ewave= elliot wave?
have no idea, dont use it
But i do often look after ABC-patterns, and if my setup is correct, then the SPX 1560 low was A, and now we are close to top-B, before C-down. Same for Norway of course
The normal bullish pattern is a 3-4 week ABC-correction. And SPX has done such one.
But if this is a higher degree of correction, it was just the first phase.
WeŽll see... first we need to see some signs of topping and breaking support.
My ~1month solar cycle i bearish, and today is new moon
And last weeks major geomagnetic storm projects a top just around today-tomorrow.
>ewave= elliot wave?have no idea, dont use it<.....to bad because without knowlege of it you will just spin your wheels.. ewave and fibinocci is what the floor traders, exchange insiders and the back rooms of the wire houses use.....allways have
The best traders trade the price trends. Not a single trader interviewed in Jack Shwager's market wizards has used e-wave as his primary tool.
just goes to show ya......so called wizards dont know jack.... and the astute know it.....
Grossly Over Rated and Irrelevant for the New Millenium, January 28, 2007
By
H. Hong
This review is from: Market Wizards: Interviews With Top Traders (Wiley Trading) (Hardcover)
I really cannot understand why this book has earned its acclaimed classic status. It has little beyond the usual tired trading psychology:
- don't bet all your capital in one idea;
- cut your losses;
- follow the trend while it's good.
That's all - seriously, who still has not known about all these points, and for free?
Most of the interviews have not delved deep enough into how these traders analyze a trading idea, what frame work they use, why system, what data source they follow etc. Most of the time, I have to conclude that they did it by pure luck.
Here is an example.
"... I had a plan. I would wait until the market moved up to a certain level and then retracted by a specified amount before adding another unit..." How did he come up with the level? And why specified amount?? It reads terribly like he just got it off the charts!!!
Let's face it. If I am a big, profitable trader who is still making money off my supposedly ingenius trading system, would I want to publish it in a book and share it with the rest of the world?
There you have it. I would not want to waste your time or mine any more on this grossly over-rated book.
Edited by da_cheif, 08 July 2013 - 10:01 PM.