Gold, Oil & Indices (Equity & Bond Indices)

@daveO

I have this habit of placing stops 40 to 50 pips away from big or semi big figures. You are right no logic to it. Every level looks like a fib level to me.

Having said that, 1510 looks just as good as any fib to me. Since it is a tighter stop and it involves gold, ok will take that cue and place my stop there.

bigbabe, I can't comment on any training EWI give but it will be totally dependant upon the individual instructor. I am now the best EWA trader that I know of but I don't do teaching or mentoring any more. Sounds pompous but for me its the truth because I teach how to Trade it and how Not to Trade it. Integrate other tools etc. Ignore unreadable patterns and choose something else which IS readable. I haven't subscribed to EWI since about 92 but a mate keeps me informed just for laughs. He also sends me Prechter's monthly report which I seldom read.

I don't think you heard me when I suggested diverting to Robert Miner for initial books and education. He is very logical and a good teacher. Not such a good trader himself but I doubt he trades himself these days. When I was last in touch with him about 6 yrs ago he was running a service for longer term positioning which might suit you. Take a look at his site anyway at dynamictraders.com

You are not suited to any of the RT rooms I kinda had in mind and if you still have a day job they would be unmanageable for you. You might become more suited to them in the fullness of time and once you are trading full time. You seem like a pretty intelligent guy to me but you need to nail the lure of RN Elliott's works and never forget that the works are his works. He died in 1949 but most all his stuff is still good today. A lot of his stuff has been stolen by various gurus and made their own, renamed etc.

Ideally you need a mentor once you have grasped EWA. The mentor needs to be an experienced profitable trader and one who does it for free. If you join a service running a hotcomm room or the like you stand a reasonable chance of meeting someone up for the challenge. I am now too old at 66 with a wife who wishes to travel. Our 40th anniversary comin up soon. I am phasing back on trading commitments and looking to get another life outside of trading. By that I mean reduce screen time from c.75 hrs per week to អ. gl.

CL trade trailing stops down as we go. 2 units off so far, 3 units to go.

Hi daveO,

Cant deny anything of what you have said about them, having experienced them first hand recently.

Perhaps my biggest gripe with them is that they give no clue as to where or when to cut any loss, save in some instances lately involving silver. Well I dunno, maybe I am expected to subscribe to their more expensive "speciality service" for their revelation of exit points or they are assuming that only experienced traders subscribe to them.

Frankly I have no qualms shelling out $199 p.m for their speciality service. I can actually live with a wrong advice or opinion but it is their unbending approach(at least for the last 3 months and for the last 2 years or so from what I hear) to trading, or investing, which is scaring me.

As a novice I was taken in by their overall presentation style, countless educational videos and most importantly the availability of their many tutors for the different markets at their site. It looked like a very formal and structured setting catered for learning. It has been about 3 months now, but unfortunately I am still scared of going to them for lessons.

I will readily admit that I am the impatient and gambling sort. My John Wayne style of shooting from the hips with whimsical entry and exit points is not going to get me far, I realise. That should explain my starting to trade without engaging in any "formal education" in trading. I am trying to learn on-the-job with some "experts" teaching me and guiding me, all at the same time.

Sid's webinar of Elliott Wave Predictions was oversubscribed last Sunday so I will endeavour to attend his next one. He looks old enough to be a teacher of Elliott Wave principles to me. His videos which address recent and expected moves are thus far impressive. What can I say ? I fall for first impressions easily.

Got to submit to a guru sooner or later anyway. Anyways that's how I see it. I would imagine that for most of us, a teacher or guru (or whatever one may call them) is necessary to learn the ropes and to go on and succeed- in any trade, pardon the pun. Really cannot emphasize enough the need for some proper and formal education in any field of interest prior to egagement.

Being self taught is of course a cool concept. But without any guidance from a mentor, I cant really see myself working through this myriad of tools and information.

Ok sorry, I was just rambling whilst waiting for gold to hit my arbitrary targets. Thanks for reading this post if you made it this far.

once again the Russian RTS has proven its role as very reliable precursor it has been falling for the last week day by day with only one day up. Its a better risk meter than VIX. Most probably we'll see brent and WTI downward spirals soon.