Professional what? Just because you ran a pool don't mean squat. 50% per month eyeballing? Compounded over 2-3 years that would mean all your investors are multi millionaires. Last time I check the average forex "manager" was only at about 10%. I tell ya, eyeballing a chart is the surest way to death. You must have those guys glued to their screens 24 hours a day. I d also say that If you are too ignorant on how to use mac'd to detemine the end of an elliot wave then I pity you and all the people that work for you. Also your quote that DMI "will make you a statistic"? The DMI used properly can forecast just about every retracement. DMI to me is one of the most critical filter a person can have-provided you know how to use it. With Stochastics you can pick out the major tops and divergence.
Im sorry, but I can't even agree with the idea that big money can move
pips in these big forex exchanges (outside of the 8:30 funnymental traders
I have won and lost like the rest of us. I am at the top of the game right now, yet am facing the end of my days possibly so I want to share a few insights to help those of us who strive to achieve all we can for those we love.
1. There is no magic indicator. You must learn to perceive price.
2. Big money runs stop areas (runs price up slightly above recent highs momentarily to collect pips, and runs price below recent lows momentarily to collect pips ..... like a religion ... its too easy when you have the money to move the market, its like playing checkers to them).
3. Perceiving price involves being able to visualise median without the use of a moving average.
4. Place orders above/below recent highs/lows depending on the perceived median price.
5. Worst case scenario in this way is you will have at least a small retrace where you can close a loss and run with the trend with a new order.
6. DMI/ADX will make you a statistic.
7. Stochastics are less capable than the naked eye and become wrong.
8. MACD is often wrong once a run has been made. The momentum dies but the direction does not, and MACD takes the shift in momentum as a directional change. It will stab you.
This may sound a bit silly but its true. The best martial artist is one with perception. He is above the game.
Thank you for your positive reply.
Sorry! Cant' be positive all the time.
ITs just not a good quote from someone who claims he is a pro.
I think he is trying to scare people into thinking that you can't just
learn this stuff and get better. Only "he" and his firm have all the insight,
the rest of us are all schmucks. Perceive price! Yikes. May the force be with him. I will trust elliot wave for my projections!.
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.
You have a very interesting perception of the forex market. Elliot wave is a theory, price action is tried and true. Read any book, talk to any professional and I guarantee you elliot wave is the last thing to come out of their mouth.
If it works for you then run with it, but to reply to a post in a negative way that is stating actual fact is pure ignorance.
My 2 cents.
What is price action? Price action and elliot wave are the same thing.
Elliot wave can be percieved as price action because it is a movement of price. By price action I am referring to candlestick or bar formations and support and resistance. Candlestick and bar formations are the only true indicators of price in my opinion, they show you the mood of the market getting into trades the fastest and out of them at the peak.
ok. I need to study candlestick formations more. What are bar formations?
Ok, well, it was a good day for Elwave. I picked up about 22 pips today. It was a bit rough but never had a losing trade today. I have to learn to have faith in my trades. And stop using stoplosses. I missed out on maybe 40 more pips today because I got stopped out early in the trade.
Thanks to everyone who came to Room 63 on Echat. It was good for everyone I think. I'll be there the rest of the week. Later.
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.
Out of curriosity. Why would you not use Elliott to get into a trade? Why use Elliott to determine traffic projection?
Can you ellabarate?
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