A Possible Next Future For The Following Days. Market Is Still Bullish But We Have To Be Aware Of Next Abc Keeping An Eye To Make Sure Is An Abc And Wait The End Of This Abc Looking For A Support Line, Bullish Candle, Big Volume Bar, Etc.

 

This Last Coment Would Be My Long Enter Criteria Once The Next Abc Finishes.

 

It Is A Pleassure For Me To Keep In Touch With You. You Are Quite Open Minded And Observant And This Is Very Constructive Because Make Us Consider A Wider Range Of Scenarios.

 

Thanks Walter

 

Hope You Enjoy The Chart I Think Is Quite Detailed And Helpful. To Have In Mind Where We Are And What Can Come First (the Big Picture) Is Very Important To Develop A Strategy And Be Aware And Sure For The Next Entries

 

 

Great MX ¡¡ let me tell you that YOU are the open minded here and I have great respect for your great actitude..

I think there is a great improvement here and I like to refresh Elliot... Its the core morfology for any serious fibonacci analist... Did you calculate what price level should hit the 161.8% proyeccion ? would be nice to have it... cheers Walter.

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hi walter,

 

ive been out for this weekend and couldnt read your post since then. on monday morning Ill come back to study the charts and make a projection on fibonacci levels. dax and es.

 

actually, since I see the markets under elliotts view my trade has improved hughly. this doesnt mean that I consider other types of analysis to form my enter criteria like vsa or candle patterns but, elliott and fibo combined are like the frame you never have to ignore to know where the market is and where it seems to go aswell as if the trend is starting or beeing exhausted.

 

thanks also to wsam for enhancing his explanation

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Mal,

I enjoy your posts and your market analysis. I do not use Elliott nor Fibonacci in my own work, but I often find that your market view of the DAX agrees with my view of the DJ Euro Stoxx50 and FTSE.

Like you, I got out of my long positions at the close on Friday 18th, and am watching for indications for a short position until Friday 1st June/Monday 4th June. Then I see an increased chance for more upside action.

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brownsfan,

 

I would like you to give me and explain in more detail spinnings and volume bars relationships with charts please. I dont know too much about these interactions. specially about what you say of the equilibrium market please

 

thanks MX

 

MX - here's the deal - if you are going to trade and/or make trading plans based on candlesticks, you need to study them first. Your comment here clearly tells me that you probably saw some candlesticks illustrated on the net somewhere and therefore using them is easy...

 

Here's what I suggest:

 

1) Buy the book I reviewed here: http://www.traderslaboratory.com/forums/f8/japanese-candlestick-charting-techniques-second-edition-1561.html

2) Study it over and over again.

3) Learn what a candle may be 'telling' you vs. just looking for shapes and making your analysis of that.

 

It's late, I've had a long weekend and I'm not about to teach Candles 101 here. If you are going to use candles in your analysis, you need to learn how they work before even considering using them.

 

I will leave you with one suggestion - each candle that is printed is in fact 'telling' you a story. It's a story of the bulls vs. the bears. EVERY single candle plainly illustrates the fight between the bulls and the bears and who won that fight, each and every time. Sometimes there is no clear winner... (doji / spinning top).

 

That may be a bit deeper than you want to take your candle analysis; however, I would suggest you learn about them before even attempting to use them in your trading.

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