Originally Posted by
kicksfiend
Originally Posted by BgL2687
how does programming help(serious question)? for number crunching? I would like to know how it could help my trading..because I have plenty of programming background.
It doesn't help you for trading exactly. Say you worked at a hedge fund that wanted you to take a specific pricing model and create an application that would check to see whether or not the market price is in line with that mathematical model, you would have to program something to do so. C++ is the most common language but I've heard of Java and others being used. If you're eager to apply some programming to aid your trading, certain charting software allow you to create technical analysis indicators or even complete strategies. I don't believe in having a black box (automated program) do my trading for me but I've been working on a "gray box". Basically something that would give me buy and sell triggers but leaves the ultimate decision of whether or not to trade in my hands.
Originally Posted by andycrazn
hey im a noob on the elliot wave but if you check out the dow 1 year chart is that the elliot wave?
Yeah it does. However, if it was an Elliot Wave based on that alone, we'd be in the Wave 4. Meaning once this downside ends, we're headed for a higher top and then a correction. However, Elliot Waves are based on fractals meaning there are different timelines (grand, super, cycle, primary, intermediate, minor, minute, minuette, subminuette), similar to daily, hourly, minute charts. I've known serious "Ellioticians" to go back to the beginning of an index or stock to figure out their counts. Meaning although the chart looks like it's an elliot wave, unless the bottom of the market begins a new wave to most Ellioticians, the count might not be what you think it is and may just appear to look like a wave. Most people who use Elliot Waves believe we're in a bear market right now anyway, meaning that the waves are upside down, leaving one to assume the rally from March on is simply an A-B-C correction.
I don't believe in Elliot Waves per se (the whole idea of a guaranteed 5 count with a 3 count correction seems to precise IMO). I do believe, however, that there are "waves" in how buying and selling occurs in a stock. Meaning that whenever a stock moves over a period in time, there will be "marks" left by participants showing their actions. Institutions and other participants who always trade a certain company will buy and sell in similar patterns over time, leaving their "mark". When events occur in the market, their reaction can be expected to create a similar "mark" which allows you to trade off of it. It isn't quantifiable but something you can just notice. It probably sounds stupid and I'm not very good at explaining it. It's just a theory I have and I've seen work from others that, to me, reinforce it (e.g. Soros' Theory of Reflexivity).
Since you guys love penny stocks, here's one that should be real volatile in the near future: NBG. It's the National Bank of Greece. Considering all the hoopla over Greece (and it's possibly bankruptcy) nowadays, it should definitely be in play. After what Germany said today, if you don't have a margin account, you're going to miss out.
