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There is also a good discussion in Bill William's books "Trading Chaos" and
"New Trading Dimensions" with his 5/34 oscillator (hmmm sound familiar) that
added some useful insight for me, namely, for the 5/34 oscillator to return
to zero (Wave 4), the chart time frame being analyzed has to have between
100 to 140 bars. This was helpful and taught me to drop time frame is I was
looking for that wave 4 (this would really be a minor wave 4 of an impulse
move in this scenario). That by the wave is one of the biggest "foolers" I
have found and I really want to see an internal 5 wave structure with an
appropriate minor 4 in it before I take the trade. Otherwise you think you
are selling (buying) a wave 5 end, only to find out the move was only a
minor 4 of wave 5 and there is one more push left. If you took the earlier
trade, most will not come back and take the next sell (or buy) having been
burned once. So bottom line the discussion in Williams book taught me to
make sure a minor 4 is in place on the impulse move, which has been very
helpful in my trading going forward.
The New Trading dimensions also describes the "gator" or "alligator" which
is a tool I use frequently to initiate a trade once the setup looks right,
rather than wait for a regression or ma channel signal. It also is a good
tool that tells you when you may be on the wrong side of a trade. Great line
in the book I won't forget, "Don't feed the Gator"
don ewers
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