- Joined
- 18 June 2008
- Posts
- 1,071
- Reactions
- 2
Does anyone use it in their trades, and what have been your experiences with it?
Any advice?
Any advice?
Your experience with the Elliott wave principle
- Thread starter Naked shorts
- Start date
-
- Tags
- elliott wave
>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
Re: Your experience with the elliot wave principle
Best you check this thread out mate.
https://www.aussiestockforums.com/forums/showthread.php?t=6953
Best you check this thread out mate.
https://www.aussiestockforums.com/forums/showthread.php?t=6953
tech/a
No Ordinary Duck
- Joined
- 14 October 2004
- Posts
- 20,528
- Reactions
- 6,827
A specific question which deserves a specific response.
Elliott in my view is one of only a few Technical analysis disciplines worth the time and effort to become proficient---that's proficient not necessarily expert.
The others being Steidlmayer (Market Profile) and VSA (Volume Spread analysis.)
Most struggle with the dynamic nature of E/W---it makes sense that the market being dynamic should be viewed with a dynamic form of analysis which will alter as the market alters. Many become frustrated with changing wave counts---often looking for points set in concrete. If this is what your after then Elliott will become a source of constant frustration---here many give up.
However those that persevere then have the issue of "Practical application" to deal with. Another souce of frustration as again analysts look for finality in entry and exit.
My experience AND application is one of identifying WHERE a trade is at in its life of trend or termination of trend. No point in going long in a corrective move unless your trading very short term,or looking to alter style from shorts to longs when an index looks promising.
While I dont find it necessary to have perfect wave counts (and you can often argue more than one) knowledge of the "Rules" is important.
Being able to identify Impulse or corrective.
Finally in this brief summation---if a count doesnt jump out and scream at you---dont get tied in knots---there are plenty that do.
On the Thread Apocalypto links to I have posted some reading (educational) links.
Enjoy.
Elliott in my view is one of only a few Technical analysis disciplines worth the time and effort to become proficient---that's proficient not necessarily expert.
The others being Steidlmayer (Market Profile) and VSA (Volume Spread analysis.)
Most struggle with the dynamic nature of E/W---it makes sense that the market being dynamic should be viewed with a dynamic form of analysis which will alter as the market alters. Many become frustrated with changing wave counts---often looking for points set in concrete. If this is what your after then Elliott will become a source of constant frustration---here many give up.
However those that persevere then have the issue of "Practical application" to deal with. Another souce of frustration as again analysts look for finality in entry and exit.
My experience AND application is one of identifying WHERE a trade is at in its life of trend or termination of trend. No point in going long in a corrective move unless your trading very short term,or looking to alter style from shorts to longs when an index looks promising.
While I dont find it necessary to have perfect wave counts (and you can often argue more than one) knowledge of the "Rules" is important.
Being able to identify Impulse or corrective.
Finally in this brief summation---if a count doesnt jump out and scream at you---dont get tied in knots---there are plenty that do.
On the Thread Apocalypto links to I have posted some reading (educational) links.
Enjoy.
Have a look at the banks in ASX right now, you will see that they have or are breaking down out of an elliot 4th wave. These examples are extremely obvious to me, who has some knowledge of elliot. Have a look at the structure. ABC corrections, Usually a 4th wave tends to end in correction sof 38.2 or 50% have a look at CBA now and you will see that the recent correction up stopped at the 38.2, Westpac stopped at the 50% mark.
As I understand it, if we have a true 5 wave sequence down then we should expect tthe initial leg up afte rthe 5 waves to at least reache the 4th wave of the inital 4th down.
Remember though, sometimes elliot stands out like a beacon and other times people add all sorts or xxx and zzz etc to try and work out a wave count.
Learn the basic and on a larger time frame if you find 38.2 corrections then you know that probably your in 4th waves.
Anyway its a wonderful idea to debate, the main thing is do we have the guts to take the trade when we believe we are right.
As I understand it, if we have a true 5 wave sequence down then we should expect tthe initial leg up afte rthe 5 waves to at least reache the 4th wave of the inital 4th down.
Remember though, sometimes elliot stands out like a beacon and other times people add all sorts or xxx and zzz etc to try and work out a wave count.
Learn the basic and on a larger time frame if you find 38.2 corrections then you know that probably your in 4th waves.
Anyway its a wonderful idea to debate, the main thing is do we have the guts to take the trade when we believe we are right.
Similar threads
