Ewj: elliott wave
- Thread starter mu200411
- Start date
Minor Wave Trading is a dangerous trade.
When you do day trading, no one bother to look at your post, fortune telling, because they are busy day trading.
When you do primary wave fortune telling, they will all forget what you say when the time come.
When you get a Minor Wave call wrong, you have no place to hide, because it is always on the thread.
They will be 
at you, if what you call is the same as theirs, and it turns out wrong.
So I consider Minor Wave Trading quietly.
Minor Wave Trader buys at Minute Wave 1.3, 3.3 and 5.3, and sometime at b.3 in order to be trapped, and sells at Minuette Wave 2.a:3, 4.a:3, a.a:3 and c.a:3.
Our Elliott Wave Minor Trader should has sold out or short sold at Minuette 4)c.a:3 and is waiting for Minor wave 4)c.c or .e to end, in order to buy at Minute Wave 5)1.3.
When you do day trading, no one bother to look at your post, fortune telling, because they are busy day trading.
When you do primary wave fortune telling, they will all forget what you say when the time come.
When you get a Minor Wave call wrong, you have no place to hide, because it is always on the thread.
They will be at you, if what you call is the same as theirs, and it turns out wrong.So I consider Minor Wave Trading quietly.
Minor Wave Trader buys at Minute Wave 1.3, 3.3 and 5.3, and sometime at b.3 in order to be trapped, and sells at Minuette Wave 2.a:3, 4.a:3, a.a:3 and c.a:3.
Our Elliott Wave Minor Trader should has sold out or short sold at Minuette 4)c.a:3 and is waiting for Minor wave 4)c.c or .e to end, in order to buy at Minute Wave 5)1.3.
Reflection turns missteps into lessons learned.
Without Reflection missteps turn into nightmares.
After every trading day, our EWDTer should sit down and reflect, so he could see his strength and weakness. Hindsight is always crystal clear.
His scenarios were OK, they helped him recognize where to get in and out. His plans were OK.
Scenario 1. Target gain 200,7,17 points for long position
Scenario 2. Target gain 29,2,0 points for short position, expect extend wave v
Plan: May be 2/3 of expected gain.
Blunder #1. Hesitation at Target.
"Cut loss" is OK and crucial in day trading.
But "Let profit run" is questionable, because time frame is very short, it usually turn out to be "Let profit run into a loss", as is this case. Our EWDTer should use hunter mentality, to kill or be killed.
If he cannot let go his farmer root, he should do "slow stroke". Sell half postion at target or 2/3 target as planned, sell another half after price fall below trailing stop.
Our EWDTer should have sold out at the first target and then go short according to scenario 1.
Without Reflection missteps turn into nightmares.
After every trading day, our EWDTer should sit down and reflect, so he could see his strength and weakness. Hindsight is always crystal clear.
His scenarios were OK, they helped him recognize where to get in and out. His plans were OK.
Scenario 1. Target gain 200,7,17 points for long position
Scenario 2. Target gain 29,2,0 points for short position, expect extend wave v
Plan: May be 2/3 of expected gain.
Blunder #1. Hesitation at Target.
"Cut loss" is OK and crucial in day trading.
But "Let profit run" is questionable, because time frame is very short, it usually turn out to be "Let profit run into a loss", as is this case. Our EWDTer should use hunter mentality, to kill or be killed.
If he cannot let go his farmer root, he should do "slow stroke". Sell half postion at target or 2/3 target as planned, sell another half after price fall below trailing stop.
Our EWDTer should have sold out at the first target and then go short according to scenario 1.
Blunder #2. Increase Bet.
Increasing bet in day trading may turn a profitable position into a lost one, because situation changes too quickly to make a sound judgement in changing a well planned strategy.
He should do "fast swing and slow stroke", that is to put up all his planned amount into a position at once, if it failed then cut loss. No place for averaging up in day trading.
At 2/3 target # 2 where a complete five waves appeared, our EWDTer should have sold the second half after a higher high Tick Wave appeared. He could get back in position any time if a new low appeared.
He might have went long if he was awared that wave v may be shorter than expected.
Increasing bet in day trading may turn a profitable position into a lost one, because situation changes too quickly to make a sound judgement in changing a well planned strategy.
He should do "fast swing and slow stroke", that is to put up all his planned amount into a position at once, if it failed then cut loss. No place for averaging up in day trading.
At 2/3 target # 2 where a complete five waves appeared, our EWDTer should have sold the second half after a higher high Tick Wave appeared. He could get back in position any time if a new low appeared.
He might have went long if he was awared that wave v may be shorter than expected.
Blunder #3
Our EWDTer confused sell signal of scenario 2 with sell signal of scenario 1 which should have occurred near scenario 1 target, when some Tick Wave III got below Tick Wave I.
Blunder #4
Our EWDTer changed tactic on the fly. He was sort of "buy high, sell higher" or "sell low, buy lower", then after he took half profit he began waiting to "buy on the dip" or in fact, in this case, "short on strength". Remember? His sell signal is when price break lower.
Our EWDTer confused sell signal of scenario 2 with sell signal of scenario 1 which should have occurred near scenario 1 target, when some Tick Wave III got below Tick Wave I.
Blunder #4
Our EWDTer changed tactic on the fly. He was sort of "buy high, sell higher" or "sell low, buy lower", then after he took half profit he began waiting to "buy on the dip" or in fact, in this case, "short on strength". Remember? His sell signal is when price break lower.
Blunder #5.
His mental state stuck in Bearish mood.
Because he was waiting for the opportunity to increase his bet, when the Market went up as he thought, it was obvious to him that he was right and this is the opportunity to sell and double his bet. So he kept selling on higher tops for 20 years.
Momentum player should sell into weakness and buy into strength.
Erratum:
So he kept selling on higher tops of 200 minutes.
If he looked at what the Market was telling him, he should see multiple higher highs and went long accordingly. He should be taking profit after Subminuette Wave :a, :b and :c instead of starting a fresh short position in a rising market.
His mental state stuck in Bearish mood.
Because he was waiting for the opportunity to increase his bet, when the Market went up as he thought, it was obvious to him that he was right and this is the opportunity to sell and double his bet. So he kept selling on higher tops for 20 years.
Momentum player should sell into weakness and buy into strength.
Erratum:
So he kept selling on higher tops of 200 minutes.
If he looked at what the Market was telling him, he should see multiple higher highs and went long accordingly. He should be taking profit after Subminuette Wave :a, :b and :c instead of starting a fresh short position in a rising market.