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Honest Question about Elliot Wave

  • #21
  • Mar 2, 2010 10:05am Mar 2, 2010 10:05am
Quoting forex_trader
"depressing existence"? Why? The most better would be to find a good trader and let him trading, then share profit... and do nothing... )
that is the most retarded thing i have read all night :S
Congratulations ScalaFX for coming out of the closet!
  • #22
  • Mar 2, 2010 10:37am Mar 2, 2010 10:37am
Quoting nubcake
that is the most retarded thing i have read all night :S
There are people who just want money, and there are people that, can't stop trading...

I just want money, but it seems, that you just can't stop trading... like a gambler who can't stop playing...

You can call me "retarded", I don't care. Just hope you will have time to spend your money (if you wont lose all)
  • #23
  • Mar 2, 2010 10:42am Mar 2, 2010 10:42am
i didn't call you retarded.

it seems you have a lot of insight about me. i find this interesting. feel free to continue.

hope you find your golden goose.
Congratulations ScalaFX for coming out of the closet!
  • #24
  • Mar 2, 2010 10:57am Mar 2, 2010 10:57am
Quoting nubcake
i didn't call you retarded.

it seems you have a lot of insight about me. i find this interesting. feel free to continue.

hope you find your golden goose.
It is nonsense to continue this discussion, so better stop here. I have better things to do...
  • #25
  • Mar 2, 2010 11:00am Mar 2, 2010 11:00am
Blindly parroting trades provided by a signal caller will do nothing to advance your trading skills.
  • #26
  • Mar 3, 2010 2:38pm Mar 3, 2010 2:38pm
Quoting erikte279
Has anyone had consistent success with by using elliot wave. I am contemplating learning elliot wave as an addition to my trading arsenal but I dont know if its worth it because of a lot of conflicting views, I dont know if these views are from people who havent fully learned it. Thats why Im asking only reply if you are SURE of what you are speaking of.

Thanks,
fusion power
I have been studying Elliott Wave for 3 months now, finished Jody Samual's elliott Wave DVD (great) and Elliott Wave Principle chapter 1 - 2 (all you need, even claimed in the book and by Elliott Wave International).

I have signed up with elliott Wave currency specialty service and short term stock forecast service. the forecast quality so far has been mediocre. (good customer service though)

If you want to learn elliott Wave, all I can warn you is that this analysis IS NOT a holy grail, if you learn elliott from the mindset that one day you will be able to predict the market like the back of your hand or elliott wave is the bomb, you will be disappointed. you are going to be wrong alot, and the method requires alot of flexibility and PATIENCE
  • #27
  • Mar 3, 2010 9:47pm Mar 3, 2010 9:47pm
EW is perfect for describing what happened in the past but pretty tough to make it useful for looking forward
  • #28
  • Mar 4, 2010 11:05am Mar 4, 2010 11:05am
Quoting halfstep
I have been studying Elliott Wave for 3 months now, finished Jody Samual's elliott Wave DVD (great) and Elliott Wave Principle chapter 1 - 2 (all you need, even claimed in the book and by Elliott Wave International).

I have signed up with elliott Wave currency specialty service and short term stock forecast service. the forecast quality so far has been mediocre. (good customer service though)

If you want to learn elliott Wave, all I can warn you is that this analysis IS NOT a holy grail, if you learn elliott from the mindset that one day you...
So what do you recommend?
  • #29
  • Mar 8, 2010 4:20pm Mar 8, 2010 4:20pm
I use EW just to help my strategies.
Just using only EW for trading I believe will
bring it to crazy complications and disappointment.
  • #30
  • Mar 8, 2010 11:38pm Mar 8, 2010 11:38pm
its too subjective and theres always extension.

but then again, it does work sometimes.

i just use it in my head whenever i put on a trade and when theres a trend going on or a correction.

its like a +1 point to your trade. thats just me.
  • #31
  • Mar 9, 2010 2:32pm Mar 9, 2010 2:32pm
Quoting EdgarNg
its too subjective and theres always extension.

but then again, it does work sometimes.

i just use it in my head whenever i put on a trade and when theres a trend going on or a correction.

its like a +1 point to your trade. thats just me.
yea, its too subjective
  • #32
  • Mar 12, 2010 2:28pm Mar 12, 2010 2:28pm
Quoting EdgarNg
its too subjective and theres always extension.

but then again, it does work sometimes.

i just use it in my head whenever i put on a trade and when theres a trend going on or a correction.

its like a +1 point to your trade. thats just me.
I couldnt agree more. there are much better options than EW for calling entries
  • #33
  • Mar 13, 2010 11:12am Mar 13, 2010 11:12am
Quoting forex_trader
So what do you recommend?
recently, the market has been lethargic and choppy, this is the time many traders gets killed, with that been said, it is no surprise that EWI has many wrong counts, correction, especially long sideway correction only becomes apparent after completion.

I still deem EWI currency forecast to be a great consulting and confirmation tool. I do not think I have been with them long enough to say if they are good or not.

My recommendation with regards to EWI, is try it yourself, you might like it, you might not. at this point they often have to tailor their short term counts, but the overall message about market direction rarely change. up to this point, EWI thinks dollar is in an 4th wave, when we break the congestion, the dollar should appreicate across board for one final thrust for 5th wave. only time will tell.
  • #34
  • Mar 13, 2010 11:18am Mar 13, 2010 11:18am
Quoting EdgarNg
its too subjective and theres always extension.

but then again, it does work sometimes.

i just use it in my head whenever i put on a trade and when theres a trend going on or a correction.

its like a +1 point to your trade. thats just me.
Elliott Wave is very subjective, but after you have been using this methodology for awhile, you might like the subjective because it gives you lots of room for intuition.

I think the most important thing when trading a market, is first find a way to analyze a market, whether you use price action, candlesticks, or market profile, gans Wave, harmonics etc. they all give you perspective about the market direction. any form of analysis method sees the market in a filter that gives you important information. Elliott Wave is one of them. In my opinion elliott Wave is first and foremost an analysis method, then a trading system tool.

If your number one purpose is to trade profitably, i honestly believe there are lots of mechanical systems out there that gives you better results in the short run. but in the long run, when you become knowledgeable in your form of analysis method, your intuition comes in, and you can be a better trader than any mechanical trader, for mechanical systems leaves much intuition and experience, they do not allow growth of a trader to show in there results, because the rules are stone set.
  • #35
  • Mar 14, 2010 7:33am Mar 14, 2010 7:33am
Quoting halfstep
Elliott Wave is very subjective, but after you have been using this methodology for awhile, you might like the subjective because it gives you lots of room for intuition.

I think the most important thing when trading a market, is first find a way to analyze a market, whether you use price action, candlesticks, or market profile, gans Wave, harmonics etc. they all give you perspective about the market direction. any form of analysis method sees the market in a filter that gives you important information. Elliott Wave is one of them. In my opinion...
absolutely right.
  • #36
  • Mar 14, 2010 7:45am Mar 14, 2010 7:45am
If Elliot Wave Theory was that good, we all be rich by now.
Therefore, it works and it does not work.

Learn to be careful or cautious when using it.
  • #37
  • Mar 15, 2010 9:08am Mar 15, 2010 9:08am
Personally, I am getting pretty good result from Elliot wave analysis. I usually use them in higher time frame to help me have a grasp of the trend so that I can place my trade based on the trend on the lower time frame.

Elliot wave is definitely worth learning but you need to know how to integrate it into your trading plan to make it useful.

It should not be use as the only trading system as it requires the help of other indicators to have better result.
  • #38
  • Last Post: Mar 15, 2010 9:24am Mar 15, 2010 9:24am
Thanks everyone for your opinions, looking into it myself.
Annoying Precision
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