Posts by "daveo"

I think one potential communication problem is the variation in our individual plans for what timeframes to trade. Sometimes I wake up not feeling like daytrading but just keep an eye on daily timeframe positions, other times I am scalping 30 pips or trading contra main trend a wave C for 80/100/200 pips on 15 min. Difficult for Ashraf to get involved in a range of timeframes. Personally I am happy to have Ashers focusing on the fundamentals for his broad direction bias and let me worry about the detail (like whether to observe hard stops lol). Smaller timeframe trade management more difficult to communicate efficiently.

Lisa, I think you are totally out of order on your audusd example and you should apologise to Ashraf. At the time price was twitching around testing the right shoulder again, will it, wont it, will it, wont it. It was confusing all of us, not just Ashraf. The subsequent call to require a "close" above or below the level was good sense. Even ignoring this there had already been a very good short trade from the initial H&S formation.

Hey, lets take a month at a time for trading. None of us know exactly what will happen or when. A single catastrophic event could change everything. Empires come and empires go. Geographical location and demographics have much to do with that. S.America pretty well placed for the future and who knows whether the bible prediction for large portion of middle east to be laid to waste will come true, etc etc etc.

Said, I not even attempting EW on the uc pair. Its an EW nightmare. However it seems to love symmetry. The 3 wave move you mention had perfect symmetry at 1.0640 which was near enough to alert another move down. Its not a pair I trade myself, I leave it in Chloe's very capable hands as he seems to have it nailed :-)

Gunjack, Stockcharts.com do a pretty good service for starting with classical chart analysis which is probably the right place to start to catch all the basics. Both John Murphy and Arthur Hill provide regular intra week analysis with videos in the paid subscriber service. I think Arthur Hill is an especially good analyst although Murphy is the more famed. I think they both also run their own sites and services.

I have been through most methodologies including Gann. In the end I found my own stuff evolved with what I felt the most comfortable with but what I do does not necessarily suit everyone by any means. Looking back over the years what we (most traders) do is to research an enormous amount of "stuff" and discard about 98% of it to the bin. The remaining nuggets of pure gold are moulded into our very own trading arsenal. What Elder would call the 5 or 6 bullets in his clip.

I am an EW nut because it totally fascinates me. After practising it for 4 years in the 90's and tearing my hair out with the WRONG attitude I grew to hate it. I took a 3 year rest from EW but came back to it with a totally different attitude. If I were climbing my particular curve again I would study in the following order.

Classical chart analysis inc price action, candlesticks etc.
Basic grounding in EW patterns. (I chose Robert Miner of Dynamic Trading)
Fibonnaci retracements, extensions and projections (price and time) (Suggest Carolyn Boroden or Mark Braun)
Symmetry studies (Carolyn Boroden)
Return to EWA for deeper study and correct application of what you learnt with fibs and symmetry.
Markey Internals. (there are books on breadth and volume studies)
MP (Market Profile) Study of volume over time (Suggest Dalton for reasonably concise intro)
Intermarket analysis. Need I suggest someone for this ? !!!!!

All these studies can be integrated to providev a powerful methodology to suit your own individual trade plan. IMO the difference between an experienced trader who struggles to get past consistent break-even and an experienced trader who has become consistently profitable lies in trade management (and strict money management).

Fundamental analysis is notoriously unreliable because we are subject to surprises and the unknown so it makes a lot of sense for you to "manage" your trades using technicals. Whether you play 3 units or 5 units you need logical levels for lightening load in any given move on any given timeframe. You need a logical level for your stop loss placed in the market at time of entry. The fundamental bias can be aligned with a technical entry level and from theronin the trade is managed using technicals.

Hope this answers your question :-) and good trading to you.