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Elliott Wave Trading

  • #9,081
  • May 26, 2020 2:03am May 26, 2020 2:03am
Quoting alexkimke
{quote} Which phone application is this please
But you can use Think Trader it's basically the same developer.
Lord Forex
  • #9,082
  • Jul 3, 2020 4:55pm Jul 3, 2020 4:55pm
There is a lot of great charts with EWA posted on this forum, but what about trading plans for those charts? For example Robert Balan in his book "Elliott Wave Principle Applied to the Foreign Exchange Markets" describes step-by-step trading plan for trading capital divided into 10 equal units.
Any ideas on trading plans for EWA charts?
Only wealth which you will keep forever is the wealth you have given away.
  • #9,083
  • Jul 4, 2020 2:28am Jul 4, 2020 2:28am
Quoting ByeMyDeposit
There is a lot of great charts with EWA posted on this forum, but what about trading plans for those charts? For example Robert Balan in his book "Elliott Wave Principle Applied to the Foreign Exchange Markets" describes step-by-step trading plan for trading capital divided into 10 equal units. Any ideas on trading plans for EWA charts?
If you divide your Equity into 10 parts you must remember you should not go loss for 10 times. which will wipe out. and your trading methodology should give 6 profit results if you loose 10% on each trades.. Everything is math... but it's all we have studied with in 5th grade.

Best regards
EnrichWave
  • #9,084
  • Jul 14, 2020 5:01am Jul 14, 2020 5:01am
Well, Elliott's theory quite similar to the Dow Theory in terms of stock moves. To understand more about the same you can go through.
  • #9,085
  • Aug 19, 2020 3:34am Aug 19, 2020 3:34am
Quoting ByeMyDeposit
There is a lot of great charts with EWA posted on this forum, but what about trading plans for those charts? For example Robert Balan in his book "Elliott Wave Principle Applied to the Foreign Exchange Markets" describes step-by-step trading plan for trading capital divided into 10 equal units. Any ideas on trading plans for EWA charts?
EXCELLENT question.
You can pinpoint the bottom of a W4, and trade it successfully to the W5 target.Enter with one position and enjoy your profits.
But what about maximizing the profits for that move, and minimizing the impact if it goes wrong?

-Balan´s aproach is outstanding , it was "borrowed by B. Williams on his first book. The downside is the "campaigns" begin with 3 positions, going to a smaller (very small), TF. Then you TP and add positions all the way in a logical manner. Starts with your whole Risk (not your whole account), divided by 10 positions.Produces big time profits when it works, but you get stopped out very often. There´s also a rule of Stop and Reverse, which hardly works in recovering losses.Those books were written before Stop Run Algos were created.
-Bill Williams 2 other books can also be used. They will minimize losses and maximize profits.
-Robert Miner, another Master, always enters with 2, short term and long term. Like 2 trading systems applied to one move.I´t is a simpler .yet effective method.

I have all those books, plus Dynamic Trader software.

Balan is challenging, if you can make it to enter and close, then add along the way, reading the move properly, not only you increase your profits but it can be fun, if you know what you are doing...And btw. stop hunting is there on every TF, beware of day trading, there, it is everywhere.
  • #9,086
  • Aug 21, 2020 10:03am Aug 21, 2020 10:03am
Do you want a working system? EW is hidden in it but you don´t need to calculate a thing.
Get this book:

https://www.amazon.de/New-Trading-Di.../dp/0471295418

Get the software if you can, makes live easier.
Follow the rules "by the book", ideally on day bars.
Pick 10 or 20 uncorrelated pairs.

Basically it adds agresively on trends, so it multiplies your winners, your loosers remain realtively small.
Takes a lot of patience, but in a year, you won´t (and shouldn´t ) miss any single good trend.Easy on the Day bars.
Some massive runs just put money in your Bank.

This is a pic. from Investors Dream, all the arrows would be entries short on the USDSEK bear trend, which is still unfolding.
A couple of those a year, and your trading problems are history.
But make sure you understand the book, clearly!
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  • #9,087
  • Aug 26, 2020 7:27am Aug 26, 2020 7:27am
Magic bullets in action
Attached Image (click to enlarge)
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  • #9,088
  • Aug 27, 2020 1:21am Aug 27, 2020 1:21am
Quoting Arief-
Magic bullets in action {image}
Nice one, I've seen it also and took it, but a little late. But, anyways, it closed on break-even, cause I've locked it when it reached 1.1849.
Attached Image (click to enlarge)
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  • #9,089
  • Sep 9, 2020 1:22pm Sep 9, 2020 1:22pm
Hey Skyhook,
Could you please upload the Elliott wave indicator you after using,? Is, not please advice where to get it from....
Thanks
Ravi Kiran T V
  • #9,090
  • Sep 9, 2020 2:33pm Sep 9, 2020 2:33pm
Quoting RaviKiran
Hey Skyhook, Could you please upload the Elliott wave indicator you after using,? Is, not please advice where to get it from.... Thanks
I think there is not an indicator, it is calculated by him. Its a theory. LOL
  • #9,091
  • Oct 10, 2020 2:01am Oct 10, 2020 2:01am
More upside for EUR/USD to come , wouldn't touch the dollar with a barge pole, wave 4 in progress or wave 4 already finished, the only way is up !

The 1.25 2018 high seems a viable target.
Attached Image (click to enlarge)
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  • #9,092
  • Oct 12, 2020 8:19am Oct 12, 2020 8:19am
Quoting RaviKiran
Hey Skyhook, Could you please upload the Elliott wave indicator you after using,? Is, not please advice where to get it from.... Thanks
Haven't been on social media lately.
Not using any indicator at all, just using Elliott Wave guidelines that works.
Elliott Wave for optimum entry, exit and risk management of trades
  • #9,093
  • Oct 29, 2020 3:13am Oct 29, 2020 3:13am
DJIA Weekly Data: Bear Market From Aug. 1987 – Oct. 1987 (8 Wks, -26.1%) Lessons Learned: This was more of a short term panic than a Bear market. As of the time this is written (late March 2020), the stock market has declined over 38% in five weeks. Could it be a short term panic like in 1987? Unlikely. Why? There hasn’t been a 50% or more correction since the top in Feb. 2020! This implies at best, the panic decline into the March low (almost 40%) is a Wave-A, a Wave-B, corrective rally should follow to make a 50% Ret or more, and a Wave-C to test and usually exceed the initial Wave-A low should eventually follow. In every 20% or greater Bear market in over 120 years but one, there has been a 50% Retracement or more corrective rally (W.B) following the initial decline which was then followed by a new low. This time should not be different.

This is an excerpt of Robert Miner´s study on historical corrections.
Could we be in the beginning of an irregular ABC bear correction?
Attached Image
  • #9,094
  • Oct 29, 2020 3:24am Oct 29, 2020 3:24am
Continuing with the horror scenario (hopefully wrong).
Look at this weekly you tube analysis of Miner, pay attention at the Weekly chart, where he has the top of the SP marked as a potential WB!!!!


Inserted Video
  • #9,095
  • Oct 29, 2020 3:25am Oct 29, 2020 3:25am
Here´s the historical statistical analysis Robert Miner made:
Attached File(s)
File Type: pdf Panic corrections.pdf   520 KB | 751 downloads
  • #9,096
  • Jan 6, 2021 9:49am Jan 6, 2021 9:49am
Price movement, that makes MACD divergence (first divergence, if it's a series of divergences), seems to be one of the following:

  1. Wave B
    Attached Image
  2. Last wave of the same degree as the wave that has ended at previous peak
    Attached Image
  3. First wave of degree lesser than that of the wave that has ended at previous peak
    Attached Image


Any suggestions what else the divergence could be?
Can anyone share other techniques of narrowing the amount of possible waves?

Only wealth which you will keep forever is the wealth you have given away.
  • #9,097
  • Jan 6, 2021 1:17pm Jan 6, 2021 1:17pm
Quoting ByeMyDeposit
Price movement, that makes MACD divergence (first divergence, if it's a series of divergences), seems to be one of the following: Wave B{image} Last wave of the same degree as the wave that has ended at previous peak{image} First wave of degree lesser than that of the wave that has ended at previous peak{image} Any suggestions what else the divergence could be? Can anyone share other techniques of narrowing the amount of possible waves?
How about looking at the context and not look at it in isolation.
  • #9,098
  • Jan 6, 2021 3:43pm Jan 6, 2021 3:43pm
Quoting Pumi
How about looking at the context and not look at it in isolation.
That is exactly the problem, the context can have a lot of possible interpretations.
Through looking at pieces of the context in isolation, for example, by using MACD divergence, I think it is possible to narrow the amount of acceptable interpretations of the context.
Only wealth which you will keep forever is the wealth you have given away.
  • #9,099
  • Jan 9, 2021 3:18pm Jan 9, 2021 3:18pm
Quoting cuchuflito
DJIA Weekly Data: Bear Market From Aug. 1987 – Oct. 1987 (8 Wks, -26.1%) Lessons Learned: This was more of a short term panic than a Bear market. As of the time this is written (late March 2020), the stock market has declined over 38% in five weeks. Could it be a short term panic like in 1987? Unlikely. Why? There hasn’t been a 50% or more correction since the top in Feb. 2020! This implies at best, the panic decline into the March low (almost 40%) is a Wave-A, a Wave-B, corrective rally should follow to make a 50% Ret or more, and a Wave-C to test...
Have never seen any irregular correction with subwave 535 and also we have only irregular flat not irregular zigzag
  • #9,100
  • Jan 9, 2021 3:21pm Jan 9, 2021 3:21pm
anybody to help with relevant elliot wave book
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