CatFx50 - page 694
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Hi, MainPip,
It would be very interesting if you could open a new thread here, at TSD, about EW. I mean, using EW to trade and not about if EW is good or bad.
As I see, you are a very smart, documented, talented trader. So, why don't you teach what you know to others?
Good luck.
Nina
where can i find us dollar index chart?
intraday based if possible
most i see in fxstreet is daily based
thanks
where can i find us dollar index chart?
intraday based if possible
most i see in fxstreet is daily based
thanksHi!
I have it on Alpari: _DXY.
BTW, US DOLLAR INDEX needs to break 83,26 and hold then above 82,36 in order to avoid going to 80,33.
Friday close was at 82,48 and it made a low at 82,36. It broke support at 82,40, but it closed above.
Nina
Hi, MainPip,
It would be very interesting if you could open a new thread here, at TSD, about EW. I mean, using EW to trade and not about if EW is good or bad.
As I see, you are a very smart, documented, talented trader. So, why don't you teach what you know to others?
Good luck.
NinaThank you very much for your compliment and your endorsement.
There are plenty of excelent threads related to ew teaching and learning in tsd (jonnydenver69), moneytec, strategybuilder, forex factory. There is no need for me to open another one nor am I as good of mentor as others.
The problem/trap most beginners will fall to that they need to have immediate results and simple system. Thetrefore, naturally they spent all their toime looking for a good and simple entry system rather than spending time with becomming a good trader and learning all required aspects such as psychology, momey management, trade management. Understanding that trading is a serious business is a beginning step. The beginners will never take the conmsistent money form the market for a very simple reason that market is not a charity and does not feed the needy and greedy.
EW will provide a very good overview of the structure of the market and the psychology of the participants. It will not do much for the accurate signals, you will need to develop other techniques but the confidence of the stucture it surely will give.
Since you endorsed Robert Miner, I will include to the link of his book that I uploaded. This is an excelent trading book and does not treat ew as holy grail, it does instead provide the accurate way to have ew as part of your own system. There are other great topics covered as well. So for any of you interested to become traders, that can be holy grail of becomming a consistent trader. No matter what you will follow.
Forgot the link to the book.
Here it is
http://rapidshare.com/files/5747170/Dynamic_Trading_By_Robert_C_Miner.pdf.html
Thank you very much for your compliment and your endorsement.
There are plenty of excelent threads related to ew teaching and learning in tsd (jonnydenver69), moneytec, strategybuilder, forex factory. There is no need for me to open another one nor am I as good of mentor as others.
The problem/trap most beginners will fall to that they need to have immediate results and simple system. Thetrefore, naturally they spent all their toime looking for a good and simple entry system rather than spending time with becomming a good trader and learning all required aspects such as psychology, momey management, trade management. Understanding that trading is a serious business is a beginning step. The beginners will never take the conmsistent money form the market for a very simple reason that market is not a charity and does not feed the needy and greedy.
EW will provide a very good overview of the structure of the market and the psychology of the participants. It will not do much for the accurate signals, you will need to develop other techniques but the confidence of the stucture it surely will give.
Since you endorsed Robert Miner, I will include to the link of his book that I uploaded. This is an excelent trading book and does not treat ew as holy grail, it does instead provide the accurate way to have ew as part of your own system. There are other great topics covered as well. So for any of you interested to become traders, that can be holy grail of becomming a consistent trader. No matter what you will follow.Hi,
I couldn't agree most.
I do not agree. If you make a wrong counting, you are dead. If you make a wrong counting and you are not a EW fanatic, you will change your mind as quickly as you see price is doing the opposite of what you thought because of your counting. In that case, EW is another tool as good or as bad as many others. Precther's boys and followers do not change their minds: they are right; market is wrong. Miner's boys and followers do change. For instance, Miner stress that when a "retracement" goes beyond 72% we could see new highs or lows if it is the case. The commentaries-views I posted didn't allow a change of gear: they saw a top, they shorted. They were kicked out. They then kept waiting to sell and lost that gorgeous movement up. Are all EW followers doing the same? I do not think so. They all will be broken already if they did.
About structure: I'm a journalist. As a journalist I went some months ago to a big and well known car maker. As I know the CEO, I asked them to meet with their currency people. Got the OK and went to see them.
I just saw naked charts. I asked them: "Don't you use any TA strategy or system, I only see an EURUSD UBS naked chart here?" They replied: "That's all we need to see and of course we know our NEEDS". 10 minutes afterwards, I saw what they wanted to say with that: they sold millions of EURUSD and price went down 38 pips and that day the pair closed 74 pips below the level they sold it.
Of course they did not make the pair go down those 74 pips alone. But they ignited the move or I think they did.
Their NEEDS were to have EURO cheaper or they did not want eurusd break certain levels or they were protecting their options or whatsoever.
So, to the point, trading is a matter of probabilities. Any big shark can smash your EW thoughts or TA indicators in 5 seconds. Therefore, I tend to say: the less, the better. That means I only trade what I see and I do not enter the market with a pre-thought (I'm a short time trader). If I see a pair, cable for instance, that has gone up 1,012 pips in 10 days, I think: "damn, damn, damn, it is going to retrace. It is dangerous to buy up here. I must be very careful; but I will buy it if I see it going up and up and up specially if we have news and if CatFX50 allows me to do so. That is, if it gives me a affordable stop loss.
Please, don't see in what I say I'm better or I know better or I can do better than EW followers. You and me all we want is to make money in this business. As we can choose (thanks God) what we think it is better for our NEEDS, we do it.
Thank you for your link.
Nina
Nina,
that was a good response. It puts us at least on the grounds of some further discussions.
Here is the issues as you relate them to EW. You have labels such as Miner people, Prechter, Neely etc.. Then you specify what their followers do. Those are your assumptions in both cases. And I am referring to traders not the followers as you call them. Because any followers are not traders and they will loose money eventually as we have already estanlished. The traders however use EW to define the scope and the structure layout. Those are never strictly based on the counts but the nature of the wave. Here is an example the thrust move occurs and you do not have the count but you know that it has to be wave 3 or C or you could treat them like that. Knowing that gives you an idea what the layout of that move is, i.e. people will start taking profit and the continuation of this move will take place or will get into consolidation. Did it give you the signal? No But it gave characterestics.
Of course you would say what happens with this wave 3 move that I would have missed based on what you called misscounts. My answer is as I stated before the counts are not always obvious and you trade your setups. So the fact that I could not have the counts or something proves those counts wrong actually provides me an advantage to trade my setup. But what is significant is that each of the move has a measured tp and sl to some degree and not just an entry signal. That what is significant. Most people are mistaken the success of trading with being at the ight side of the trade. That is totally wrong. The best traders have very low success ratios, they just know how to manage their trades.
As far as your example with car dealer, I do not consider those people as professional traders. They trade with someone's else momey. As you look at their results you will not see that institutional traders have high growth of their portfolios. Yes, anyone can make an impact on the current price at a given moment. It proves nothing. You just have to analyze the market and be confident in what you see. EW does that toa certain degree if you know how to. Let's put it this way if one spots the weakness in the market as we see it now with usd that weakness will not dissapear by itself on its own no matter how many institutional orders will attmpt to bring the dollar up. Why? Because that waht the market layout is at this stage. There are 550 Trillion Dollars caarry over orders in the books, most of them I am sure are not winning ones.
This business is not about duplicating what car dealers, manafactures, Goldam Socks and others use but use your own tools to saty profitable. One could use your system and as long as they know it well to manage money and will not tweak every time they would get in the loosing streak they might manage to become profitable.
The problem is the market always goes thru a simple cycles, accumilation, distibution, shakeouts, tests, retests. If you do not know how to read them you will have to learn how to become a mechanical trader and be consistent with it. I personally do not believe in psychology of making it with mechanical systems. Therefore, I know people need some road map to read the market better. Does it gurantee that you be at the right side of the market all the time? Of course not. But it will put the ods on your site.
BTW I never heard anyone saying that the market was wrong and their counts were correct. It probably helps not to read those interpretations.
It surely appears that you never got a good view of what ew is and what it can do but you continue to read the signal sites and other poor sources and keep generalizing and misquoting it. Believe me there is no competition between ew traders and your system. If you feel your system does produce the results, trade it. Can ew help people who trade with your system? Yes. Is it easy to pick up? No, it takes time. Can one be a sucessfull trader without ew? Yes. Price is the last thing to change. If you know how to read the volume and momentum, you will be at good place most of the time. EW just porvides a template to make it more consistent.
Best of Luck to you and your followers whatever you decide to use. Hope my interference in your thread was usefull.
Hi!
01-12-06 RECAP (ALPARI):
EURUSD, level 1 short (11:00cet) @ 1,3233 with stop at 1,3248. It made a low at 1,3219. - 15 pips.
EURUSD, level 1 short (13:30cet) @ 1,3232 with stop at 1,3248.
- 16 pips.
EURUSD, level 1 buy (15:30cet) @ 1,3270 with stop at 1,3237. It made a high at 1,3347.
+ 77 pips.
USDCHF, level 1 buy (11:00cet) @ 1,2007 with stop at 1,1995.
- 12 pips.
USDCHF, right fractal down sell (16:00cet) @ 1,1945 with stop at 1,1980. It made a low at 1,1898.
+ 47 pips.
GBPUSD, level 3 buy(15:30cet) @ 1,9709 with stop at 1,9671. It made a high at 1,9846.
+ 137 pips.
TOTAL= + 218 pips
Nina
Hi!
Last week action: