The focus of this thread will be to identify profitable entry and exit points intra-day. The methods that I use for defining my trades are primarily based on Elliot waves however other disciplines are welcome provided that they are precise and you can produce a chart that clearly illustrates the concept on a timely basis. Moving average resistance, long-term trend lines, Fibonacci levels, and pitchforks are a few examples of sensible alternatives that should be watched.
Discussion should be limited to indexes and other vehichles that are tradable via futures. Longer term theories, sentiment indicators, and individual stock trades should be discussed on the regular E-wave thread. Unless something is likely to produce a minimum of 50 dow, 5 es, or 10 nq points it's a scalp and not worth mentioning. Ideally such an entry should be a half or whole day trade that marks a significant intraday turn. To help maintain focus posting here should be limited to market hours.
Some guidelines from our rather grumpy, wiggle hating hero Alan's Alias:
There are a number of reasons for this that any successful wiggle board would have to overcome:
1) Most important factor is text versus pretty picture. Nobody should have to read wiggle prose. It's painful. Post a picture or don't post. Further, every reply to a specific chart should repost the chart link at the end of the message. There is hardly anything worse than reading a bunch of short posts alng the lines of "No, I think it is likely a 4 of c of C given that we did not violate that previous 1 low." Huh?
2) Context. Most often, there is no context for the post. Its' important if someone is trying to time a turn that we know the context in the next larger timeframe/count.
3) Timeframe. Anything under 10min or so is too noisy to be useful. This is subjective, but there has to be a timeframe limit imposed to cut out the noise.
If you want to show a formation on a five or even a one minute chart that's fine as long as it is relevant to a larger set up.
4) People have to invest enough study to contribute something useful. A trading board should not be a place to learn the basics. It just slows things down. It is always mildly shocking to me when I see a post that starts along these lines: "I don't know Elliott from Chinese, but what do you think of the following [twisted, invalid, I-put-no-effort-into-it] count."
If we can make him happy we should do just fine.
Good Luck, lets make some money.
Prechter's Page
elliotwave.com
Join club EWI and read the free tutorial first. It's basically an online version of Elliot wave Principal.
Wave reference with pics:
elliott-wave-theory.com
Rules and guidelines:
geocities.com |
