Are you under the assumption that if a trading plan is not an A+B=C, formulaic approach then it’s useless? Join me in this 6-minute video as we explore a subjective approach to the markets used by some of the greatest living traders. We’ll show you that interpreting data and making the best possible decision is your primary goal in trading. And if a plan goes wrong, and many times it does, how to lay out a contingency plan to protect your capital.
Using the tools of the wave principle and Fibonacci we analyze the NASDAQ 100. Specifically we look at symmetry at work in the markets and how to act right now.
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Good explanation Todd—-Thanks
Thanks Steve – appreciate that. And one thing I forgot to mention in the video is along with the idea that many fear what they don’t understand, many have not done the work to get solid understanding of the methodology making it easy to dismiss. As my old ski racing coach in Lake Placid said, if it were easy, everyone would be on the world cup.
Todd,
That was an awesome and very simple explanation of Elliott/Fib and symmetry work in order to plan your trade correctly. Loved it!
Hey David – thanks very much! Really appreciate that and glad you enjoyed it. These videos are fun to do.
Hi, could you please let me know the book’s details? Thanks!
Sure thing. Here’s Market Wizards
http://www.amazon.com/Market-Wizards-Updated-Interviews-Traders/dp/1118273052/ref=sr_1_sc_1?ie=UTF8&qid=1454166440&sr=8-1-spell&keywords=jack+schaweger+market+wizards
And the other must read is this one
http://www.amazon.com/Reminiscences-Stock-Operator-Commentary-Livermore/dp/0470481595/ref=sr_1_2?ie=UTF8&qid=1454166484&sr=8-2&keywords=reminices+of+a+stock+operator
Yeah good stuff Todd.
Thanks brother.
Hi Todd,
On the chart, you show Elliott waves 1,2,3 and potential 4th wave.
How did you decide where waves 1,2, and 3 should be?
I am a day trader trading E MINI using thinkorswim platform.Does your software plots Elliott waves? Is there any software which draws those waves on intraday basis? Where do I get more info. about a software that would draw Elliott waves?
I will appreciate your guidance and please accept my thanks in advance.
Regards,
Perry
Try Elliotwave Int. http://www.elliottwave.com/
Jim Martens is a good friend of mine and I’ve had the pleasure of working with Bob Prechter several times in the past. My only response is they are quite expensive compared to my offerings.
Hi Perry – thanks for your comments. Regarding your question about picking 1st and 2nd waves, think of it like a head and shoulders reversal pattern. The head of the pattern is the end of the prior trend and the start of wave 1. The market drops down in the 1st wave, and then bounces back a to lower-high forming the right shoulder, which is your 2nd wave correction. The right shoulder fails and then the market declines to pierce the shoulder line, which serves as your 3rd wave decline. The 3rd wave is usually where a majority of the price movement takes places finally coming to a completion setting up the 4th wave, and that’s where the video above kicks in. We project the 4th wave using Fib analysis compared to the 2nd wave, which was just the right shoulder of a H&S pattern. Does that make sense? If not, please tell me and I will cover it in the next video.
thanks
thanks for watching.
Excellent video. Thanks!
Thanks, Ned!
Liked that one Todd keep them coming.
Thanks Ashely – will do!
Nice report for w 4
over 2 / 1 – 3
Thanks E d – but not following you on the 2nd part there?
You got a sophisticated software to put abc and lines Todd, Always 50/50 in markets, random movement. Yes you could theorize everything after the move (left side of the chart) Please go and teach elementary school.
This concerns the laws of probability. No need to be rude.
I don’t mean to be rude – just trying to stir the pot and get people thinking in terms of probabilities (the late, great Mark Douglas)
Thanks Carl – I do love kids but trading pays better then teaching. The benefits aren’t as good though.
See guys, this is what i’m taking about. I understand you can’t please everyone and you have to break some eggs to make an omelet, but this whole video was about studying the left side of the chart to project where that hard right edge is going in the future. I gave you a very specific zone of where the rally in the Q’s could end. I plan to exit my longs into that zone and look at the short side. Not sure how this is living in the past?
Not sophisticated software at all – you can get it for about 100 bucks a month!
Thanks for the comments and I welcome the challenge, but you can do better than that. Talk to me, Goose.
I have a Ph. D. in quantum physics lol… And I’ve been trading with Todd since 2008. Here’s something to think about: in every year, when I was following Todds strategy exactly (including 2 last years), my balance for the year was positive.
“The harder i work the luckier i get”
Damn Dmitir – I knew you were smart, but didn’t know you were that smart! I love everything about this post.
since 2010
Ummm – that’s over 5 years. You rock.
i am your fan man
Appreciate that, brother.
Thanks, when are you going to teach an Elliot Wave class?.
Soon- i’m actually thinking of starting a major training course on the HD camera up against the green screen. Will be a major undertaking, but I think it’s time.
Thanks I feel more informed I would like to echo the others above and ask for more because of what I have been exposed to
Ok thanks. I think i follow?
Nice action Todd! I love the explanation on this!! Keep up the good work.
Thanks Todd.
Please write a book about your method.
Haha – ok. Will get back to you in about a year 🙂 It’s on my long-term to-do list.
A year Todd? Seriously? You motivated me a lots in trading. I already gave up trade using Elliott Wave but you make everything clear for me. Thank you.
Hahah – yeah writing a book is a MAJOR undertaking :-)I’m very happy to hear I’m helping you. All the best.
kinda like what you published actually. it just is not that easy to find even remotely good stuff to read (you know READ! and not just browsing through it like some uniterested and flesh eating zombie before moving on), so cheers man for not wasting my time!