Well. I got the book ages ago but never had a chance to read it. May be over Xmas period!
Cheers
Lol I can’t go beyond the preface!
But definitely one of the things to finish before next year 
Let’s keep this thread alive.
OK,
I am just adding my favorite EUR/USD daily plot. I have drawn the EW lines from 1-5 and A-B-C. Now starting from the end point of C we see an uptrend. Now I am no expert on these little zig-zag waves. However, notice the RSI at the bottom diagram and the way it is constrained. Additioanlly, there seems to be a morning star forming on the candlesticks. Now a simple question. what is expected of the trend in the next one or two days. Up or down. Taken into account the waves as well.
Cheers
EURUSD_daily_20091130.pdf (52.8 KB)
Using trend analysis I would go long, however personally I never use just that in making a trade. RSI is also above 50 and increasing, but again I use more than that.
This is a question for those who have already read Miner’s book.
How do you spot internal retracements? I mean what is the correct way to draw them?
:rolleyes:
Regards.
please go some pages before, sweetpip wrote a nice how- to on fib drawing.
Sure, thank you, I haven’t noticed that post, now I know it’s drawn as XA, I was confused if it was the other way, but no.
Thanks Lud,
Thanks Sweet Pip, great post.
are those books worth getting?
Miner’s book is totally worth it. Highly recommended. It gives you great direction for set ups and left nothing to guessing (or so I guess).
Psychology books are really helpful in order to improve your mind set about trading. Currently I’m reading trading in the zone, not included in that list, but really helpful for that matter.
The last two books are technical analysis related and they’re on my list because I want to get a certification and that literature is a must in order to get that certification.
So for the purpose of a trading plan, I’d filter that list to Miner’s book, and trading in the zone OR one of the other two trading psychology books
These are my recommendations so far.
alright i looked at all the books and found miners to be the best and your post confirms that lol ty ill have to start reading it
happy to help you wrtm. and yes, miners book is really wirth getting it, only the fib placement is alittle confusing cause he uses his own platform, but you can use metatrader with no problems.
i also recommend “trading for a living”
No problem! Great that you’re going to start reading it, so the more we read it, the more we can share ideas here.
Happy reading!
I’ve never heard of that book Lud, I’m going to give it a try sounds interesting.
Yeah the fibs part is a little bit confusing mostly because my charts looks like a total mess! :eek:
But changing colors for Int, Ext, and app, has helped a lot, although it takes valuable time to change color for each set of fibs.
I use Dealbook, but is it possible in metatreder to have different fib sets predetermined?
Cheers!
what has this thread turned into exactly? i stopped reading it after the first few pages or so and just checked up on it again now
Mich, in this case, do abc qualify as corrections? Doesn’t C need to be lower than A to qualify as such?
I think I read you don’t follow Miner’s rules as such, that’s why I ask, I’m interested in your approach.
Forget about the thread start buddy, Sweet Pip started to share some very interesting insights about Miner’s book, which in essence have a lot to do with the original topic.
What we are looking for here, is to put together some conditions before considering a trade, in order for maximise the potential for a profit.
Take a look at Sweet Pip’s and Mich’s posts so you can have a better idea of this.
[B]EDIT: Forget about my first question, I saw my mistake, I re read that part and corrections before 38.2% are more likely to fail, not the ones before 61.8%, sorry, my mistake, but still confused about question 2.[/B]
I have a question about market timing.
Regarding this, Miner includes for time retracements the following fib ratios:
38.2% - 50% - 61.8% - 100% - 161.8%
BUT
He also says that any time retracement before 61.8% is more likely to fail as correction.
So, is there a purpose for the 38.2% and 50% time retracements?
Talking about the alternate price projections, I understand the ones that lie within the 61.8% and the 100% time retracements, are the ones we consider for this matter, but I don’t quite understand how to use them once they’re identified.
I know too many questions, but if there is someone around here that has this figured out, I request for your help.
Thanks.
just got my copy of the book gimme 10 mins to read it lol jk but really i am gonna read it now
Hi wrtm,
[B]1)[/B] Miners says that simple ABC corrections often complete within the 38.2-61.8% time “retracement” of the trend, which is projected from the end of the trend. Any support or resistance prior to 38.2% time ratio would be considered temporary. Complex corrections typically complete by the 100% time ratio. The range between 38.2 & 61.8 time ratios can be rather large.
[B]2) [/B]So then we create the 2nd time “projection” (ATP) fib to narrow the gap. This is measured from the end of the trend to the first correction wave A, then moved and projected from B. Typically a correction (Wave C) will end at it’s 61.8 (minimal) or 100% (probable) or 161.8% (maximal) time ratios.
[B]3) [/B]Then there are a couple of ways to add a third time ratio - cycles. If the recent low-low (L-L) or High-High (H-H) cycles have been in a relatively narrow range, the next low/high is [B]likely to fall near the 100% L-L/H-H projection[/B]. Or you can also make projections for the minimum to maximum range of the recent L-L/H-H cycles if they have been in a relatively tight range. The most recent cycle is the focus.
Each set of time projections has a specific reason and purpose. Each is a logical proportion of prior sections. We begin with [B]1)[/B] the broad time retracement range and [B]2)[/B] narrow the time range with the position of the ATP and [B]3)[/B] cycle projections. [B]If a relatively narrow time range is made from the three sets of projections, it is a high probability time target to complete a corrective low/high.[/B]
Alternately there seems to be a 4th dimension…lol…Time Bands. Still haven’t gotten much further than that myself. The festive season is upon us and I’ve gotten myself into much to do from cookie exchanges, decorating, social engagements etc. I’ll have to get a pic to post of our boat all decked out with lights for our annual Christmas Santa Cruise.
Further to my last post, you asked bout the 50%. From the 3 sets of time projections, there a few possible combos like:
38.2% TR
61.8% ATP
100% cycle
or
50% TR
61.8% ATP
100% cycle
or
50% TR
100% ATP
100% cycle
or
61.8% TR
161.8% ATP
100% cycle
or any combo that includes the key ratios of each set that fall closest together.