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phillo

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Posts posted by phillo

  1. 36 minutes ago, ChrisN said:

    Just because you don't understand something is no reason, in my humble opinion, to doubt it. I don't understand Swahili, quantum physics nor Chinese mythology. Advanced EWT is not to be taken lightly but that should not in itself put you off. It can be massively simplified, using different timelines helps, and you certainly don't have to able to label W-X-Y (and sometimes Z!). It probably should be thought of more as an art form (subject to analyst's experience/judgement) rather than a science. It is simply, at the end of the day, recording sentiment. DSI is frequently used along with momentum/fibs as supporting tools. Can't remember who said it but "In the short term the market is a voting machine. Only in the long term does it become a weighing machine". 

    Some want hard, definite results. It cannot do that. Nothing can in my experience, but if interpreted correctly it will give you a map of the way forward and therefore low risk entry points.  Once you accept that the market is not driven by the MSM then you may be onto something. For example consider GBP/USD  Brexit result at the end June 2016. Pound fell quite hard. The actual high of that wave occurred a full YEAR earlier around $1.70/£. Brexit was just a small portion of that wave but not the "cause" for the wave down. MSM dip into their drawer and pull out all sorts of arbitrary labels that they can slap on to try and explain "why". Often laughable and frequently contrary. Consequently, unless from a reliable & reputable source, I don't bother wasting my time reading it ( @elle  that's my reply to you if that's acceptable?). If you understand that markets top on euphoria and bottom on despair then you're half way there. If you want results fast then you'll probably have to pay - but use a reliable source. Hopefully that is of some use ....and really, really I'm not here to sell EWT!  As a side note I also use EWT to make some of my portfolio decisions

    As @Mercury said "But hey, if it does't work for you fair enough, find something else that does." I'd fully endorse that. Use it or don't. It's up to you but please refrain from insulting other EWT followers because you "don't understand it". 

    Enough said, and no offense taken. Can we please now move on from EWT?  Thank you and apologies for the length.

    Well I guess @ChrisN  to quote you , as none of us represent a "reliable & reputable source" you wont be bothering  wasting your time reading any of our posts in the future

    • Sad 1
  2. 4 hours ago, Caseynotes said:

    A US president's comments are just as market moving as the Fed's, or red flag data releases, the market prices in new information, that's exactly what's supposed to happen. An awful lot of people are suckered into thinking the market must move in accordance with the lines they've drawn on their chart.

     

    As I have said before " the Destiny of every trend line is to be broken ". I have discovered that the market doesn't  care about my lines  & sometimes seems to go out of it's way to break them ! Accepting that I can be wrong & knowing when I'm wrong is all part of the "game" 

    • Like 1
  3. On ‎06‎/‎08‎/‎2019 at 18:08, elle said:

    This one is getting a lot of tweets today  ( something about being linked to a negative research report due out tomorrow )  - interesting chart

    Capture bur gap.PNG

    Turned out to be quite exciting !

    Capture b ig.PNG

  4. On ‎29‎/‎07‎/‎2019 at 11:49, elle said:

    The Destiny of every trend line is to be broken ......................

    Capture trend line.PNG

    when considering trend lines - I don't see them as the  exact point of price support / resistance. My view is, if I can see them I'm sure the "Big Boyz" can as well. I look at "wriggle room zones" around them. here's the $AUDUSD  one of the pairs that has reclaimed that January low

    Capture tl.PNG

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