Trading/stock markets/forex markets etc :)

[khushal]

youve never tried elliotwave theory

[khushal]

the candle stick has many flaws, it is a very bad way to trade.

[sahil112]

youve never tried elliotwave theory

i have, but it did not appeal to me as i dont believe it fully gathers what everyone is thinking in the market. and i also have to think about the big guys in the banks and how they are going to play the elliot wave with their stops. dangerous territory. i find candle sticks to be much more accurate, precise, excellent signals as well as price targets and strong support and resistance lines where you can actually spot such things as false market break outs.

[sahil112]

the candle stick has many flaws, it is a very bad way to trade.

let me guess you read about candle sticks some where online right? a random website?

[sahil112]

only the people who dont no how to use them and read them wrong say they are bad believe me on that

[khushal]

Sahil,
the people that are good at elliotwave could say the samething about candlesticks. If you apply intermarket analysis with elliotwave, you could master risk management.

[sahil112]

Sahil,
the people that are good at elliotwave could say the samething about candlesticks. If you apply intermarket analysis with elliotwave, you could master risk management.

i think candle stick risk management is excellent, i dont place much trust in western technicals.

[khushal]

your turning into the EAST vs WEST thing.
what books do you recommend for candle stick. Have you read prechters elliotwave theory?

[sahil112]

your turning into the EAST vs WEST thing.
what books do you recommend for candle stick. Have you read prechters elliotwave theory?

you can not learn candle sticks by just reading a book, i did a course with steve nison who was the person who introduced candle sticks to the west and it was such a beneficial course very powerful.

and no i havnt.

it is east vs west end of the day but also what a person feels comfortable and happy with. dont get me wrong western technicals are good also i even mix stochastic with my candle sticks to give me an even better signal which has more of a chance of turning into a good trade. but i still think personally that Eastern technicals are stronger.

[sahil112]

just to add, every candle stick course, book etc that is out there got its information from steve nison but the only difference is that steve teaches you how to correctly analyze them and use them while the others havnt got a full grasp of them.

[khushal]

steve nison has written a book about the subject but I have not read his book. Ive only read the basics of candle stick theory and it didnt interest me so I did not go any further. But if you talk highly of him, Ill go ahead and read his book, But I doubt it is better than elliotwave combined with intermarket analysis.

[sahil112]

steve nison has written a book about the subject but I have not read his book. Ive only read the basics of candle stick theory and it didnt interest me so I did not go any further. But if you talk highly of him, Ill go ahead and read his book, But I doubt it is better than elliotwave combined with intermarket analysis.

like i said it depends what 1 feels about them and how confident they are with them, but defiantly give him a read you never no you might get a different feel.

so what do you trade and you long term or short term?

[khushal]

I work mostly the majors eurusd, usdjpy, audusd, usdcad, and a few other ones but I trade maybe 2 or 3 times a month.

Im in this trade long 81.70 sl 80.80 since jan 3rd, I beleive it should hit a min of 85.20 but its taking forever. I beleive we are in wave 3 of 3. If the stoploss hits then its a different story.

[sahil112]

I work mostly the majors eurusd, usdjpy, audusd, usdcad, and a few other ones but I trade maybe 2 or 3 times a month.

Im in this trade long 81.70 sl 80.80 since jan 3rd, I beleive it should hit a min of 85.20 but its taking forever. I beleive we are in wave 3 of 3. If the stoploss hits then its a different story.

oh nycccc we have something in common there lol i tarde the same and i do a new trade every week. how much do you roughly invest? like do you buy 1-2 lots or more?

and wow i would say after 1 week of no price action i would pull out as your money and time is being wasted in there, you are only up like 30 pips which is baby things.

[sahil112]

also there is 2 resistance's your going to have to break the 83.50 area i believe and the 84.50. pretty strong resistance as the bulls have been denied a run couple of times.