The founder of RET was prosecuted by the CFTC and there have been numerous complaints about bait and switch tactics employed by the company (don't know if its true, do your own research). trywaverunner has disappeared now.
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Joined May 2010
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Status: Junior Member
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The Elliott wave works as follows. It only shows you where you are in a trend.12345 and then it changes and form ABC. After that the trend changes in
the opposite direction. The wave can sometimes form up to 12345678 before doing an ABC pattern. The best time to trade is at the start of wave 3.
There are a lot of sites that can show you with pics how this work.
It does a count, but usually not that accurate, just fyi, still up the the good ol human brain. If it doesnt recognize a pattern it doesnt number them.
I hoped to get someone to code this for me, but got no takers. It's Demark's D-wave, basically Elliot Wave according to Demark's research. A professional I know that trades for pension funds get this coded for the system just how I typed it out on here.
Just to let you know that elliot waves work maybe 50% of the time. They are very good after the fact but, when you are trading the chances of you getting the top using elliot waves is really slim. The markets might even give you a perfect count but then the waves start to change and the wave that you counted actually becomes a wave three top not a wave five.
I have attached a chart for you to see, the wave count obeys elliot theory, but as you can see the market takes out the wave 5 high. I lost lots of money trading elliot waves on the daily...
Ignored
I know this thread is old, but I just had to reply having read this....
7 Waves - you have clearly not understood the basic rules of Elliott Wave Theory, one of the being "wave 3 CANNOT be the shortest".
In your pic you have labeled wave 3 is same size as wave 5, HOWEVER, looking at the chart your wave 1 is longer than wave 3 & 5. THEREFORE, wave 3 on your chart is invalid (and I would assume you have miscounted all other waves on that chart as well).
Also, EWT is not as simple as 5 wave motives and 3 wave corrections, you can also have 4 wave extensions (which would look very normal on the next TF up).
EWT works, if you know what the rules of the theory are, and are prepared to follow them. When looking at a new chart the simple trick to EWT is start with the highest TF you have and work out which wave you're in on that chart and then work your way down in TF's. Once you have a base you don't need to keeping working out which wave you're every single time!
And by the way, forget trying to follow banks, the reason they rarely loose is not because their traders are extremely smart and know what they're doing, its because they have enough money to throw at a loosing trade to come out break even (only takes $1 billion - $2 billion to cause a high enough "spike" in the opposite direction).
If you want to become a professional trader learn how professional "investors" (Buffett, Soros etc) do it, they use EWT!
, most of the successful investors use EWT for their investments (bankers are gamblers, investors are the ones you want to emulate).
I... you have clearly not understood the basic rules of Elliott Wave Theory, one of the being "wave 3 CANNOT be the shortest".
In your pic you have labeled wave 3 is same size as wave 5, HOWEVER, looking at the chart your wave 1 is longer than wave 3 & 5. THEREFORE, wave 3 on your chart is invalid ...
Ignored
You have some misinterpretation of this rule. If the third wave is equal to any other wave, it is not the shortest.
