Hi guys, this is my video looking at FTSE and abit of Dow Jones.This is Part 1, I will try and get part 2 done asap.Some scary conclusions, I know the video is quite long so I do appologise for dragging it out abit.But the implications of what could happen next week is MASSIVE!Please let me know what you think.Kind Regards,Max
Sorry about the length, I was just recording it last night and didn't have time to edit and break down.
In answer to your questions, I don't trade for a living, but more a hobby. I'm studying at university at the moment, but hoping to look at trading for a living/career.
Prechter may be the person most quoted when talking about elliott waves, but I too think he makes some incorrect conclusions in his work... for example his count on the Dow Jones is a 1 (march 2008 low) and 2 (rally since)...I think this is pretty unrealistic... because I cannot see enough downside room to fit a nice 5 wave pattern.... which would suggest a big A!!! implying a big C even LOWER!
I think this is un realistic!
I find elliott waves to be a good TREND indicator, I wouldn't use them issolated from other trading techniques... but I think they are a better trend indicator than moving averages for example...
you have the benefit of seeing how mature trends are, the implications of coming moves, and potential turning points (waves 5 and C tops)...
My personal trading style isn't really swing trading... I don't attempt to catch every move, I just position myself, if it follows through I build up my positions using elliott wave dips/peaks.
About the "make or break", one thing I did not put up there which is important....
take a look at Friday's volume. Its the biggest we have seen in months, CLEAR SPIKE!
My suspicion is that we may have an early bounce Tomorrow in the FTSE, at which point I may be looking to enter a small short position, but will see. :)
long video my friend, please try and shorten it for people to listen to as we have family commitments etc etc...I find it hard to get time to do analysis on weekends????
But, interesting video never the less. I have the same trend lines and I also agree with your analysis that we are at the cross roads, but I don't believe we will make or break this week. But who knows, market is always king...........
Do you trade for a living my friend or just analyse the markets as a hobby. If you do trade, i assume you are a swing trader considering you adhere to the Elliot wave count?
I find Elliott wave to be very problematic in terms of counting the waves correctly , what has your personal experience been in terms of utilising it to trade profitably?
I have read the following
"As indicated by the name of his company and his newsletter, Robert Prechter relies essentially on Elliott wave analysis to forecast stock market behavior.
He has been very negative on stocks for the entire sample period, generally taking a very long-term view.
Based on our judgment, Robert Prechter's accuracy rate is about 31%, which is very poor. " http://www.cxoadvisory.com/gurus/Prechter/
Thanks you once again for taking time out to post your video my friend
Comments
Sorry about the length, I was just recording it last night and didn't have time to edit and break down.
In answer to your questions, I don't trade for a living, but more a hobby. I'm studying at university at the moment, but hoping to look at trading for a living/career.
Prechter may be the person most quoted when talking about elliott waves, but I too think he makes some incorrect conclusions in his work... for example his count on the Dow Jones is a 1 (march 2008 low) and 2 (rally since)...I think this is pretty unrealistic... because I cannot see enough downside room to fit a nice 5 wave pattern.... which would suggest a big A!!! implying a big C even LOWER!
I think this is un realistic!
I find elliott waves to be a good TREND indicator, I wouldn't use them issolated from other trading techniques... but I think they are a better trend indicator than moving averages for example...
you have the benefit of seeing how mature trends are, the implications of coming moves, and potential turning points (waves 5 and C tops)...
My personal trading style isn't really swing trading... I don't attempt to catch every move, I just position myself, if it follows through I build up my positions using elliott wave dips/peaks.
About the "make or break", one thing I did not put up there which is important....
take a look at Friday's volume. Its the biggest we have seen in months, CLEAR SPIKE!
My suspicion is that we may have an early bounce Tomorrow in the FTSE, at which point I may be looking to enter a small short position, but will see. :)
But, interesting video never the less. I have the same trend lines and I also agree with your analysis that we are at the cross roads, but I don't believe we will make or break this week. But who knows, market is always king...........
Do you trade for a living my friend or just analyse the markets as a hobby. If you do trade, i assume you are a swing trader considering you adhere to the Elliot wave count?
I find Elliott wave to be very problematic in terms of counting the waves correctly , what has your personal experience been in terms of utilising it to trade profitably?
I have read the following
"As indicated by the name of his company and his newsletter, Robert Prechter relies essentially on Elliott wave analysis to forecast stock market behavior.
He has been very negative on stocks for the entire sample period, generally taking a very long-term view.
Based on our judgment, Robert Prechter's accuracy rate is about 31%, which is very poor. "
http://www.cxoadvisory.com/gurus/Prechter/
Thanks you once again for taking time out to post your video my friend