New - Please give advice

[Huck]

I am going to try to attach a chart for Merck that I feel is a good Type 2 Buy candidate. I would love any additional insight from others. Thank you in advance.

[MR]

Yes, as you have defined this trade setup, it is a good candidate for a Type 2 Buy. More comments will be added with the next post of Chart #2....

[MR]

When you compress the MRK daily (see Chart #1) and look at just a little more of the recent price history it reinforces your Type 2 Buy logic. When we take MOB's from the recent primary pivots we find a clear primary MOB support. MRK trades down to the previous low support and holds. We test another Fib relationship that you did not test, and it also shows a 1.00 (40.53) support idea. These are three good reasons we might be willing to anticipate MRK trying to work higher in the next month or two.

The only real observable negatives are still a red XTL, the fact there is a bigger Regression Trend Channel (from the beginning of this sequence to the current bottom).

One idea I would like you to consider is to look at the alternate "Long" Elliott wave count. Under this scenario we could define this "Possible Type 2 Buy" as more like an internal 3-4-5 wave structure within a bigger Wave 3 down. USe this idea as a way to better define your 'real' risk-vs-reward involved with this trade setup. Considering this idea, I would adjust my trading strategy to a little more aggressive level of money management for the time being, and might be willing to lock in profits quicker if it cannot rise above 38% this month.

[MR]

Notice when we look at the hourly, 30, 15 minute time frames we don't see two key things. We do not see oscillator divergences, we do not see 2-3-5 wave counts. This is one thing we can recognize when trying to "time" an entry. I think you pointed out a perfectly legitimate daily chart Type 2 Buy setting up. But with those key missing ingredients on short-term charts, I have to define this as an aggressive daily Type 2 Buy setup.

Looking at this as a brand new trade idea, I might try a deviation from the ideal Type 2 Buy setup. Because it has gapped higher the last few days, the risk/reward is not as good as it could be at this time for a brand new trade.

One way I might try to deviate a little from the rules is to setup an aggressive Ellipse buy. (see hourly chart) If the 60, 30 and 15 minute wave counts were not the way they are labeled, I would not have to attempt this simple strategy.

Without the divergence and 3-4-5 wave count on the very short-term charts, you have to respect this when attempting your daily Type 2.

If MRK hourly pulls back now, I think under this aggressive Ellipse setup I can find a way to manage an earlier entry into what I think is a legitimate daily Type 2 setting up, instead of waiting for a RTC breakout. (It is a little money management trick... would also try a smaller than normal initial postion to further reduce risk exposure.)

I hope these comments are helpful. Anyone else have any ideas they can add here?

[Huck]

Re: Reply to post 'New - Please give advice'

Marc,

First of all, thank you very much for all your information and time invested
in my question. You have overwhelmed me with lots of new things to think
about and study and test. I am going to reply to each of the three e-mails
I received. I have read them several times and am trying to understand
them. I am new to Advanced Get (EOD), I don't have the other esignal
advanced charting yet. I am desperate to study and learn all the ways to
apply studies and do proper chart analysis with these incredible tools I
have and will get in the future. I am willing to read any instructions, and
would love to attend some advanced training seminars soon also. I have
studied all the tutorials on the Advanced Get EOD and am now reading through
the posts on the bulletin board for Advanced Get. Please direct me toward
the best places to jump start my knowledge - whether it is studying file
sharing and bulletin board posts, any good books that pertain to these
subjects, study groups in the Los Angeles area . . . Do I really need the
Advanced esignal charting now, or should I learn on the Advanced Get first?
I will post questions/comments on your other 2 e-mails that more precisely
pertain to your comments and charts there.

Also thank you for your really prompt responses to me question. I sincerely
appreciate this, and find it extremely difficult to obtain this type of
assistance in today's world. It is very supportive and positive. Thank you
again.

Kim Huckaby

----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Wednesday, December 03, 2003 12:51 PM
Subject: Reply to post 'New - Please give advice'


> Hello Huck,
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>

[Huck]

Re: Reply to post 'New - Please give advice'

Marc,
Some more questions from your post. I don't expect you to clear up all my
questions, but I realize I have a tremendous amount of learning to
accomplish, and I don't really know where to start. I will ask the
questions, and if you could point me in the direction so that I could find
the answers and learn for the future, that would be great.

1) What do you mean "Bigger Regression Trend Channel (from the beginning of
this sequence to the current bottom)"?
2) How do I look at the alternate "Long" Elliot wave count?
3) Is there a basic Advanced Get or esignal class that I should take to get
me started, or is that information covered in the on-line tutorials?

This e-mail only generates a few questions, but your 3rd one really
challenges me.

Thanks again for your insight and wisdom.

Kim Huckaby

----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Wednesday, December 03, 2003 1:22 PM
Subject: Reply to post 'New - Please give advice'


> Hello Huck,
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>

[Huck]

Re: Reply to post 'New - Please give advice'

Marc,
Here I am again. This post lets me know I only have a slight grasp on
charting. But I am desperate to learn and understand. Thanks for the help.

1) How do I look at the 30 and 15 minute time frames with Advanced Get? . .
.I don't think I can. Do you access this from the esignal charting? This
makes me question my need for that program.
2) You use 2-3-5 wave counts (those are the smaller numbers on the chart,
right, within the larger Wave number) to time your entry? Can you give me
info on where to learn about timing your entry using this?
3) "Aggressive Type 2" determined because those ingredients are missing? On
the shorter time charts? So, if I don't have access to those charts, I will
not know if they are missing. Do they normally appear on the shorter time
charts, but on Merck they are missing, which would alert you to the fact
that this buy is premature?
4) How do I set up for an Aggressive Ellipse buy?

I am so sorry for bombarding you with so many questions and confusion. If
you could just lead me toward a place where I could find answers and
guidance, that would be GREAT!
I hope your day is very enjoyable, and I thank you for all your time and
insight.

Kim Huckaby

----- Original Message -----
From: <[email protected]>
To: <[email protected]>
Sent: Wednesday, December 03, 2003 1:40 PM
Subject: Reply to post 'New - Please give advice'


> Hello Huck,
>
> ~~~~~~~~~~~~~~~~~~~~~~~~~~~~
>

[JackR]

Huck:

A suggestion - You appear to have purchased Advanced GET- EOD. When I bought my copy I got a manual which is fairly well organized but a tad obsolescent and a set of three tapes which make my efforts at home videos look good. However, there is a great deal of information in the videos but you'll have to sit close to the screen and be prepared to pause and rewind. Technical analysis has its own language and GET has a dialect all its own.

Read the back part (Technical Analysis) of the manual. Then view the tapes. Then read the manual again and look at the front of the manual where they explain how to manipulate the program. Then hunt around this site for explanations of things that really need clarification. There are a number of excellent tutorials available in the eSignal University (although dialup is not the way to go). There are also some .pdf files that appear to have been prepared for seminars or class and have some step-by-step slides/pages of specific techniques.

Then do what you are doing - ask questions on this board. I think you'll find it much more effective and the people that respond to you will be able to more effectively explain things because you will be speaking the language.

I spent well over a month (evenings and weekends) getting up to speed before I even considered making a trade based on GET. I even broke even on the trade - a Type 1 Buy (there's that GET dialect).

Good luck and be patient.

[Huck]

Jack,

Thanks for your comments and support. I have read the manual once and tried to watch the videos. I agree with your "home movie" comment! I found the tutorials on-line much more helpful. It's nice to be able to share questions and ideas with others that do speak the same language. I'll keep studying.

Enjoy your day,

Huck

[MR]

Hi Kim and Jack,

First of all, thanks Jack for your wise advise. Kim, Jack offers very good directions.

Skim the Advanced GET Forum for previous posts. There are some very good examples and ideas to help you get a quicker acclimation.

Go to the "File Share" and look up the "Advanced GET User Group." In it is some very good information with just a little more detail to it. I really think you will learn a lot from that.

If it is ok, I promise to return and as soon as possible and try to help answer more of your questions.