Elliot Wave Theory

Discussion in 'Technical Analysis' started by Wolfgang1756, Nov 22, 2009.

  1. In defense of Mr. Zones, in a bad mood I could easily have written his disparaging post. I thought it was well put. Perhaps because he is as bitter as I am about going down that path? Brokers, data providers and market makers want you as confused as possible to liberate you from as much money as possible. And what could be more confusing than the welter of technical analysis? What does work in my opinion is to quit thinking like a retail trader and to start thinking like a market maker. Markets do not exist so you can make money. Markets exist so they can make money. The change in perspective makes all the difference.
     
    #11     Dec 2, 2009
  2. Illum

    Illum

    Don't start with Elliot Wave. Start with candles. And then simple patterns, like bull flags etc.. Get those down. You should be warned that some of the simple patterns haven't done a whole lot o good lately.

    Don't need a candle book, websites will have them all

    Get a book like

    Technical Analysis of Stock Trends

    Then definitely move on to Elliot Wave. I know people say it sucks, but I put the waves in channels and it really helps. Im still very much new too, but at a minimum looking for waves puts me in tune with the market. Just always be ready to say its wrong and cut your loses, if your count is violated. It's only perfect in the rear view.

    At this point though... it would serve you much better to just be able to recognize a topping tail on a candle... a cup and handle.. etc etc.
     
    #12     Dec 2, 2009