I have a fairly simple approach to EWave. I have a "most likely" and a "next most likely" count every trading day for the S&P Index, which builds from the ground up. I cycle up from the 2-min thru the 6-min, 18-min, 50-min, 2.5-hour, daily, weekly and monthly. All the puzzle pieces must fit, from the bottom up (NOT from the top down). That's why it takes so long. A lot of EWavers try to call the market without analyzing the lower charts (1-min, 2-min, 5-min, whatever). That's like building a skyscraper without paying any attention to the foundation. And the market is like a constant earthquake. Guess what happens?
I analyze the S&P Cash and bet the Futures (Spoos). EWave analysis of any futures contract is inherently unreliable because the elasticity of futures contracts allow them to "violate" EWave rules, misleading the count, courting disaster. I only analyze the S&P Index, although I may look at other areas for confirmation (Dow, OEX, Bonds, Currencies, etc). It takes me about 7 hours after the close to complete my analysis of the Cash SPX. Sometimes longer (particularly during corrective phases).
Once I have the "most likely" and "next most likely" count, I watch the market until 10 a.m. (on daytrades) and then enter the market according to various entry approaches (the site explains that stuff in detail). My day trade entries must be well-timed, because I only use a 2-handle stop. I always take my losses immediately. Always. No exceptions.
When daytrading, I never initiate a trade after 3:30 p.m., although I often close trades in that timeframe. I usually close daytrades into any strong spiking action (in my favor). All of this stuff works OK for me. A lot of work, admittedly, but anyone who says daytrading is easy is full of beans. I prefer position trading (which IS a little easier). But I have not seen a good position trade for many weeks. That is the very nature of any corrective phase. I believe a good position trade will finally unfold a week from Monday, on July 13th.
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