Posts by "daveo"

Catnip, to make a statement "your system can never lose" is pretty outrageous. There is no such thing and now Mr Murthy will catch up with you.

SB, main trouble with EWA is its generally taught very badly. I had a 3 year break from it back in about 2000 and when I came back to it I started using it objectively. ALWAYS look for 3 alternate counts. Never get married to your preferred count and use fibs and symmetry correctly.

I have taught EW in RT trading rooms but not many students can grasp the concept to their benefit and I really don't think we should start discussing the subject here in any great depth. If Ash wants to give an an RT room with audio I could handle it.

I tend to direct newbs to learning sym and fibs first plus classical chart analysis. The EW is the icing on the cake if you can get it about right and have the right attitude. Nothing you fire at me will not be catered for in one of my 3 alternate counts and then if you want we can look at weekly and monthly for the larger perspective.

What really matters is that many of my "levels" play incredibly well regardless of whether I have managed to read the EW count correctly. Current GU position good example and the EG high on Sunday opening another recent example. Symmetry plays well most of the time in all markets. The EW simple ABC corrective is THE most profitable trigger I have ever come across. Bastardised as "zig zag" or "two step" or "butterfly" or whatever but RN. Elliott's work gurus like to make their own and rename.

If you think I am too much into EW you must come visit my rig. MP also plays a large role and I intergrate various things to form clusters of support and resistance. What works for me will not work for you and vice versa !

U way above my head Ashraf but still struggling through your book to find the datum points. Meantime thx for all your hard work.

Chloethebull,

While you waiting for Ashraf reply I been in England for 66 years. I been bearish our economy since 1998 so perhaps a little biased !

UK is basically bankrupt just like the USA, Jpn and most of EUR. And that's without talking about pension liabilities and demographic nightmares lying just around the corner.

The tax you refer to is our VAT on goods and services bought and sold. The VAT rate was at 17.5% for some years and then after the financial bank crisis they lowered it temporarily to 15%. It will now go back up to 20% taking effect in Jan 2011. This will not help to reduce our inflation in the shorter term but that is not an issue because the whole world will enter a deflationary spiral environment, perhaps lasting several years.

Our new coalition government have pledged radical cuts in public sector and in downsizing government to reduce our deficit. Also they plan to force the long term unemployed back to work but the planned cuts will lead to massive unemployment in the shorter term. Also the UK has a difficult problem controlloing immigration, we pay for our past commonwealth and colonial sins as well as being controlled from Brussells. This places even greater pressure on jobs.

The markets are believing our plans to radically cut the deficit so our credit rating is still AAA. So far the government has been all talk about cutting the deficit but putting it into practice will be a very different matter indeed. The markets will not exercise forbearance forever. We will have to wait and see who are the the comparitive winners and who the comparitive losers in the battle ahead. The entire planet will be the loser once this whole situation has played out. You can blame the banks and corrupt governments for that.

The only good news I see out there is related to what our scientists are doing on a worldwide scale. If anyone manages to salvage this planet it will not be the money spinners or corrupt governments, it will be the scientists.

My simple response is the word "always" is not in the trader dictionary. Compromise is. Buffet made some pretty bad mistakes which he might not have made had he read a very common sense economics' analyst. Not talking about an acedemic here, just good old common sense. So even Buffet is a compromise. I don't know you very well Catnip but I get the impression your trade targets are rather vague. Forgive me if I am wrong. I have to have very specific targets to be able to work very tight stops in my trading. Equallly, targets for TP's at logical levels. Fundamentals cannot give me specific targets. My tech analyis can. Short term fundamentals can support or otherwise a trade idea derived from the technicals. That's about how I see it but I shall make a point of learning any value from you and this forum.