Should I attempt Elliot Wave?

Jonesy, right on.

When you say that, I'm realising now that there would definitely be elements to EW that are stewing in my mind when looking at a chart.

Many, many pages of books and web pages and even my own experiences have melded into my trading.

That's a bloody good reason to agree with you.

Hi philmcgrew

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



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Also EWT can be used for effective NFL betting, so it is best to learn it.

Thanks for the responses. I have learned all I can about Elliot Wave on the Internet, and itme's thread is one of my favorites. My dilemma here is whether or not to start investing money into learning it when this money could be used to buy trading in the zone or other books or things like that.

andersenws

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

I use EW in my trading, both futures & forex...I couple the EW with the fibos only & that's all...Tell you what, excellent results...There are pitfalls of course and there are wrong countings & there is lack of exact exit points, but EW offers the best risk/reward trades I have ever seen in my life...

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


Thanks,

Nader

I think you have to learn the elliot princibles to have a complete technical analysis education. However, I will tell you, I do not use elliot as a primary consideration for taking any trade. It is at best a secondayry consideration for me. I consider establishing support and resistance behavior levels as the primary concern for taking any position.

i think you need to pick what you want to learn and STICK to it! Too many of us jumpin around and never mastering anything ...you will go broke quick.

If its EW then go for it become an expert you will need to be to earn $$ consistently or else.

its important to learn different things but more important to FOCUS on a few.

good luck

There is a strong bias against Elliott Wave theory among quite a few people. I think they resent the power it has confered upon some expert traders. Also, some people haven't understood it properly, and have rejected it based on their failure to learn how to employ it successfully.

I personally think that Elliott Wave Theory is great, but not all the dizzying intricacies that fill the pages of books. I haven't read any books on the topic. Just read the content of the Fundamentals of Elliott Wave Theory in the Beginner's Forum. The basics are what count, I think. Look for obvious, highly beneficial wave patterns (low risk, high reward, high confidence) and trade them.

Sometimes I think that EW Theory is amazing and wonderful. Those are the times when the patterns are obvious. But mostly they aren't. Other times I notice that I have read into patterns what I want to see, instead of being carefull, conservative and objective. Also, sometimes I think that applying the theory to trading is too hard! It requires a great deal of objectivity, patience and discipline.

Pure Elliott Wave theory can constitute an effective trading system, I believe, but you would have to study and practise alot for quite a period of time. If you can combine other effective methods then the reliability will improve.

Here is a quote from my thread:

"I suggest that you read and study the entire thread "The Fundamentals of Elliott Wave Theory" in the Beginners Forum for all the basics. Study, reflect, review, observe the market patterns, question, research, strategise, experiment, practise. Keep it simple. Trust the wave theory. Be logical. I think everything you really need to know about Elliott Wave Theory is in the above thread or linked to that thread. The videos are helpful too.

Another basic concept is trend lines. I think you may get some important ideas that are very practical on trendlines on this thread by GalvestonForex: Yesterday +140, December +1000 in the Forex Discussion area of the site ( http://www.forexfactory.com/forexforum/showthread.php?t=11546 )

Also, I feel that it is important to get a firm grasp on how announcements influence the market. Every month, approximately 350 somewhat important economic reports and speeches from government officials are released out of United Kingdom, Canada, United States, Australia, New Zealand, Euro Zone, Germany. If certain conditions are met, approximately 54 of those economic reports and speeches have the capability of moving specific currency pairs from 30 pips to 120 pips in the first hour after that specific report or speech.

There are several threads on forex factory on trading the news, and I noticed one today that looked very informative from the classified section of this forum in the reader's lounge:

amazingforexsystem ( 1 2 3 4 5 ) fx4x

Put the three knowledge sets together and voila - you may become a master trader! I think it will take the average person several months at least to develop enough understanding, familiarity and confidence to identify and capitalise on favorable trade opportunities on a consistent basis. The complexity level is quite high to truly master all this. Patience, hard work, and humility are needed."