I'm not sure where your coming from with this attack, I have stops in place, I'm not a short term trader, and I've been doing this for 8 years successfully.
thing is, with elliott , the rules are not aspecific, they are specific.....
you havent quoted any ratios, although in fairness, at this point in the game that is not possible as the pattern youre looking for simply hasnt progressed enough to allow thrust measurements or even a zone for the pattern itself to terminate.....you could be looking at ratio extensions of the previous weekly moves and plot them for the people viewing your work.....and that's the jist of my response, there are eyes on your work, young eyes.....and perpetuating weak round-aboutish ideas on trade may be fine for you but unless youre here to contribute in a practical way, then, what for?
of the wide list of patterns that Elliott put into text, youre looking for a specific set-up without even getting the bulk of the pattern into existence
you can replace the money, you cannot replace the time
an ending diagonal wedge can thrust a very long way.....let's say youre using, a standard reference, 2% of capital for your position, let's say the third person reading this is also using that % of their capital and the sell-to-open position is active....let's say the DJIND moves another 400-800 points north, moving in 3 and confirming your "analysis"......that's a lot of capital tied up to protect a position that, right now, you have no clear idea of a termination......puting aside that an ending diagonal wedge can play out over several months
short term trading is relative expression.....relative to the discipline and capital involved, relative to the future playing out on a forward view that has yet to even get close to confirmation
all 'counts' require an alternate count......without one the trader is simply protecting an emotional logic hiding behind technical gobbeldygook.....a one-sided view.....lacking specificity in protection of capital but (ab)using that specificity in the idea it'll make money....
arbitrary lines on the charts are also not within the confines of Elliott work and frankly less than even an orthodox placement.....this is your chart:
the last major peak was a fracca under 14200 ...most Elliotticians agree that we're in a very large clyclical bounce as diplayed by the overlapping nature of the uptrend and how well the overall pattern fits a counter trend rally.....well, that's great....fine...so, exactly, how far can a the pattern move beyond that 2007 high and it mean something significant? bare with me here (third reader) because under the auspice of Elliott a pattern can move considerably beyond the altime high in any instrument and not, that's not, fail the counter-trend rally scenario as in a "flat" pattern...... there are no rules in any regime (that i'm ware of) that say a new altime high extenguishes the bounce technicals or it's validity as a bounce....under Elliott a B wave can move well beyond the previous altime high, a false break-out, a head fake, central-bank-credit-debt-driven-whatever-the-reason and then that expanding pattern can collapse, hurting the ardent bulls and the ardent bears
Tony LaPorta, a long standing pit trader of the SPX and treasuries recently commented via mrtopstep of the CME group
"price can go wherever it wants to go because it can"
you see, the point is, you must have a plan that allows the ideas your using to work in full circle, where to get in, where to get out and a valid set of rules for everything in between.....you can, eventually, replace the money, you cannot replace the time
