|
PureBytes Links
Trading Reference Links
|
For those who dont understand the ABCs of Elliot waves I asked my mentor
to put it as simple as ABC "
Reference your message today, I believe that the market will cross
9367 very soon. As you know, there are different types of traders.
Short term and long term are relative concepts. I would say, e.g.
1. Very short term trader
This is sort of intra-day trading with no carried forward
positions to the next day. The Wave Principle is not of much
assistance to the very short term trader.
2. Short term trader
A trader who holds a position for a few days, say 3 or 4 days.
3. Medium term trader
One who holds a position for say 6 to 8 weeks
4. Long term trader
Holding position upto say 6 months
Anybody holding a position much longer is either an investor or a
hedge fund.
At this time, I believe that a medium term trader should slowly
accumulate with the intention of holding for about 6 weeks. My
stop-loss would be to dump everything if the market falls below 7878
(I know that's a long loss to hold) though I do not believe that the
market will go below 8084. Hence, accumulation should be slow and
a little cautious. Ideally, there will be a small panic in the
market before an extended wave starts. That panic would be the time
to enter. You must have nerves of steel with the stop-loss target
being respected rigidly. Once in profit, unless you are a nimble
day-trader who can keep getting out and getting back in, you should
ride it till the market crosses 9367. Of course, I may be in a
position to re-define targets as the market action unfolds.
|