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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: money-badger who wrote (171892)	4/20/2022 2:17:25 PM
From: POKERSAM	3 Recommendations Recommended By GROUND ZERO™ kimberley yard_man Read Replies (1) \| Respond to of 218304

Fighting against bias should be a major concern for a trader. Some have become what is known as perma bull or perma bear. I have often remarked that if you must be one or the other be a perma bull. The long term market chart of the S&P always goes from lower left to upper right. History proves that every bear market has been followed by a rally to new all time highs. A perma bull will always eventually be right. This why being a perma bull is the easy route to take Being optimistic is also the natural state of man. I have spent long periods as a bull as I believe the markets move higher in five waves and down in three. Markets move higher about 60% of the time. You are correct, though, many try to make the count fit their bias. That can end in disaster. I have been studying and applying EWP over 25 years. The first years were marked with a lot of trial and error, gain and loss, success and failure as I paid for my education. I heard all of the nay sayers slamming EWP as they chased an easy sure fire way of forecasting future market moves. I have stayed with the one that seems to have had the most success over the last 8 decades and doubt I could be discouraged at this point from continuing in its study and application. I believe that properly applied EWP can give me the clearest most trustworthy view of future market moves. I also believe that EWP is not for everyone. I have watched GZ for a good while and he has a system that matches his personality and he applies it to his trading. The greatest evidence that it is right for him is his success. I make no apology for at times sounding like an EWP textbook. The first step towards success as an Elliottician is knowledge of the Rules and Guidelines. Rules cannot be broken and guidelines are knowledge of what happens most often in particular circumstances. The area of guidelines is an ever growing area of knowledge. There are statistical studies of wave relationships for example that have in the last few years brought a lot of light on the subject. For example, in a 5 wave impulse wave one is shorter than wave three only 2% of the time. That is a guideline. A wave two cannot retrace more than 100% of wave one. That is a rule. I am sure this is more than anyone wanted to know. LOL