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Has anyone read and do you recommend either: Applying Elliott Wave Theory Profitably by Steven Poser or Mastering Elliott Wave by Glen Neely Are they worth $50-70 bucks? ???? Thanks

Hey guys, assuming the bull case and that this rally is wave 1 up, how deep could we expect a retracement? Isn't .618 a common wave 2 retracement? I'm looking to do some damage control on my short position.

What the hell was that? Crazy tape.

Until it's not.........

Mup, using your ALT ideas, how do you define when it has been penetrated or broken. Does price only have to trade beyond it once or do you need to see a close below that level or something else?

Quiet on here today. Anybody had their coffee yet?

No decision yet. Still learning and gathering info.

I'm with you Illum. I got a small short on towards the end of the day. I'm thinking wave 4 is near complete and 5 waves down may begin soon. If not 5, the B wave should start--either way, short term down. Time will tell. On a side note--a question for you futures traders. If I wanted...

Thanks Mup. It looks like your Y is playing out to be about 2 times the length of W. Interesting. We'll see if it holds.

Good point MGJ. In a long term position, S and C are smaller percentages of your costs. I guess what I'm trying to figure out is how the different contracts are priced. Sometimes the further out contracts trade at a higher price. Sometimes they trade at a lower price. As expiration...

MGJ, I think that is a good idea, and know real lessons can be learned by doing things yourself. But, I also don't believe in re-inventing the wheel and DO believe in learning from other's mistakes. I was looking for any glaring mistakes that might have stood out to a veteran and would be...

Any advice on how far out to open a trade? If I want to take a long term futures position in an equity index, what are the pros and cons to rolling over to the contract 6 to 9 months out versus doing it every 3 month?

Looks like that last rally would negate my 1:1. Back to the guessing board.

If 680 breaks, what are the chances of a C wave breaking higher above Mups 694.75 ? Sorry I couldn't include more open space to draw out the future trends.

Know your pot odds.....(make sure the reward to risk ratio is good) Start with 1/2 limit instead of 5/10 no limit...(trade small share size/paper trade at first) Accept the fact that you have to have losses. You have to lose in order to win. If you can't take a loss, it will grow.....if...

Looks like we'll get the gap down, now lets see if that is the end of wave 5 of 3.

This may have been posted before, but it is important and will affect traders. Congress meets tomorrow, March 2. Follow this link if you'd like to sign the petition and have emails sent to your congressmen and senators. It is really easy. http://www.rallycongress.com/no2tradertax/1536/...

Landis and Mu, I think we are on the same page. I'm hoping for a gap down opening on Monday for a quick long play back up to wave 4 of 3 of 5 before another 5 wave decline to a low that should hold for a while.

Now, will the gap fill or will we break this morning's opening lows?

Could it be Irene's bed time?