Marketwaves....Understanding my posts ... - Aussie Stock Forums

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  1. #1

    Default Marketwaves....Understanding my posts ...

    The purpose of this information is to illustrate the trading of Elliot Wave methodology . Combined with Fibonacci Retracement levels which is highly subjective .....
    To become proficient in Eliiott Waves methodology , it is an acquired skill through observation , time, and human behavior Ö

    So , if you are the type of person who is always looking for whatís easier , then this may not be for you . It is this very attitude thatís basis of so many people who try their hand at the Elliott Wave method.

    If you do not trade the Elliot Wave theory and just as important have an understanding of Fibonacci Retracements , then theses posts will not make much sense to you ....
    You will need to read about Fibonacci Retracements in order to truly
    understand the levels themselves ,,,, Read especially about whats called THE GOLDEN RATIO . With this understanding you can truly uderstand where to place stops and control you risk when the particular market moves against you ...

    Not all levels hold up as support .... again , it is subjective ......

    That's where the use of Risk to Reward comes in because it is not 100 % ....
    In fact no trading methodolgy out there is 100 % ..

    It's all about probabilty....

    What I am showing you in these pages that are posted did not come easy . It's taken a liitle over 2 years .. to do ......

    Bottom line , if you do not trade Elliott Waves theory and have no understanding of Fibonacci Retracement Levels you are lacking information to truly appreciate the posts ...

    Weekly and Monthy charts are more significant and more Important than the Daily or Intraday charts Ö The main reason why this is true is because all the market noise is in the day charts and the intraday charts Ö. They gap up or down on the open which is not that apparent on longer term charts in comparison . It is just the way that it is ..
    Last edited by MARKETWAVES; 20th-June-2005 at 07:27 AM.

  2. #2

    Default Re: Marketwaves....Understanding my posts ...


    Your taking the veiw that all have no idea of the application of Elliot Wave theory in combination with Fibonacci.As such your also intimating that it is not possible to understand your analysis unless you have a grounding in both fields.

    I have been studying technical analysis for 12 yrs.

    The Golden Ratio or Mean is .618 found mainly in nature in the form of spirals--Snail shells,Sea Shells,Even found in Galaxy spirals.

    The labelling of Elliot is a dynamic work in progress which at the final point of labelling can change if price action goes beyond a suspected support or resistance area--- causing re ladelling to occur.-----This can be frustrating for the analyst as its not set in stone----no analysis is until price unfolds over time.

    This STILL doesnt mean you cant show a possible entry point--- a suggested stop and once the trade is underway---IE the Wave count is confirmed---an exit projection.

    Your NOT alone in understanding Elliot and Fibonacci.I dont use it---I and others here are interested in how someone who supposedly does use it for trading actually implements their trades.

    Waves if you dont actually TRADE your charts but rather analyse for interest and discussion only ---PLEASE let us know-----my requests then will have been unreasonable.

    I do know of very good exponents of Elliot who DO trade with it and if you dont trade it can offer up some of their charts and TRADES for discussion----Waves this is your baby so I've kept out of Elliot,Fib etc.
    I'm sure some GANN will follow from someone like Battman as time goes by---Dont use Gann either.

  3. #3

    Default Re: Marketwaves....Understanding my posts ...

    Heres a market that i am curently analizing

    Live Cattle ......

    I believe that it has sold off into a 50 % retracement level
    and stochastic oscillator is in the oversold territory on the long term weekly charts ....

    Now please undrstand this level may not hold as support

    again , this methodology is subjective .....

    The entry on this is up to you ... I am just attempting to show where it could start to turn around

    The Red dots ,,,,,
    are an attemt to show old line resitance becomming new line support
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  4. #4

    Default Re: Marketwaves....Understanding my posts ...

    Here is an example of a head and shoulder

    Text book ...

    All head and shoulders patterns have a target or ( objective )

    It is this objective target that is to be used as a place to exit .

    Text book says enter at the break of the neckline .....

    Fibonacci say buy at the right shoulder before it breaks the neckline with a small stop under the right shoulder ....

    take your pick //

    I/m on the fibonacci side ... I buy support .......
    ..... I don't buy breakouts of neckilines
    It's to late then ........
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  5. #5

    Default Re: Marketwaves....Understanding my posts ...


    Then its clear now that your charts are for discussion and general comment,entry is up to the individual as is exit and stop placement.

    Youve made it clear that chart interpretation is at times subjective and that wave counts may alter,and support/resistance levels may not be honored.
    All of this would have consequences for the trader.Its those consequences I was hoping could be shown.

    Failure of analysis is guarenteed no matter which type you use.The sooner traders understand ,accept and trade knowing this the better they will be in developing a profitable methodology.

    Type of analysis (Elliot,Fibonacci,Darvas,Steidlmayer,Point and Figure,Candlesticks,Bar Analysis---etc) is only the tip of the trading iceburg---not the iceburg itself.

    Analysis itself is of little use without knowledge of implementation.
    Implementation is of little use without knowledge of expectancy.

    Trade or entry of ANY business without knowledge of profit expectancy is financial suicide.
    To analyse trades and or business with what if scenario's is fun and can be productive in our search for understanding.
    Blindly entering into financial commitment with only part of the iceburg almost guarentees your ship WILL hit the rest of the iceburg and sink!

    I think it VERY important that people UNDERSTAND this.

    Thanks again great charts and interesting analysis.Please keep it up.

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