Quote:
Originally Posted by Tallstock
Hi Bobby,
In Nov 2004 the market had rallied steadily from the March 2003 Low of some 2835 by 36%. Momentum was clearly in place. Why anybody would short that type of market and with 4500 contracts is beyond me. An exit at lower than 3920 would have been possible if a smaller (less greedy) number of contracts were held. Trading long with the underlying trend would have produced substantial profits -- by March 2005 the market had risen to around 4220 (another 357 points or +9%).
Elliott Wave theory is just one of 1000's of "experiments" used by investors. Some fail with it some don't. It is not the only system available.
Finding a methodology that is "profitable in all market conditions" is the "illusion". I wish you luck in your "daunting challenge".
Peter
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Yes Peter the old greed & fear are guiding irrational probability , been guilty of this many times , one night I traded multiple future contracts naked ( no stops in place ) overnight with a belly full of beer , the result was complete destruction of a healthy account
The search for a formula for when to roll over a long into a short or vice versa is the grail I seek
Cheers Bobby.