Hi to all the perpetuaters of the myth that EW is only useful in hindsight...
Check my chart n pay particular attention to the 1.618 percent extension marked as a wave 3.
That extension went in there marked on the Chart WAY before price hit it.
Look what price did when it did hit it.
Now, I did not trade it as I should have, neither the rise nor the fall, partly indeed due to so many people WHO DONT USE EW THEORY constantly saying it is useless to trade...
Thanks be I now know that those who cant trade EW or similar such EW like theory are just that... people who cant trade the theory.
hmmmm
Now since gaining some insights which i have recorded here over the last six months and also constatnly use and present in the FOREX forumm I have been able to DEMONSTRATE that you can predict price movement based on wave theory... prediction = having a darn fine idea where price is going BEFORE it gets there.. extrapolate that out a bit and you will see that say in the case of the Previously mentioned DJones chart, I was able to predict where wave three was going n would probably terminate.
So I am not saying it is the be all and end all, and I understand how Prechtor and his Ilk yell all sorts of stuff and make certain sure pronouncements which seldom come true and tend to provide a bad rep for the art of wave counting...
However... to say that it is only useful after the fact is really not true... and if you truly beleive this to be the case then there are more insights awaiting for you if you care to find em... it does take some time, discipline and dedication to get them though.
This is the same as someone saying to me How the Heck do you trade a complex pattern like the three peaks domed house thing which seems to be unfolding on the spi...
here's how you trade it...
you map out the possible waves or overlay a pattern on top of price.
You open your mind to the fact that There are a limited number of possibilities as to where price can go to be true to a pattern or wave form.
You take the pattern or wave form or price path with the highest probability... and you trade it til it is wrong.
simplest thing in the world.
BUT... I ahve a terrible feeling that said simplest thing is precisely what is going to seperate the trader from the player... and pretty much applies to al trading methods in my totally unhumble opinion.
To Trade anything successfully (whther you use trendlines, gann fans pitchforks channels, candlestick patterns wave theory, Market profile Ichimoku, Planetary motion, cycle theory etc) rather than just punting or following the guru of the day requires: Discipline Consistancy Comprehension of a complete methodology Foresight Time in the markets open mindedness
Saying that a method is untradeable WHEN YOU DONT UNDERSTAND HOW TO TRADE IT is like saying that YOUR experiences are the only experiences valid in this game...
And that is pretty darn limiting and a terrible thing to do do yourself unless of course limiting both ones personal potential and limiting the understanding of all others' potential that you can communicate with is your aim.
Personally I don't beleive that to be the case, I hope to all that's worthwhile that it is not the case, but sometimes when I see posters so willing to debunk something that they cant comrehend I wonder just what the heck is wrong with me when I am willing to beleive that everyone has something worthwhile to say when they post, even if I cant get it straight away.
Please tell me I am not wierd in that if I dont immediately understand something I dont pooh-pooh it and rubbish it... cos if this is wierdness (beleiving that I may NOT know everything) then I don't know if I wnat to bother showing people here the magic that we sometimes can find in tech analysis, and the freedom through trading that such magic suggests.
(20min delay)