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Online Share Trading

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Elliot wave principle

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jannie2
Contributor
This question is for the guys that trade the Elliot wave , I am a bit new to it -and looking at OML - are we in the 4th corrective wave? Or already in the 5th impulse wave?
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19 REPLIES 19
john_1
Super Contributor
NO ONE TADES elliot...well nobody who trades elliot is still around
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Not applicable
and why is that john ?
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john_1
Super Contributor
Nobody...I know who has tried to trade elliot..is still in the market ..If you use them ...it will be my first
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SimonPB
Valued Contributor
it is way to braod to trade and too many 'alternative' counts ..
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Not applicable
Ah yeah, we haven't had one of these debates before! Should make a great change to the usual investor vs trader dribble.
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Maddog
Regular Contributor
I trade two waves the up wave and the down wave
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Not applicable
SOme of those waves at the beach is not so lekker for a surf, and then some of those waves in the car from the "boom" box is just to much for the ears....but like MD sayd long the up wave short the down
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Pluto
Contributor
As I see it OML is in wave 3 of a 5 wave impulsive pattern. Elliot Wave has a place in trading and yes it doesn't work all the time but when it does it is very powerful and coupled with Fibonacci time and price retracements and projections gives uncanny action and reaction zones.
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jack12
Super Contributor
I know the Mexican Wave, does that count aswell??
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SimonPB
Valued Contributor
the Q is simplew .. do you make money from EW ?? coz I never meet anybody who does ..
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john_1
Super Contributor
the elliot wave is a just some okes attempt to create order out of the noise...THE TRUTH....markets move in waves..but that in itself does not have predicitive value..what is consistant is human nature...and we as human like to move in groups and the greater the uncertanty the greater the tendency to herd....And it is easily recognized in the market by the thing we call a TREND.
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Pluto
Contributor
Yes you do - one of the stumbling blocks that most traders have is to take profits too early instead of letting the winners run - we all battle with this. Using Elliot Waves coupled with Fibonacci time and price projections and retracements allows you to have high probability zones where a share will reverse. That said - it gives you a level of confidence to ride the winner to this high probability zone. That makes you a winning trader.
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_nova
Super Contributor
John and Simon are right... the one absolute truth about trading is that if the system is complicated, you're going to lose your shirt and then some. Avoid "complicated", simple is best. Backtest and you'll see that the lazy system works better than EW on almost every timescale. The whole game is rigged anyway, just google rajaratnam as the latest example.
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jannie2
Contributor
thank you for all your good idvice guys, Pluto - big thanks to you, Nova you mentioned The Lazy System - where can I get hold of this system ?
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Not applicable
Go to the Oracle - Mr Simon Brown, himself. The biggest issue you will have to face is the demon within yourself. The lazy system doesn't like to be fussed or fiddled with only fine tuned over time, so take a course of tranquilisers & trade yr rules. NEVER second guess yrself !!!Its a LAZY system after all.
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Not applicable
Simon you gotta post this to the front page!!!

The Lazy trading system - WORKS ONLY ON INDEXES - NOT DESIGNED FOR SHARES!!!!!!!!!!

*short trading trigger

*close below 15 day ema
*red next day by 16h30
*if still below 15 day ema & green next day trigger still active & wait for red 16h30 next day
*if moving above 15 day ema trigger cancelled
*30 day ema below 60 day ema for primary direction
*20% trailing stop until breakeven then a higher high out


**long trade trigger
**close above 15 day ema trade confirm
**green next day by 16h30 condition a
**if still above 15 day ema & red next day trigger still active & wait for green 16h30 next day condition b
**if moving below 15 day ema trigger cancelled condition c
**30 day ema above 60 day ema for primary direction stop loss & exit
**20% trailing stop until breakeven then a lower low out
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jack12
Super Contributor
Ha, thought you were having the day off, I posted it under educational. might make it easier to find
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Not applicable
just late to work this morning. Missed iearly trade signals but what the heck....everything is winding down for year end so time to slow trading I guess.
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jannie2
Contributor
Pluto- which time frames do you use on your moving averages for shares that is .
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