I've been playing with ew about a week and based on that "experience" I would say that even though ew states clear rules for counting the waves, applying the rules is a problem. Especially fast moves are difficult, like euro's last leg down, which seems to be a never ending story. I bet that many elliotticans (including ew professionals) assumed that last friday bottom was the end for the w5, but that is not the case (as you can see right now).
When you say that ew is capable to show the trend, I'd say that yes, to some extent. But if you do not have any other means to determine end points of price movements, then you, at least occasionally, will enter or exit the market too early, simply because sometimes (often?) counting is more ad-hoc than "exact science". Experience in ew may help to some extent in this, but like the euro example shows, counting still is a pretty difficult task.
Good luck!
R
When you say that ew is capable to show the trend, I'd say that yes, to some extent. But if you do not have any other means to determine end points of price movements, then you, at least occasionally, will enter or exit the market too early, simply because sometimes (often?) counting is more ad-hoc than "exact science". Experience in ew may help to some extent in this, but like the euro example shows, counting still is a pretty difficult task.
Good luck!
R
DislikedI was talking about another low after this leg down completes.
I have no idea the price level where this leg completes and I don't think there's any trading value in trying to bottom picking it. Always trade in the direction of impulse, right now is down so you should position down only. If you want to go long then wait until you see an impulsive move up then wait some more for its retracement and only then enter long - using your favorite setup. This is how I'd play it...
fontu, and others who are just starting using EW, please take into consideration that EW is not a full trading system, is just another tool to identify the trend and its strength. And it does a terrific job doing just that. And nothing more. So EW is just a tool in your trading strategy but you have to define the whole strategy and how you enter, how you exit and what role has EW in your strategy.
Good luck!Ignored