On Friday 6th July 2018 I had a debate with a friend of mine about power of Elliott Waves and it's predictionability. I want to dedicate this short daily Friday summary based on events happend during the trading day to him.
In my opinion every human being follows his own ideology and beliefs. From my point of view that's great because we are all individuals and we grasp and comprehend the world with our own senses and perceptions. From our trading perspective this individuality lead to a huge variety of market sights and interpretations.
Please study screenshots below.
There is little guessing and no speculation(*) at all what happend on Friday. EUR/USD mini future reacted on the liquidity at given levels because there were no more interest in trading lower or trading higher.
Order book displayed in real time what happened and the historical part of Bookmap™ keeps all those information for analysis.
The ES screenshots shows the way how ES was to trade on Friday. There was no doubt about the direction, no doubt about reentries and targets.
Based on our own trading philosophy and experience one might took a long and stood in all day long. Others are scalping and taking retracements based on their charts and indicators. Other traders might have used some targets to trade short.
My trading style is defined solely by the market and it's "indications". It is order book reading, following the order flow, detecting imbalances in the order book and taking appropriate actions.
Personally, I don't like speculations(*) and guessing. The debate with a friend about sense and nonsense of Elliott Waves end up with a beer and a more lively discussion about football world cup in Russia.
Would be happy to read your opinion in the comment section below.
(*) Speculation is the risk we all are taking. It is not avoidable because everything can happen.