Bottomline is YOU have NOT studied Elliott and therefore know doodly about it. Heck, you're the fellow who proudly stated you don't use a single INDICATOR! Prob only about 10% of traders use Elliott, but 90-95% of all traders lose consistently; so what can one conclude about all the other methods out there? They stink too. Have a good one, Your Excellency.
----------------------------------- Such an excellent question, zanek. It deserves a proper answer. There is NO way around the time committment - it is huge and it is necessary. If you have the slightest doubt, just walk away from it - forget about it. Losses? They will come aplenty but the beauty of the methodology is that it provides a built-in stoploss level. Neely's book is good. So are all of Prechter's. Read all. Months? Forget it son, you're talking years, perhaps a decade or (s) (1) the waves are always accurate 100% but the practitioner's interpretation is the weak link. (2) All software stinks. This is pure manual labor requiring gobs of brainpower. (3) Not guesswork, rather judgement within the realm of application of the few Elliott rules/guidelines. (4) There is NOTHING, ZILCH, NADA better than elliotwave technology. It is in its infancy, a developing methodology but it thoroughly outclasses all other methods. See next post for why this is so.
Tons of bad press, loads of stories about Prechter's bad calls, EWI's subscriber deaths bla bla bla, yet despite it all, this user says this despite his own losses There is NO method in existence that is better! Here's why ..... Benefit #1: It identifies the trend. Benefit #2: It identifies countertrend moves within the trend. Benefit #3: It identifies upcoming changes in trend. Benefit #4: It confirms the resumption of the trend. Benefit #5: It provides high-probability price targets. Benefit #6: It provides specific "points of ruin." Where are you wrong? That's the eternal question for traders. The Three Rules of Elliott help us here Rule 1: Wave 2 can never retrace more than 100% of wave 1. Rule 2: Wave 4 may never end in the price territory of wave 1. Rule 3: Out of the three impulse waves 1, 3 and 5, wave 3 can never be the shortest.
I am yet to see any practisioner of EW come out with a minimum of three years of real money trading statements to validate themselves. EW is a marketeer's dream pandering to those who long for certainty in an uncertain market.
Correct!!!! All the EW-ers I knew who weren't killed by EWI's bad calls, were later killed by a simple TRENDLINE or were hauled off to jail for doing it with alternates.
But are there people foolish enough to buck trendlines that they can actually draw and see too in favor of EWT? Who in their right minds would ignore whats in front of them and instead act on what they have analysed as a possible wave/fractals/someotherguruismterm etc? Cheers, Max
I once had eWave software... it would run through all of the "possibilities" to come up with the preferred and alternate counts. It got a few right, but mostly not. Each session would show how many possibilities it had tested for that run... I recall a number of 94 MILLION one time... incorrect that time too.
Lol u gotta love the rules, problem is I've seen plenty of 'wave 4's' touch wave 1 and traders lose plenty of money. Not to mention those brave men that think a 'wave iv' is in its way, just to find out 6 months later, it was a wave I in the other direction.
Hi, I am too interested in Elliott Wave trading but have lost heaps with EWI over time - their short term analyst is terrible!. I migrated to using two other services that I found quite good and use them both all the time - and seem like OK value. The first one is http://www.elliottwavegms.com/ which is a daily video format and the other is https://www.technicalindicatorindex.com which is daily pdf reports. I have found them to be far better at forecasting Elliott Waves than EWI for a trader. They use a good mix of EW and TA which seems to work quite well - for me anyway. Hope this helps
=============== Good question; of all the techincal indicators,EW is helpful, but only in a small way. Huge amounts of data, 10 yearcharts, moving averages, plenty of notes, much more help than EW. Thanks