EUR/GBP to trade or not to trade

[cabletrader]

Quote from usdoutlaw:

oh come on ... its just nice to know that there is something else you can go to

otherwise this sis the wild west and you know it

Sure, and after all who wouldn't trust a guy named Ralph!

 

[cabletrader]

Quote from FXSnipe:

cabletrader, Im not n Eliiot wave person although I spent a lot of time studying Elliot's work and read a lot fo stuff by Robert Prechter, some by Robert Miner but funny enough I couldn't make me a dime with it after all the work I put in, gosh I can even write a book on that stuff. Miner's stuff is quite good though.

When I look a chart now I don't want to label waves as I really do not know where the market is going, welll yes I can sort of see where the "waves" are but it really doesn't influence me in any way as the makrtket neither knows whether its the 5thof the 3rd wave nor 1st of the 5th and it just doesn't care.

I had the same experience when I briefly looked at it, it just seems way too subjective for any practical use. The only part which I found useful and semi-effective was ABC!

 

[pentothal]

Hi all,
I suppose it all comes down to "what works for you".
I always viewed history as cyclical, probably started when we studied Gian Battista Vico (Italian philosopher of the 17th century) at school. So I found easy to understand and "agree" on the basic principles of the Elliott Wave theory.
Having said that I am just at the beginning of my trading experience using waves and I found that is easier (realtive to equities) to spot cycles in currencies, which move relatively slowly and with ample movements.

I would be ready to abandon that if I found out that is not what works for me going forward, but at the moment I am giving it a try with some relative success.

 

[FXSnipe]

Quote from pentothal:

Hi all,
I suppose it all comes down to "what works for you".
I always viewed history as cyclical, probably started when we studied Gian Battista Vico (Italian philosopher of the 17th century) at school. So I found easy to understand and "agree" on the basic principles of the Elliott Wave theory.
Having said that I am just at the beginning of my trading experience using waves and I found that is easier (realtive to equities) to spot cycles in currencies, which move relatively slowly and with ample movements.

I would be ready to abandon that if I found out that is not what works for me going forward, but at the moment I am giving it a try with some relative success.

I totally agree .I hear a lot of ebook sellers and "trading gurus" say that they have already done the work for anyone interested in purchasing their course. Its all bollocks, we are all different what works for one might not work for another, so go ahead and find out if it works for you.

 

[cabletrader]

Quote from pentothal:

I suppose it all comes down to "what works for you".

Up to a point, but there are limits!

 

[FXSnipe]

Quote from cabletrader:

Up to a point, but there are limits!

cabletrader, where and how do you determine those limits? Are you talking about limits in terms of monetary loss or something else? What works for me in my definition is when I take learnings from different sources and adapt it to my own according to the way I view the market.

 

[cabletrader]

Quote from FXSnipe:

cabletrader, where and how do you determine those limits? Are you talking about limits in terms of monetary loss or something else? What works for me in my definition is when I take learnings from different sources and adapt it to my own according to the way I view the market.

If it consistently works for you then great!

 

[pentothal]

I remember reading Pit Bull, from Martin Schwartz. One of the most interesting part is when he describes how he built his own strategy, atarting with a "philosphical framework" that worked for him and then adding tools (or part of tools, ie indicators) here and there that were working with his timeframe approach (he is a scalper).

I am trying to do exactly that. So Elliott Wave is good for me as a framework, now I would like to add a couple of tools to refine my strategy. I already found divergences very useful...

 

[FXSnipe]

All the best, trading is work in progress and continue to refine my strategies as the market changes all the time. Check some work by Robert Miner and Dick Diamond , they combine it (wave analysis) with indicators,like stochastics, MACD, etc

 

[usdoutlaw]

oooh eurgbp is almost at full retracement

any type of hourly sign of a reversal of this bearish move I am in for the long

i.e. hammer, downside tweezers, morning star, etc

cheers