Disliked{quote} i'm not much of an "ellottician" far from it but i count...complicated patterns ( i try not to figure them out it makes my head spin) my guess is that they are mostly wv4 bcs they usually occur after a big move ...i trade those with buy/sell into high low ends.....problem here in US is we have this FIFO rule which can mess trading strategies up a bid bcs it brings averages up or down...solution is to have more than one account in order to trade long term and short term...Moreover if I see that a market is heavenly OS or OB on a weekly/daily/4h...Ignored
I find the "trigger happy" also gets me: mostly when I think a 5th wave is complete and unload artillery in the opposite direction. For some reason there is always another wave 4 and then the real wave 5 which I sit through having much conversation with God and flipping through the pages of Elliott Wave Principle.
Like most people (i guess) the first thing I learnt in trading was support/resistance and with time I started ignoring these in favour of wave counting. Thing is, of course, that they go hand-in-hand. I've now come full circle in that I use S/R and Pivots for targeting and MACD/RSI/Stochastic for trend following. Elliott Wave is always useful as a general map, but I find that in these manipulated markets it loses value (although staying true to its principles) because trend/correction can just recycle for much longer than one can reasonably make sense of. For example, how many times have I (and most people) counted out five waves to a top in the DJI and S&P only to find it retraces 23% and starts again. Lots of failed entries for me there (based on EW), but one glance at weekly or daily chart RSI shows the reverse divergence that indicates trend continuation.
Thanks for your thoughts and insights. Good Luck today.
cryptocurrency everytime