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Has Elliot Wave improving your trading better?

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  • #16
    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.

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    • #17
      rocko,

      Can you post some screenshots of your ideas, as to me all Elliot wave added more confusion?

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      • #18
        Originally posted by rocko View Post
        ....
        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!

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        • #19
          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.

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          • #20
            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.

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            • #21
              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.

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              • #22
                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

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                • #23
                  try Myles Wilson Walker 's book, it gives you EW-based trading set-ups,

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                  • #24
                    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.

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                    • #25
                      Originally posted by Gyverd View Post
                      Maybe Yes; maybe No ...
                      I rather did not reply.

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                      • #26
                        Eliot wave is definitely a great indicator, but you got to combine it with other tools. Relying on Eliot wave alone can be detrimental sometimes.

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                        • #27
                          I am never any perfect with wave a,b,c but the rest !!

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                          • #28
                            As seen many post posts on internet and in Forex fourms community its does not seems to be profitable

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                            • #29
                              Elliott Wave Theory is very hard to manage properly.
                              It is not placing random 1-2-3-4-5-A-B-C on a chart.
                              It is not breaking rules.
                              It is applying rules & Guidelines.
                              It is recognizing patterns with practice.

                              I found a super-teacher, with his daily posts for free, here
                              Code:
                              http://studyofcycles.blogspot.com/
                              There is a lot to learn if you really wish, and you have to do it from the very beginning.
                              Last edited by Minion; 31-12-18, 12:04.

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                              • #30
                                Y i like them
                                1 i know where to exit where to take profit.(That is one thing i like most)
                                2 Most system fail because they tell you to enter in market but there is no exit strategy.
                                3 If your Elliott wave are 50 % or less correct you should control risk increase your reward and reduce risk so that after failing 5 trade you are able to attain the balance back on 6th trade.
                                4 I like to enter when 2nd wave is complete and 3rd wave is about to start some time i get it perfectly some time i loss but again its about money management controlling your risk its not a black box its just make you clear where you can exit and enter.

                                Regards

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