Thread: Should I attempt Elliot Wave?

Jonesy on.

When you say , I am realising now there will undoubtedly be elements to EW that are stewing in mind when looking at a chart.

Many, many pages of publications and web pages and even my experiences have melded in my trading.

That is a damn good reason to agree with you.

Originally Posted by ;

God no, don't waste your time. Elliot waves are right after the fact. You can't even be sure you are in a good wave arrangement until the most significant wave (3) is finished. If you are lucky, you get a little retracement (wave 4) and an then a little higher high (wave 5) and it gets all confusing that the EW guys call A-B-C unless that doesn't work out. Proceed to the library and look for a book 5 minutes with that, by Bob Prechter and you realize that you are making things a lot more difficult than they must be. Prechter, condsidered by many to be the authority on EW, famously missed the tech bubble utilizing elliot waves.

I moved to conventions on EW, bought books, bought some very expensive EW scanning applications, watched videos and tried for more than a year to make it work for me so I feel mildly capable to offer an opinion on the subject.

Best wishes regardless of your decision.

Hello philmcgrew

I agree with you entirely.
Elliott Wave Theory has never been a sufficiently reliable model to generate consistent profits from called entry point or exit points.



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EWT may be used gambling, therefore it is best to learn it.

Thanks for the Answers. I've learned all I can about Elliot Wave on the Internet, along with's thread is among my favorites. My issue here is whether or not to begin investing money into studying it when this money can be used to buy trading in other books or the zone or things like this.

I am not responding here to fuel the debate about the EW theory but to share my experience...I haven't read or researched anything around EW except The Elliott Wave Principle..This is the only book I read...

I use EW in my trading, either futures FX...I bunch the EW with the fibos only that's all. . .Tell you what, excellent outcomes. . .There are pitfalls of course and there are wrong countings there's lack of precise exit factors, but EW Provides the best risk/reward trades I've ever seen in my entire life...

As said, it is not about EW, it is about learning something new, that's it...


Thanks,

Nader

I believe you have to learn the elliot princibles to have a technical analysis eduion. For carrying any commerce, I will inform you, I do not use elliot. It is at best a thought for me. I consider setting support and resistance behavior amounts for carrying any position as the primary concern.

I think you want to pick exactly what you would like to learn and STICK to it! Too a lot of us jumpin around and never mastering anything. . .you will go bankrupt fast.

Whether its EW then go for it turned into an expert you will have to be to earn $$ always or else.

Its crucial that you understand different things but more significant to center on a few.

Good luck

There's a strong prejudice against Elliott Wave theory among quite a few people. I believe that they resent the power it's confered upon some expert traders. Some folks have rejected it based on their failure to learn how to employ it, and have not understood it properly.

I think that Elliott Wave Theory is great, but not all the dizzying intricacies which satisfy the pages of novels. I have not read some books on the topic. Read the material of the Fundamentals of Elliott Wave Theory from the Beginner's Forum. The basics are what count, I believe. Look for apparent, exceptionally beneficial wave patterns (low risk, high reward, high confidence) and trade them.

Occasionally I believe that EW Theory is wonderful and amazing. Those are the times when the patterns are apparent. But they aren't. Other times I detect that I've read into patterns what I wish to view, rather than being conservative, carefull and goal. Additionally, sometimes I believe that applying the theory is hard! It requires a whole lot of patience, objectivity and discipline.

Pure Elliott Wave theory can constitute an effective trading system, I think, but you'd have to research and synthesize alot for a significant period of time. The visibility will improve if you can combine methods that are powerful then.

Here is a quote out of my thread:

that I suggest that you read and study the Whole thread The Fundamentals of Elliott Wave Theory from the Beginners Forum for each of the basics. Study, reveal, review, see the market patterns, question, research, egise, experiment, practise. Keep it easy. Trust the wave theory. Be logical. I believe is at the thread that is aforementioned or linked to that thread. The videos are useful too.

Another basic concept is trend lines. I think you may get some important thoughts which are extremely practical on trendlines with this thread by GalvestonForex: https://www.forexsoutheast.asia/gene...ing-forex.html

I also believe it is crucial to get a firm grasp on how statements influence the market. Every month, roughly 350 important economic reports and speeches from government officials have been released out of United Kingdom, Canada, United States, Australia, New Zealand, Euro Zone, Germany. If specific conditions are met, roughly 54 of those economic reports and speeches have the capability of transferring particular currency pairs from 30 pips to 120 pips at the first hour after that particular report or speech.

There Are Numerous threads on forum on trading the news, and I noticed one today that looked very informative in the classified section of the forum at the reader's couch:

http://showthread.php/?t=582 ( http://showthread.php/?t=582page=1 http://showthread.php/?t=582page=2 http://showthread.php/?t=582page=3 http://showthread.php/?t=582page=4 http://showthread.php/?t=582page=5 ) fx4x

Place the 3 understanding sets together and voila - you may become a master trader! I believe that it will take the ordinary person a few months at least to create knowledge, confidence and familiarity to identify and capitalise on a basis that is constant on trade opportunities. The complexity level is high to genuinely master this. , hard work, and humility are required.