Time for another update on the watchlist that I posted a few days ago.
I've been stopped out on the Daily chart of FORM. While nobody likes getting stopped out of a trade, one of the most powerful trading techniques you have is the ability to lose money correctly. On a positive note, the AMZN trade continues to perform well and has more than covered the trade on FORM and CRAY. I've notated the trade setups with respective levels to watch.
Trade Smart....
~ Duane Gott
"Don't call it a mistake, call it an education."
Thomas Edison
FORM
FXE
AMZN
EQIX
CSC
MWV
Hi guys: I wonder if I could get an answer to a question that no one seems to know. When do you "localize" elliot?
On Wkly count I can have either a wave 3 or wave 4 up depending on whether or not I localize the count.
(since price has passed hashmarks I am using the alternate count.) I have called tech support and they do not know...any info on this confusion appreciated! STeve Brophy
NYC thanks!
Posted by: steve brophy | March 17, 2010 at 07:32 AM
PS I am referring to S&P WKLY
Posted by: steve brophy | March 17, 2010 at 07:33 AM
I dont think that EW working in this market atleast for last one year. If you follow it in last year you will out of whole bull run. And get stopped out so many times.please guide.
Posted by: Samir Ghadiali | March 18, 2010 at 03:22 AM
Samir:
I don;t know what charts you are looking at, but daily and weekly GET charts have told you the right intermediate direction time and again?!
I don;t use them exclusively of course, but combine with secondary indicators...
Posted by: S. BROPHY | March 18, 2010 at 07:44 AM
Thats what I mean use elliot as a confirmation tool only dont depend on EW totally.
Posted by: Samir Ghadiali | March 18, 2010 at 09:07 AM
Do take a look at the SPY daily...Type II setup and we are at the MOB. A doji candle formation adds a little color to this. I just can't wait for Friday and Monday now.
Posted by: Peter | March 18, 2010 at 01:49 PM
I will be very cautious with type II, i saw them since last July and you know what had happened. With free money from the FED is there any reason to go down?
Posted by: Mat | March 18, 2010 at 02:47 PM
If we go with the text book, length between (2) to (3) cannot be longer than (4) to (5). Anyone here disagree with SPY(D) wave counts?
Posted by: Mat | March 18, 2010 at 02:50 PM
Thats a good point on 4 Mat - definately don't want to be a hero and jump out first.
In terms of price(SPY points) the segment lengths are:
W1 - W2 = 4.9
W2 - W3 = 19.8
W3 - W4 = 9.5
W4 - W5 = 30
So W2 - W3 is not longer than W4 - W5. I likely goofed that up in some way so please push back and/or clarify your position.
Thanks.
Posted by: Peter | March 18, 2010 at 04:06 PM
Counting and measuring E waves is fine fellows but it can only get you so far. (No pun intended)
Secondary indicators like bullish percent charts, stocks above 50 and 200 DMA and put call overbought and more should be used. There are about 40 2ndary indicators flashing at least a short term top.
IMHO
broph
Posted by: steve brophy | March 21, 2010 at 06:46 AM