Do Elliott waves work?

Quoting Eagleprice

Disliked

{quote}Dear AceThanks for your replyThe discussion and thread is not about my own opinion or whether elliot wave suits me or not,It is about overall view of the traders who believe and who don't believe in EW,Some people say EW is bible of technical analysis,This thread is to find out the truth and myths in EW whether EW exist or don't RegardsEAGLEPRICE

Ignored

Quoting Mingary

Disliked

{quote} EW. Yes it works... and also it does not work.The effect is nil, with EW or not the anlysis makes no difference.The main issue, I think is too many rules that give it a "scientific" flavor when actually it has none. And you can always find a rule - on hind sight - to eplain this zig or that zag.Also, why a sequence of 5 waves? you can find as many valid sequences in a market move with 3, 5, 17 waves.. or as many or as few as you want.

Ignored

Quoting Gumrai

Disliked

My honest answer is that I don't know.I tried to learn EW theory some years backI found it relatively simple to identify waves in hindsight, but in real time, I had to keep re-evaluating the waves and so found it useless as a prediction tool. Because it is so complicated, I don't know if I failed or EW theory failed.I couldn't get to grips with it, but I know of others that find it extremely useful, so probably my failure

Ignored

Quoting Ian Copsey

Disliked

{quote} Correct - easy to identify in hindsight.Anything that's good WILL be complicated.However, traditional EW has too many holes and is illogical.

Ignored

Quoting Ian Copsey

Disliked

{quote} Incorrect about the rules. EW only has 3 rules and that's what makes it so easy to make up counts. However, it is pretty useless in identifying where waves will end, has no common fractal relationships between wave degrees, has no means of controlling when a wave will extend, which will extend and a limited number of rough and ready projection ratios. However, there are wave relationships, not between the 5-wave moves that R.N. stated but actually between 3-wave moves, and these projection clusters are common from the 1 minute chart through...

Ignored

Quoting mahimahi

Disliked

{quote} Elliotician in a nutshell!

Ignored

Quoting Eagleprice

Disliked

{quote}Ian Thanks for your opinion ,So what's your conclusion whether elliot waves are useful in TA or not? Does it exist or don't? Also you mean to say that modern EWT concept is false,There are no failed fifths,Extended waves etc ,Can you give some explanation

Ignored

Quoting MrJoon

Disliked

Never rely on a technical analysis alone. use it as a feel good entry signal.

Ignored

Quoting gravitist

Disliked

Do Elliott waves work? No, they don't. Did R.N. Elliott himself make any money with them? No, he didn't. In fact, he died penniless in a New Jersey insane asylum. Should you use Elliott waves in your trading? Re-read the above sentences until it sinks in.

Ignored

Quoting Squiggles

Disliked

I like a bit of voodoo as much as the next guy but I prefer to have something other than the loony bin at the end of my rainbow. Elliot wave proposed that the mkts unfold in specific patterns. In his final major work, The secrets of the universe he tried so hard to make charts like this Eur/Dkk fit into HIS shapes that he retired incarcerated in the cookoo nest. You want to put your money on it ? {image}

Ignored

Quoting TP Hunter

Disliked

{quote} EURDKK is either not that much a free market or is not heavily traded by masses like EURUSD, Crude Oil or ... . Any attempt to use elliot wave principals in these sort of markets is false and was warned beforehand in the elliot wave textbooks.

Ignored

Quoting Squiggles

Disliked

{quote} Yes its true, we were warned that the secret magic only works if there are a ''certain'' number of players and that certain number of players, rounded off as the masses, remains top secret

Ignored