Quote from Xuanxue:
None other than Ralph Nelson Elliot in, "The Wave Principle, Part VII," appearing in The Financial World [circa 1939]:
"It [A-B-C- formations] differs from other corrections in that both the first and third waves (A & C) are composed of five smaller vibrations. The second ("B") wave of Zig-zag corrections is composed of three impulses. Sometimes, in a high-speed movement, the first leg ("A") may appear continuous, and resort to the smaller or hourly studies may be necessary to detect flow."
That is why I use multiple time-frame charts, and it's why I caught the top of this bear run, on top of the fact that after 25 points of two tick exhaustion advances the bull rally went absolutely flat and dead in the water at 1440. Anyone doubting shorts there hadn't been around for any length of time. No offense to you or anyone, but it's not like it was a miracle call.
Not another quote from a trading book!! If some of you people spent as much time on the screen as you do reading trading books, you might actually understand what I and others do and where we are coming from.
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Re:
âAnyone doubting shorts there hadn't been around for any length of time.â
My point exactly. The ones pretending to know the most here on this thread were screaming to stay long on the quoted thread. I simply demonstrated they are clueless and should not be dispensing advice to unsuspecting people on the premise they are knowledgeable when their actions dictate otherwise.
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Re:
âNo offense to you or anyone, but it's not like it was a miracle call.â
Agreed, this again, makes my point. For the record, I never made any claim to have called the top. Therefore, I ask those who respond to correctly quote what I actually wrote, not what you or anyone thought I may have wrote. That said, I simply responded to ammo when he stated he was short and asked for an opinion. However, I was already short when he posted. Today, I simply used that discussion as an example to show that those claiming their methods are âmore efficient, easier, and similarâ within this thread that they were, and still are, clueless to the core, and as the latest rant shows, brave as befits their intellect.
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I think perhaps you missed the intent of my posting. I simply made a demonstration which you unwittingly bolstered. Note that I did not embellish or twist the quotes in any way, nor did I take them out of context. I gave a link so everyone could see the entire series of events. When someone makes a wild claim that their way is more efficient, easier, and yet similar, when in fact they couldnât correctly call a winner at a pissing contest during a beer party. As such, given their history, Iâm going to call them on it. If that offends you or others, so be it. Again, I made no accusations; I simply quoted what took place.
As for you personally, if you wish to discuss trading multiple time frames, I have no issues with that. But I ask that you, or anyone else for that matter, be prepared and make your point on merit; your simply saying itâs so doesnât make it so. No proof, no merit. Fair enough?
Regards,
st
