Quote from: Fatman3001 on May 08, 2015, 08:44:32 PM

Quote from: bassclef on May 08, 2015, 08:22:33 PM

Quote from: Fatman3001 on May 08, 2015, 08:00:51 PM

.... am I the only one whose mind is boggled by their ability to ignore what they said two days ago and still claim that what they are doing makes sense? It's like a populist party. Of course they were right all along. They have called every possible movement there is.

Waves on a chart tend to play themselves out in patterns (impulse, corrective) and adhere to fibonacci levels as EW dictates, but they are driven more by volume, trader psychology and supply/demand than by a predetermined set of rules. EW tries to quantify this behavior but I find it best to keep an eye on their possibilities while analyzing volume and trends and where they're likely to begin and end.

It's just one of many tools to use. Plenty of methods will help reduce risk and point one in a direction of high probability trades. At the end of the day though, good trading comes down to money management than anything else.

But yeah, on a basic level it's mind-boggling to sift through the plethora of EW charts. One of them has to be close, therefore EW works. This reasoning can suck in newbs IMO and give them a false sense of security.

I guess. It's just that every time I see this flock of seagulls turn on a dime I start thinking of Thomas Kuhns "paradigm shifts" and the structure of science. These guys seems to be stuck in a paradigm that's in a heap of trouble. However it's not exactly natural science, so Kuhn doesn't apply.

You are not wrong.