Comments on: Elliott Wave Structure and Trading Lesson in SDS

By: Perfect Intraday Elliott Wave Lessons from SPY June 25

Perfect Intraday Elliott Wave Lessons from SPY June 25 — Fri, 26 Jun 2009 02:02:42 +0000

[...] Elliott Wave Lessons and Structure in SDS [...]

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 17:41:06 +0000

Anon,

Exactly! Very well spoken.

I don’t sit here and count waves all day. But when I’m deciding whether to take a trade and how much leverage to use intraday, if I see what I think might be a pattern, it helps my decision making.

It’s helped me hold on to trades longer than I would have (if I suspected I was picking up a 3rd wave, or about to enter into a 5th wave or the like) but it’s not the end-all-to-end-all.

The thing is, when it ‘works,’ it tends to work big. When it doesn’t ‘work,’ then the stop is small. No big deal. Move on.

But if EW helps you capture larger profits you otherwise would be missing, then there’s where it becomes effective and profitable.

By: Anonymous

Anonymous — Tue, 21 Apr 2009 11:53:13 +0000

I have stayed away from EW until a few weeks ago…. That was dumb.!! I find that now I am seeing the different patterns, I am staying away from chop trades and getting into larger moves.

Many writers estimate that EW works about 50 percent of the time….. however, the awareness of the end of wave 2 or 4 or 5 can lead to huge profits… ABC trades have great risk reward……

I use a couple stochastics to help with decision making…

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 01:27:46 +0000

Anon,

The breaking of a wedge formation or an Elliott diagonal has expectation to lead to a decent push lower. I can’t tell you exactly what to do – and we might get a bounce back to test the lower trendline of the wedge – but I wouldn’t want to be long now while we’ve broken out of the wedge.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 01:25:06 +0000

AJ Frost and R. Prechter’s “Elliott Wave Principle” is the standard. It’s a textbook so it isn’t fun reading.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 01:23:10 +0000

Thanks Chris!

It’s supportive comments like yours that keep me going. I’m glad to help.

By: Corey Rosenbloom

Corey Rosenbloom — Tue, 21 Apr 2009 01:22:18 +0000

String,

My thoughts exactly.

Hearing that is like hearing the stochastic doesn’t work or something.

There’s 100 ways to make money in the market. I don’t see the point in criticizing people who are making money.

By: Anonymous

Anonymous — Tue, 21 Apr 2009 00:51:56 +0000

I really like your blog, very good information. I’ve found myself long at this juncture. I’m not sure whether to sell tomorrow or to wait for a bounce. What does the Elliot Wave count suggest will be the next bouncing point? Thanks.

By: Anonymous

Anonymous — Mon, 20 Apr 2009 21:46:56 +0000

Cory or someone else out there,
Could you suggest a good book on Elliott Wave for a beginner?
Thanks

By: Chris

Chris — Mon, 20 Apr 2009 21:34:16 +0000

Corey,

I took some SDS Friday at $64.75 once SPX hit 874 and appeared to be Wave 5 completion.

I also exited long my swing long 401K …

Your training on chart patterns have been great

Please keep up the good work as there really helped me etc.

Chris