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Has Elliot Wave improving your trading better?

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  • Has Elliot Wave improving your trading better?

    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

  • #2
    Re: Has Elliot Wave improving your trading better?

    Maybe Yes; maybe No ...

    Comment


    • #3
      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

      Comment


      • #4
        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):
        Code:
        http://indo-investasi.com/viewtopic.php?f=19&t=7420&start=0&hilit=dynamic+trading

        Comment


        • #5
          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,

          Comment


          • #6
            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.

            Comment


            • #7
              Re: Has Elliot Wave improving your trading better?

              Originally posted by fork4k
              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):
              Code:
              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

              Comment


              • #8
                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?

                Comment


                • #9
                  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

                  Comment


                  • #10
                    Re: Has Elliot Wave improving your trading better?

                    Originally posted by asyik
                    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

                    Comment


                    • #11
                      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.
                      Last edited by Fajarini; 23-04-10, 13:47.

                      Comment


                      • #12
                        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

                        best rgrds.

                        Comment


                        • #13
                          Originally posted by aliy View Post
                          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

                          best rgrds.
                          Did you download this videos on Elliott Wave? I find it quite easy for me to understand EW. Learn from there.

                          Code:
                          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..
                          Code:
                          http://indo-investasi.com/showthread.php/3410-Advanced-Get-9.1-Dashboard
                          Smile
                          Chankl78

                          Comment


                          • #14
                            Originally posted by William View Post
                            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!

                            Comment


                            • #15
                              EW is awesome. so is flipping a coin. Or trading by constellations. Better yet try a mood ring.
                              Last edited by metalriff; 06-06-10, 16:24.

                              Comment

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