What Really Works From One Professional - page 93
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I've started a chat room on Echat. Room 63 , "Forex trading". My nick is "morpheus" on there and all are welcome to join. The goal will be to learn about elliot wave theory, Elwave, and JD strategy. Software is at ensignsoftware.com if you are interested. Later . I trade at midnight EST (USA ) to about 10 am or whenever I get tired but I'll be there midnight everynight.
I can't seem to find the site. I don't think that it is www.echat.com
ensignsoftware.com
download the chat software. We are in room 63. All are welcome. We are in there right now actually.
Ab=cd?
Good morning!
Found an interesting patern...looks like AB=CD. Anyone can verify this?
Thanks
Jack
well, it's 1.8881 so it looks bullish to me.
JD will not be here anymore?
i didnt see he last days
Anyone find it strange that every elwave analysis done before NFP released said upward trend. I had 6 EASI positives. That's every single time or almost every single. I'm not sure I've ever seen all 6 say one way. I had 4 of those time frames say 1.9100 for gbpusd and what is the price at gbpusd now? About 1.9103 as I write this. Is that a coincidence? Or do the people who control the market know what the NFP will be a week in advance and so the pattern is reflected in the market and elwave just analyzes correctly. Anyone who has been following forex a long time care to say? I'm still pretty new. I know that forex price doesn't just continue on a nice straight line. It goes up and down and up and down. Could there a pattern to it? If so, then yes, people who control the market knew what nfp would be.
Not to "argue" but elliot is pretty cool stuff once you really know it well. thats why folks are learning elwave and jd strategy in the other part of the post. I don't know what the "pros" are doing. All I know is that 90% of traders fail and there are few pros among them. I only use elliot for profit projection not to get determine whether to get into a trade, those are totally separate ideas; elliot is just another indicator.
Sorry my post might have been misleading. I agree that elliot waves work for a lot of people, I was jsut clarifying that it was a theory.
Out of curriosity. Why would you not use Elliott to get into a trade? Why use Elliott to determine traffic projection?
Can you ellabarate?
Thanks
JaneJane, I do not use elliot to get in because for me it is not "certain enough". There are too many patterns and multiple retracement options to consider. (doubles,triples, flats and zigs etc) My style is to use a longer EMA cross (voicemail notification) as a setup along with a short DMI, ADX, ATR criteria to qualify the trades to make sure price is not moving too fast or not fast enough in a direction. (to filter out the "take out the suckers stops by the big boys and the chop day moves"). Once that happens, then I use elliot/fibs projection- (ie...and various oscillators to make sure I get into the right wave). I just think its too hard (for me at least) to look at a "screen in progress" and decide on a direction. Im the type of trader who tends to see tops and bottoms all over the place. That stoch, macd and RSi stuff does me in-I get too many ideas floating around in my mind and click the wrong buttom or go "oh crap" . I want trades to be damn near certain in my mind in both direction and profit when I get the notification. Eases the stress of this business.
Jane, I do not use elliot to get in because for me it is not "certain enough". There are too many patterns and multiple retracement options to consider. (doubles,triples, flats and zigs etc) My style is to use a longer EMA cross (voicemail notification) as a setup along with a short DMI, ADX, ATR criteria to qualify the trades to make sure price is not moving too fast or not fast enough in a direction. (to filter out the "take out the suckers stops by the big boys and the chop day moves"). Once that happens, then I use elliot/fibs projection- (ie...and various oscillators to make sure I get into the right wave). I just think its too hard (for me at least) to look at a "screen in progress" and decide on a direction. Im the type of trader who tends to see tops and bottoms all over the place. That stoch, macd and RSi stuff does me in-I get too many ideas floating around in my mind and click the wrong buttom or go "oh crap" . I want trades to be damn near certain in my mind in both direction and profit when I get the notification. Eases the stress of this business.
Post your settings please, or a chart. I would like to compare it to mine. I use EMA's, and ADX also.
thanks
Jane, I do not use elliot to get in because for me it is not "certain enough". There are too many patterns and multiple retracement options to consider. (doubles,triples, flats and zigs etc) My style is to use a longer EMA cross (voicemail notification) as a setup along with a short DMI, ADX, ATR criteria to qualify the trades to make sure price is not moving too fast or not fast enough in a direction. (to filter out the "take out the suckers stops by the big boys and the chop day moves"). Once that happens, then I use elliot/fibs projection- (ie...and various oscillators to make sure I get into the right wave). I just think its too hard (for me at least) to look at a "screen in progress" and decide on a direction. Im the type of trader who tends to see tops and bottoms all over the place. That stoch, macd and RSi stuff does me in-I get too many ideas floating around in my mind and click the wrong buttom or go "oh crap" . I want trades to be damn near certain in my mind in both direction and profit when I get the notification. Eases the stress of this business.
IMHO This has been the best thread in this forum. I am saying that not because I have personally participated and benefited from what JD had offered but many others have benefited too. Unfortunately, the reality sunk in, This thread is not going to continue productively much longer without its catalyst, JD. An d that is very unfortunate.
Having said that, I still believe we all have a lot to appreciate here. It does not mater whether we attended the live sessions or not, this thread has had a great amount of data to digest from various perspectives to learn from and become a better trader.
There is way too much here to summarize from the post started by 006 who had recognized that he was a notch below 007. This is probably the only credit he deserves for starting this thread. But by starting it he opened a door to JD who was primed to assist those missing souls to make it in the world of trading full of failure. Jd did a great job of revealing a true trading to many of us, the ones who learnt, the ones who are still learning and the ones who thin k that they wasted their time. The problem was JD was too convinced that it would be easy to train people in trading that had taken hime years or even generations to observe. He finally came to grasp with it.
Yes. what a noble idea. It takes time to become successful trader. There are not many short cuts. You have to read, learn, adopt and internalize many successful methods and techniues and then use it for a long time until you become a "successful trader". I guess, there is no substitute for reading Elliott Waves, Woods' Floats, Dinapoli Fibs, Harmonic trading, etc. And even if we knew how to do speed reading, it still would take time to adopt and internalize it. Not an easy way to sucess in the industry full of the marketing theories of getting rich overnight. JD realized it wvntually under the circumstances.
Why I am telling you all of this? Because there is no short cuts to sucess. The prove of that in the failure rate. You can read in this forum in various thread that the most important thing is Money Management or entry or an exit or whatever else comes to mind. The answer is all of the above plus something that has not been mentioned what is called trading plan and strategy. If people had that, they would stop running from one system to another after 2 loosing trades. Nobody wants to understand and accept that this is the big business and their sucess and failure strictly starts with them not with the system and not with any other factors that they are searching for in this forum. It is so convenient to think that there is a magic solution and formula. Maybe there is one but you are not going to accept it even if you have found one since after a first loosing streak you will be looking for a new one.
This great thread recently have turned into something completely useless and it isa pity. There are some people who took over the components from what originally described here and try to create a trading approach from it. Elwave' signals, Floats, Zizags or whatever else come to mind of uneducated trader. The bottom line any of them are not holding any importance to this thread. And that is very sad.
This forum is already full of EAs, simplistic mechanical systems, indicators etc... Unfortunately none of them have attempted to make you a better trader and get the odds for you to overcome the odds. Now, the only thing you have is to go back to the first 20-30 pages to get the idea and start to evolve form there and not from what is being said at the end of this thread unfortunately. and that is entirely up to you. The choice is yours. I made mine