Quote:
Originally Posted by justy10125
I have been using Elliott Wave for some time now, but I'm amazed by it everyday. To see waves come within just mere points of equality is awesome. The EUR/JPY corrective rally off of 152.10 has waves A and C within 3 points of equality. When you think about the market as a whole being people from all over the world acting on their emotions and such, and then to see the concept of Elliott Wave be able to predict their movements to the pip is amazing.
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its been 4 years now for me ..............
1st 2 years for me were learning curve though ,
to really fine tune Elliott Waves ,
it also helps to study Japanese Candlestick Formations , and to utilize Time Analysis
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By the way ,
what draws me to Elliott waves is the fact that
you don't need to use any
of the stinking western oscillators like Stochastics , Macd ,and Moving Averages
All those oscillators just add confusion when looking at charts -
and most of them are lagging behind price anyway ....
so , please
Don't get me wrong , I think people can use oscillators
in their analysis , but an Elliottian who has spent the time and
studied the charts and read the work of Ralph Nelson Elliott
will come to understand that oscillators were never mentioned
in his writings in his discovery of the Wave Principle ........
Nelson Elliott ,
did speak and write of the Fibonacci numbers
and their relevance to the 5 wave wave sequence .........
by the way Ralph Nelson Elliott , the man who created
Elliott Waves , did not trade the markets and he died
soon after his discovery of the waves...... what a bummer ....
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His discovery was simple and I quote him
" Markets move in 3's 5's or 7's then they correct "
What a very profound thing to be said -
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On another note :
Mr. Nelson Elliott explained that
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...The worst place to trade in an Elliott wave structure
is the End of a wave 4 , because this is the most like place for
consolidation to occur and create correction patterns .
.... The best place to trade off an Elliott Wave structure
is the End of a Wave 2 that retraces .786% to 100% ,
which by the way coincides with the teachings of W.D. Gann
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....The next best place to trade off an Elliott Wave structure
is at the " End of a Wave D " or at the " End of a Wave E "
