EW & Fibs are a crude form of TA.
Everything is a crude form of TA.
Fundamentals are a crude form of fundamentals.
I like shooting rabbits, you like driving a Lambo, everyone to their own.
POLL: Elliott Wave vs Support & Resistance (which is better?)
- Thread starter schizo
- Start date
Everything is a crude form of TA.
Fundamentals are a crude form of fundamentals.
I like shooting rabbits, you like driving a Lambo, everyone to their own.
Looking at what you posted, no one could find anything consistent in that mess.
It's a 3-3-5. This is one of the most basic form of corrections. That means there were 3 waves to A, 3 waves to B, and 5 (1,2,3,4,5) coming for C. C is typically the 1.236-1.272 fib of wave A. If it doesn't then it will be labelled a flat correction.
If extended, wave C will cut through the green resistance line like butter, and S/R traders will be left scratching their heads and get stopped out. Then will call it a false break down when price reverts back above the resistance line on the continuation of the uptrend, or the second ABC correction. Either way totally clueless as to what is actually happening.
A dead cat bounce for instance is just an ABC correction after the 3rd motive (impulse) wave in a downtrend.
Everything you need to know is right here.
https://elliottwave-forecast.com/elliott-wave-theory/#fibonacci-ratio-table
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You can't objectively program Elliot wave. There is a reason. There is nothing objective about it. Each wave is precisely unique and can't be documented preciously to program it. You CAN'T PROGRAM ART!
Common Sense - You can objectively build a a house if all of the blocks are uniform. If all of the blocks are different . . . YOU CAN"T . . . PERIOD!
You can artistically use the EW theory to trade but you can't program it. That is why most traders have so much difficulty trading ART!
I think you are agreeing with me that S&R is not actually what it seems
Support and Resistance are objective points in my world. I can objectively define every resistance top and support bottom in a 3 bar process, in real time. EVERY ONE, which are unique to each chart independently. That is why I can program decision points, entries, exits and stops with zero issues.I think you are agreeing with me that S&R is not actually what it seems
I guess if you want to automate, but you are then having to play the numbers game and hopefully have more wins than losses. I look at trading as wins and more wins. I do not accept loses...literally or figuratively. My goal is to maximize my positions before the reversal.
Look at the attachments on ET lol...all the proof is here dating back to March!