aliy Posted March 9, 2010 Report Share Posted March 9, 2010 Hello Guys. im a newbie in forex trading and right now im intending to improve my trading strategy and study elliot wave. so please enlight me in how ellliot wave has improving your trading, and is it worth it to study elliot wave for forex market. well, thanx y'all any suggestions will be highly apreciated... rgs. aliy Quote Link to comment Share on other sites More sharing options...
Gyverd Posted March 9, 2010 Report Share Posted March 9, 2010 Re: Has Elliot Wave improving your trading better? Maybe Yes; maybe No ... ;) Quote Link to comment Share on other sites More sharing options...
vagalume Posted March 9, 2010 Report Share Posted March 9, 2010 Re: Has Elliot Wave improving your trading better? I tried it some time. The problem with Elliot waves is that you see them clearly only AFTER the fact. I find S/R levels more helpful. So to answer your question: No it didn't help me in trading Quote Link to comment Share on other sites More sharing options...
fork4k Posted March 9, 2010 Report Share Posted March 9, 2010 Re: Has Elliot Wave improving your trading better? Most definitely yes. Elliot wave is a key part of my trading strategy and it is working out very well. It's pretty simple actually ... all I do is use the strategy described in Robert Miner's book / workshop :p ... I'm investigating integrating a few variations like the market matrix and some other ones into my trading strategy ... but you don't really have to do that ... use the strategy as its described in his material (if you find the strategy interesting and you think it makes sense, otherwise, its a waste of time trying to apply something that doesn't mesh with your personality): http://indo-investasi.com/viewtopic.php?f=19&t=7420&start=0&hilit=dynamic+trading Quote Link to comment Share on other sites More sharing options...
William1713006271 Posted March 9, 2010 Report Share Posted March 9, 2010 Re: Has Elliot Wave improving your trading better? Elliot Wave is very famous and very controversial. I've read it somewhere (possibly on investopedia) that if you show 1 page printed chart to 10 elliot wave practitioner, you would find 8 different elliot wave drawing patterns from that same 1 page. That doesn't mean that EW is bad. It just means that EW has large deviation in interpretation and people who want to really study this, needs to study it right. I've tried to learn it once upon a time, but it is too confusing for me. I mean, I just lost in deciding which one is no.1, 3, or 4. So I give up and start learning something else. What fork4k said about "matching your personality" is absolutely correct. And if I may add, when you select a trading system, don't select 1 that is confusing or complicated. It's hard enough to make money using easy to understand system, so don't make it harder. Regards, Quote Link to comment Share on other sites More sharing options...
litxus82 Posted March 9, 2010 Report Share Posted March 9, 2010 Re: Has Elliot Wave improving your trading better? I did not find it very useful as you can interpret waves in 100 different ways. It kept me spending too much time analyzing which wave are we in 1,3 5 or maybe ABC only to find later many more than 5 waves. Market moves in waves and EW can be used to a point, but I did not find it practical. Quote Link to comment Share on other sites More sharing options...
aliy Posted March 10, 2010 Author Report Share Posted March 10, 2010 Re: Has Elliot Wave improving your trading better? Most definitely yes. Elliot wave is a key part of my trading strategy and it is working out very well. It's pretty simple actually ... all I do is use the strategy described in Robert Miner's book / workshop :p ... I'm investigating integrating a few variations like the market matrix and some other ones into my trading strategy ... but you don't really have to do that ... use the strategy as its described in his material (if you find the strategy interesting and you think it makes sense, otherwise, its a waste of time trying to apply something that doesn't mesh with your personality): http://indo-investasi.com/viewtopic.php?f=19&t=7420&start=0&hilit=dynamic+trading thanx for ur comment fork. i do think that im very interested in learning elliot, not to forget that its the only system that predict the crash at dow in 1929. so which material do you think is the best to start learning elliot? Prechter books or else? is it possible for u to share the robert miner material about elliot to us all? thanx rgrds. aliy Quote Link to comment Share on other sites More sharing options...
aliy Posted March 10, 2010 Author Report Share Posted March 10, 2010 Re: Has Elliot Wave improving your trading better? thanx y'all for your comments. so what is the weakness of elliot beside its complicated reading and multiple assumptions? Quote Link to comment Share on other sites More sharing options...
asyik Posted March 10, 2010 Report Share Posted March 10, 2010 Re: Has Elliot Wave improving your trading better? for me. it really help me ... just concerntrate counting on D1 TF.. it works 4 me... here are the link .. http://www.indo-investasi.com/viewtopic.php?f=19&t=7402 regards ;) Quote Link to comment Share on other sites More sharing options...
aliy Posted March 12, 2010 Author Report Share Posted March 12, 2010 Re: Has Elliot Wave improving your trading better? for me. it really help me ... just concerntrate counting on D1 TF.. it works 4 me... here are the link .. http://www.indo-investasi.com/viewtopic.php?f=19&t=7402 regards ;) thanx a lot bro. do u by chance have it in a dvd or cd? cause i have a real problem download it bro. thanx alot Quote Link to comment Share on other sites More sharing options...
Fajarini Posted April 23, 2010 Report Share Posted April 23, 2010 (edited) As a novice trader, I guarantee you will certainly get frustrated when applying wave analysis in trading forex. The main reason is that analyzing wave pattern in live trading needs sufficient knowledge of waves because while in forming, it will reshape over and over again. So you need to have appropriate knowledge about alternative wave pattern. Our perception can be easily led to the changing situation between wave degree, such as Intermediate to Minor or straight to Minute degree in live trading. Depend purely on Elliott Wave Analysis will put you into devastation, even though you practise strict money management. But any way I like Elliot wave analysis because it fits into my personality. I don't need to baby-sit the computer and monitoring the trade. I just put in the limit order along with SL and target price and leave it. So there is why my analyzing time frame begin from monthly chart going to weekly chart and then to daily chart, then to H4 and finally H1. Sometimes I ignore H1. Rate of accuracy of predicting the market from Elliot Wave can be enhanced if you teamed it up along with your favourite indicator. Don't use too much indicator (max 2) as it will clog you in the middle of confusion before you get lost. Knowledge of candlestick formation is also useful to raise your predicting accuracy rate. Edited April 23, 2010 by Fajarini Quote Link to comment Share on other sites More sharing options...
aliy Posted May 14, 2010 Author Report Share Posted May 14, 2010 very nice point of view fajarini, so u mean that EW works better at longer tf than at small tf, especially if we dont have sufficient knowledge about EW reading. and what indicator u usually pair with your reading? please share to us, cause u seems to have the knowledge :D best rgrds. Quote Link to comment Share on other sites More sharing options...
chankl78 Posted May 14, 2010 Report Share Posted May 14, 2010 very nice point of view fajarini, so u mean that EW works better at longer tf than at small tf, especially if we dont have sufficient knowledge about EW reading. and what indicator u usually pair with your reading? please share to us, cause u seems to have the knowledge :D best rgrds. Did you download this videos on Elliott Wave? I find it quite easy for me to understand EW. Learn from there. http://indo-investasi.com/showthread.php/6203-Trading-Post-Elliott-Wave-Training-Video Also, for me, I am using Advanced GET in counting wave. but, i do use a EW Oscillator to help me in recognise the wave count especially wave 3 & 5. So far. I am starting improving on it & my trades is starting to get more positive. You can find it in this forum too.. http://indo-investasi.com/showthread.php/3410-Advanced-Get-9.1-Dashboard Smile Chankl78 Quote Link to comment Share on other sites More sharing options...
pagenmach Posted May 24, 2010 Report Share Posted May 24, 2010 Elliot Wave is very famous and very controversial. I've read it somewhere (possibly on investopedia) that if you show 1 page printed chart to 10 elliot wave practitioner, you would find 8 different elliot wave drawing patterns from that same 1 page. That doesn't mean that EW is bad. It just means that EW has large deviation in interpretation and people who want to really study this, needs to study it right. I've tried to learn it once upon a time, but it is too confusing for me. I mean, I just lost in deciding which one is no.1, 3, or 4. So I give up and start learning something else. What fork4k said about "matching your personality" is absolutely correct. And if I may add, when you select a trading system, don't select 1 that is confusing or complicated. It's hard enough to make money using easy to understand system, so don't make it harder. Regards, The counting is simple. But when humans do it, they tend not to be 100% objective. Hence, the different results. If we use software to count, thus eliminating the human "subjectiveness" factor, the results would be objective and clear for all to see, interpret and use. Currently, I'm using Advanced Get 9.1 to help me do the counting instead of doing it myself. Give it a try today! Quote Link to comment Share on other sites More sharing options...
metalriff Posted June 6, 2010 Report Share Posted June 6, 2010 (edited) EW is awesome. so is flipping a coin. Or trading by constellations. Better yet try a mood ring. Edited June 6, 2010 by metalriff Quote Link to comment Share on other sites More sharing options...
rocko Posted June 24, 2010 Report Share Posted June 24, 2010 i have been trading with the elliot wave method and the results are really astounding. the only thing you need to know in forex is if its going up or down, and when it´ll meet a probable resist and support zone, and thats what elliot is for it doesn't even matter if its a 5 wave or a correction the important thing is to move with the market. heck i´ve hardly had a loss since implementing it on my trades along with fractal theory. the only thing you have to do is don't trade against the higher time frame, its like swimming against a river. Quote Link to comment Share on other sites More sharing options...
litxus82 Posted June 26, 2010 Report Share Posted June 26, 2010 rocko, Can you post some screenshots of your ideas, as to me all Elliot wave added more confusion? Quote Link to comment Share on other sites More sharing options...
lirimo Posted July 2, 2010 Report Share Posted July 2, 2010 .... the only thing you have to do is don't trade against the higher time frame, its like swimming against a river. Rocko, you are right, this is very very important. NEVER TRADE AGAINST THE TREND! Quote Link to comment Share on other sites More sharing options...
PhiSquared2618 Posted August 20, 2010 Report Share Posted August 20, 2010 Eliott wave can easily tends to make you focus on reversals, and the money is not made there unless you have extremely fast exits from bad trades. It is like putting on a telescope to see into the future, when all you want is to use your eyes look at yesterday, least week, and now. When I traded elliott I found it difficult to stay in trades long enough, because there was always a reversal or ratio line coming up, to encourage taking profits and reducing or even exiting the trade. But until you figure out elliott wave, you don't really have a good enough understanding of support and resistance. Quote Link to comment Share on other sites More sharing options...
litxus82 Posted August 21, 2010 Report Share Posted August 21, 2010 So far I did not find EW useful, but fibo retracements from a wave or a move are. Like anything to each it's own style in trading and tools. Quote Link to comment Share on other sites More sharing options...
Manideep Rana Posted October 29, 2011 Report Share Posted October 29, 2011 There will always be people who think elliott wave is mumbo jumbo. But to us who use it on a day-to-day basis we know what a powerful tool we have. What many people think is "It's too subjective" The interesting this is that ellioff waves may be different from person to person but there is always a pattern which coincides with both. For example you may have a wave count saying ok now its making the 5th wave of the series and then expect a down move. The highest probability is not entering thinking that the 5th wave has completed but entering after it has taken out the 4th of the 5th wave. LOL I know it sounds a little complex but all one needs is the ewi 10 dvd course which is everything. Then there is robert miners dynamic trading workshop and what he has done is take all of elliott wave and simplified it even more. The most important fact which people fail to grasp about elliott wave is that they are fractals. A wave within a wave within a wave and so on. So you start off on the higher time frames and come down looking for trade opportunities. Just because on the daily it looks like some massive correction is taking place it doesn't mean you cant zoom in to lower time frames and find wave trading opportunities. Say on the 4hr you see a wave 3 getting ready to take off. you don't know if the wave 2 retracement is over yet. So you go to the 1hr and see if wave 2 has a clear abc or abcxabc (you learn all this in ewi videos) pattern. Now on the 1hr you have clearly seen that wave 2 looks to be over because its starting to make a move up and the c leg is approx 1.618 of a and maybe has also reached 38.2 retracement. Now you can go to 15m timeframe and count wave 1-2 of leg 3 on the 1hr and get in. Always remember elliott waves are fractals. Quote Link to comment Share on other sites More sharing options...
anu60 Posted October 29, 2011 Report Share Posted October 29, 2011 Yes Friends, I have also found elliot wave analysis very useful in my trading and perhaps this is the only system which has given me some very good trades. Though I do not trade currencies, I trade only index futures and make my wave counts first on a monthly chart, then on a weekly chart and finally on the daily chart. The study of three charts clearly provide me the direction of trade accurately. I also use fibonacci levels and chart patterns(e.g. resistances and supports) to determine my profit targets and stop levels and this way I manage my trades. I have found Robert Miner's(Author of dt6) Manuals very useful. I would also recommend mtpredictor course(not mtpredictor manual) to the aspirants who want to learn and use elliot wave analysis in their trading. Thanks Quote Link to comment Share on other sites More sharing options...
Streebeck Posted December 26, 2012 Report Share Posted December 26, 2012 try Myles Wilson Walker 's book, it gives you EW-based trading set-ups, Quote Link to comment Share on other sites More sharing options...
pharoah01 Posted September 12, 2018 Report Share Posted September 12, 2018 yep, but i don't rely on it too much since markets usually give you a sucker once you're caught napping. EW is suppose to be used in conjunction with other tools. S/R should be your foundation and EW could give you probable bull or bear setups. Just my 2 cents. Cheers. Quote Link to comment Share on other sites More sharing options...
stevie1234 Posted September 26, 2018 Report Share Posted September 26, 2018 Maybe Yes; maybe No ... ;) I rather did not reply. Quote Link to comment Share on other sites More sharing options...
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