Any Elliott Wave traders?

I use them extensively but only trade certain set ups and price actions...gives me my perspective for expectations, exact entries and exact stop losses.....any one else in the same boat?

Waves,

I am aware of them, but I do not use them. Been trying various methods for 5 years. I am a disciplined trader and always enter with a stop, exit and record all of my trades. I am trying to find a consistent strategy.

I am trading 1-2-3 low setups currently, (which is linked to elliot waves) it was working well, 63% hit rate, but its recently getting lower.

I presume thats why you "only trade certain set ups and price actions" I would love to be able to trade.

I find that i take most setups. (Perhaps this is where i am going wrong?)

Any hints / books / help would be most appreciated.

You don't need to buy a book, there is so much info on a google search....the important part of wave trading is knowing the exact EW rules for what you believe you are seeing.....and 1,2,3 or a,b,c set up is almost 100% profitable as long as you can only count 3 corrective waves in 2 or b that makes the next move most likely a 3 or c (5 waves) in that degree. you also need to learn to trade patterns and know what patterns form where and why along with and most importantly the rules for said pattern you believe you see. This type of trading gives you exact entries and exits if you are wrong........an example is, I had 3 positions open on the USD/JPY ahead of the NFP. there was almost no doubt where the Dollar was going to go against the Yen, no matter what the announcement, it did exactly as it should have and I made great money.....most people trade in fear of NFP or BIG announcements..I look for broken pattern entries and confirmed a,b,c's and at times enter within seconds of the announcement or just wait for it to come get my entry...no guessing or waiting for 5 minute candles to close etc etc etc......My personal belief is people that trade waves get too caught up in trying to count every up and down or every move in a complex correction....there are times I just draw out the high and the low and forget counting inside the box....I go look for a pair that is telling me something I can use.....good luck, research and good trading.........

Waves,

Many thanks for replying.

I have to admit, I got a little lost reading your post. "as long as you can only count 3 corrective waves in 2 or b that makes the next move most likely a 3 or c (5 waves) in that degree"

Is there any chance of a graph? Showing a correct trade to an incorrect trade? You don't have to confirm which, i will try to work out which is correct. I don't mind putting the work in.

"My personal belief is people that trade waves get too caught up in trying to count every up and down or every move in a complex correction....there are times I just draw out the high and the low and forget counting inside the box" Could you also provide a graph? You seem to be able to break Elliotts wave down simply.

Thanks in advance.

Here is an example of a 1,2,3 where 2 is labeled ABC...once B is breached it confirms that move down was in fact corrective...you can see my entry on the right with the green arrow

Here is another example, my sell entry is the green arrow....this was the euro/usd

This is my favorite pattern, a triangle......this is on the USD/JPY and knowing where they form. I was in when the top of D breached, stop was bottom of E for the thrust to new highs and out without breaking a sweat

waves,

Many thanks for the graphs.

I will try to look at elliotts waves, your graphs / posts and piece it all together.

"as long as you can only count 3 corrective waves in 2 or b that makes the next move most likely a 3 or c (5 waves) in that degree."

This is the piece i am struggling with. Where to start labelling the 1.

Thanks again

just so the critics don't get overly aggressive here....the big blue candle just under and left of the D is the NFP candle from last Friday....I knew we needed to do the c wave of D, to at least 119.20 (where I exited) and 120.00...this tell allowed me to make 10% on my account in 1 morning....thus the reason to never over trade

Give you one more.....this is the Pound/Dollar 1 hr chart....the reversal is on my radar...I'm in no hurry, potential counts are labeled, now I am watching to see if price follows and I get the a,b,c I am looking for..I am not labeling every single move, I am looking more in macro terms than micro....want to see this move go up, then drop for the c down....then and only then this pair has my attention to plot a potential buy...if it does form, I have done a 1,2 I,II so my trade will be wave III of three..the most explosive of any wave

Waves,

I stayed up last night studying Elliott's waves, I admit, I understand it more, but i don't find it easy to understand quite yet.

I understand your 1st & 4th chart , 2nd & 3rd chart, i am completely lost!!

Where i struggle is determining the wave you are in.

Is there any specific way you determine which wave you are in?

Would it be possible for you to expand your last chart and show how you determine your waves?

I wouldn't mind if you loaded the chart and I try to label the points first, that way I am learning whilst under your guidance.

I realise this is asking a lot, but it would be much appreciated.

Thanks in advance.