Thank you bone for the response, Well, I certainly do not want to get my black ass ran over. I do not want to confuse how I am trading now. I have certainly had my black ass ran over many many times by the market, I do not want no more of that story unless its normal loss per strategy. Paul Tudor Jones is Elliott Wave Theory and he is successful. I just did quick look and see Elliot Wave made alot people money. Elliot Wave does not look too bad.
If you read PT Jones interviews you'll find that he relied much more upon fundamental analysis - namely, time honored principles like historical stock valuations than he did EW Theory.
Market is near impossible to predict, all my years I've found almost scalping is about the only way to play this game, play the noise range with direction, over all going up, it's pulling back, it's slowing down / showing strength go long tight SL, aim for other side of the range, repeat. Do that you'll make $$$'s, anything forecaste = doom! My trade today, got predictiony and got slaughtered, even broke up the once briefly before turning right back against me. Scalp Scalp, aiming for 5 - 20pts, 3-10mins on NQ or DAX!!
E-Wave is BAD. I've read enough of the Elliot guys to realize that they are 100% backward looking. There is zero "predictive" power in them. And when you combine them with fibbonacci? Hahha, you get stuff like this. https://www.elliottwavetrader.net/m...To-Breakout-Of-Its-Range-201907235398199.html Expand that chart he posted, and try to make sense of where it is going to go next. Do yourself a favor and utilize KISS. Don't bother with those complicated indicators that do nothing for you but just cause you to second-guess your potential trade setups that will work.
Every time you take profits early, you have made an incorrect prediction. The same is true every time you get on a streak, think you know what's coming, bet big, and blow it. I think Scataphagos nailed it...reading the price action and reacting quickly is the key—no prediction required.
"The Elliott Wave Principle, as popularly practiced, is not a legitimate theory but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method’s loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong. The analogy between the medieval astronomer fitting epicycle upon epicycle to their data and EWP analysts fitting wave within nested wave to market data is strong. Thus, even if the fundamental notion of EWP is wrong, the method of analysis will still be able to obtain a very good fit to past data .. By employing a large number of nested waves that can vary in both duration and magnitude, it is possible to derive an Elliott wave count (i.e., fit) for any prior segment of historical data." - David R. Aronson, Evidence-Based Technical Analysis, 2007
most professional traders don't use Elliot wave. Many coaches and newbie traders use Elliot wave. In real life, market can move in various FORMS, SHAPES, AND SIZES. first wave could be very short or very long. last wave could be very short or very long. retracement could be simple or complex shape. retracement could ended up as reversal. Reversal could actually be retracement. There might be only one retracement, or tens of it. There could be multiple waves could be of same pitch. Market could move like saw tooth pattern. or market could swing up and down massively numerous times. That's why some people pronounce Elliot as Idiot.
This is why I also ceased trying to use Fibonacci ratios or harmonic patterns. The first drew so many lines on my charts that price was almost guaranteed to reverse direction near one or the other. The second allowed for such a wide range of values to complete a given pattern that I found almost no justification in using the system to try to pin down potential reversal points. The best way, in my experience, to determine at what level price would reverse direction was to simply wait and observe at what level price reversed direction. Like Scataphagos said, read price action and react quickly.
Zor_Champ, I do not understand what you posted. Please conclude what you trying to state in one sentence please?