How to use Elliott Wave correctly?

Wow is right. I know opinions are like... well u know.

I just still find it hard to see a recommendation against EW.
Maybe from a newbie but... I saw the heading Commercial Member
and that makes me wonder. The trader's makeup is unique so how
could a blanket suggestion be made like that?

EW is the Undisputed Champion of the World of TA.

I wrote a book about it publishing a New Rule.

It fixes everything but lack of data. But even without the new rule
there has been stunning market disection using EW.

Definitely if you are pursuing TA learn EW. There are many problems
with any other standard indicator TA like arbitrary timeframes which
is like throwing darts at balloons.

How do you match the speed of the price action with your analysis?
If you just pick a favorite timeframe it must be hit and miss. Your
indicators are being set by the timeframe. And all kinds of problems
like that.


Cheers,
Cyclon

I think Elliot was on to something but i dont think it was about counting waves. The concept of Corrective and impulsive movements is my bread and butter in trading.

I use their Short Term Update (STU). They provide enough perspective to see if we are both on the same page.

There are, on occasions, where I disagree with their count. That's the beauty of trading. Overall, I like their assessment. Their short term counts are sometime wrong but overall their larger counts appear to be correct.

For example, their count of EURUSD showed a much larger drop over the last couple of weeks than my count. They were correct and I was wrong. I lost on my trade. I have since changed my count. But there have been other times my count was better. In the end, it's nice to have another opinion and I believe they are the best at doing what they are doing.

I Was wondering how many people here have made profits on an overall 1 year trading.

And what kind of Results?

Anyone MAKE INSANE PROFITS?

Did anyone make more than $100,000 dollars profit and ACTUALLY GET PAID?

Please if you are one of them Please SHARE Your EXPERIENCEs with us

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Elliot Wave, if taken straight "out of the box" doesn't work.

However, it's worth noting and studying the legs of a market to derive potential setups.

I personally take note of an intermediate time frame (4/1 hour for me) to see how the market is doing at the "elliot levels". I don't base my trades off of them, but it's worth noting the reaction to it.

If, in the event for example that UJ completes a triple cycle (5 wave sequence), I begin to note how the price is reacting to the trend of its last leg down. This gives me a gauge into if the market is prepping for a move to its previous supply zones.

It's a little hard to explain, but EWave is worth studying. Just don't bet your whole house on a subjective fibonacci level.

5 wave Elliot Theory is actually a thing just used wrongly. Use it on 1m to see accumulation into demand/supply zones and youll be a millionaire within months. (Starting with $20k)

I recommend to learn Fibonacci first.

I am also interested in learning Elliot waves
as a newbie i stumbled upon many systems and currently using trend lines + price actions to trade
I found two books describing Elliot waves and patterns one by Robert R Prechter and the other by Glenn Neeley
Which one of them is the best for an complete beginner in waves
If there is a better way for learning Elliot waves I would be happy to hear about it here

All kinds of free tutorials at the source:
https://www.elliottwave.com