[THEME CLOSED. Please don't post here] Elliot - page 3
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In the wave theory books, it says this... "if your calculation doesn't work, go back to the beginning of the wave and recalculate". At this point the interest in reading the book to the end is greatly diminished :).
In my opinion those who wrote books on wave analysis they do not understand themselves what they write. Hence they wrote to sell the books. I think myself Elliott or used the formula by which he determined the end of the wave and consequently the beginning of the next one, or it's such an advertising trick of the time to attract customers to his writings do not remember in what magazine his articles were published.
Actually, if it works, the waves can easily be represented as a Markov chain.
But if it doesn't work, unfortunately there is no way to represent it at all. (((((
The problems of the topicstarter - the standard problems of novice wave-makers, and traders, for that matter:
1) Going into practice (prediction) without sufficient theoretical background
2) Making a forecast using small timeframes at once
3) Making a forecast of small TFs without having understood the situation on higher ones
4) An attempt to forecast on implicit manifestations - not to see the market, but what we want to see.
I would like to dwell upon this point in particular. The wave analysis, as it seems to me, and this is confirmed by rather long observations, is primarily a psychological thing. It works because almost everybody knows it or has heard about it. Here we can also refer to Fibo tools and B.B. So, the more distinct manifestations we have in the chart, the more accurate the forecast (everyone can see it). Correspondingly, and vice versa.
And here we need to add the main problem of TC itself - these claims to be guruosity, and the inability to admit one's own mistakes (wrong judgments).
Therefore, this thread is inherently dead, for TC does not seek to discuss his views and the theory itself due to his psychological problems. And his "markings" in isolation from practice are of no interest to anyone.
The problems of the topicstarter - the standard problems of novice wave-makers, and traders, for that matter:
1) Going into practice (prediction) without sufficient theoretical background
2) Making a forecast using small timeframes at once
3) Making a forecast of small TFs without having understood the situation on higher ones
4) An attempt to forecast on implicit manifestations - not to see the market, but what we want to see.
I would like to dwell upon this point in particular. The wave analysis, as it seems to me, and this is confirmed by rather long observations, is primarily a psychological thing. It works because almost everybody knows it or has heard about it. Here we can also refer to Fibo tools and B.B. So, the more distinct manifestations we have in the chart, the more accurate the forecast (everyone can see it). Correspondingly, and vice versa.
And here we need to add the main problem of TC itself - these claims to be guruosity, and the inability to admit one's mistakes (wrong judgments).
Therefore, this thread is inherently dead, for TC does not seek to discuss his views and theory itself due to his psychological problems. And his "markings" themselves in isolation from practice are of no interest to anyone.
That you practice is not stopped in any way. Here's an analogue here! But after such a sinking one should think about future trades!
points 2,3,4
I usually look for an anchor (a clearly visible manifestation in the story), then I start moving on, if the current momentum is not clear - no forecast is made.
And trading is a separate topic. This is more of an MM, which is indispensable.
Speculator:
Before you make such statements, look through this thread and especially ZetM's posts.
Good luck and profit to all.