Using Elliott Wave successfully means using it simply. Mark designed this session to provide you with the basic tools needed for a solid understanding of basic Elliott Wave structures: the 5-wave (impulse) pattern and the 3-wave (corrective) pattern. Specifically, Mark believes that you can successfully trade using Elliott Wave analysis by following only three basic rules accompanied by a handful of guidelines.
Each Elliott Wave structure defines the trend and the market’s next likely move. With a solid understanding of these simple rules and guidelines, you will gain confidence in counting a chart, which can result in a positive balance sheet. Along with the basics, Mark shares several trading approaches to the Elliott Wave sequence. These include deriving likely targets for the next move, assessing risk/reward parameters and using the Wave Principle to minimize risk.
PDF Workbook
Mark A. Schimmel is a senior market analyst with Elliott Wave International (EWI), the world’s premiere Elliott Wave organization. He provides real-time commentary on dozens of global equity, bond, currency, and commodity markets for professional and private investors around the world. Mark teaches EWI’s comprehensive tutorial on the Elliott Wave Principle and conducts seminars and workshops to retail and institutional investors worldwide. He has served as the editor of The Elliott Wave Theorist Short Term Update, an adjunct service offered to subscribers of Robert Prechter’s Elliott Wave Theorist newsletter. Mark also provides EWI subscribers with live telephone market opinions on all w..
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I thoroughly enjoy Elliott Wave theory. I also think many would enjoy it more if they analyzed it and studied it well, before commiting money to the markets based on it.
I have a mentor who is 25 years experienced in Elliott Wave and he says you should not use it in isolation.
I also have my own theory on the use of Elliott Wave over the last 30 years.
According to my mentor, during the 80's and 90's the Elliott Wave theory was becoming very popular because the waves seems to unfold cleanly. However since then it has become harder to interpret because the waves have become messier in comparison.
My thoery on this is based on the simple premise that the messier elliott waves are a direct result of its cleanness during the 80's and 90's resulting in more people applying it. Because most people are poor money managers and thus poor investors and traders, their very increased application of it has caused it to distort from the clean elliott waves to the now messier.
Because of this, many say elliott wave doesn't work. Well I say it does and I make money from its applaication, and I must also say I am glad it is not liked by most otherwise its effectiveness would be gone. However it has been a long road learning elliott wave, it is not a walk in the park.
It will also help to teach you more about the psychology of the markets but you must have an open mind otherwise you will grow to hate it
http://tv.ino.com/media/INLV98MS/workbook.pdf
File damage and cannot be repaired
Elliot Wave Theory is fine. As a theory. Unfortunately, it is a theory that is most often matched in practice after the actual event has happened.
I subscribe to EWI but find the regular updates are filled with too much dross and they are useless to me as a trader. They say where the market will go if this and that happen but when I spend far too long waiting for this 'n that to happen, the market jumps ahead of any profitable trade. I deal in options and a week is a long time in options. I cannot afford the luxury of sitting it out for another week just to see if the theory is correct. Once that is proven beyond all reasonable doubt, it is too late for the trade.
What I am looking for is a supplement to the excellent Market Club Trade Triangles. Thus far, EW Theory does not do it for me.
The only way I have found to eliminate those irritating "False" MC TT signals that occur from time to time, is to cross check each and every one with the MACD for direction momentum AND the Bollinger Bands for Over Bought/Sold conditions. No complete match = no change of trade status.Throw in a dose of Fibonacci to establish the target areas and you will have the ultimate "get rich reasonably fast" system. Well, nearly.
So, Adam, any chance that your programmers can incorporate those features into a new Trade Triangle system to produce that ultimate system?
ELLIOT WWAVE SIMPLIFIED
Elliott Wave are considered difficult to interpret by the average investor. Well, we couldn't agree more! However, if you can learn even their basic function, it can help with your analysis of where a currency is going to move in the future. All so-called Elliott Wave software forces wave counts in all situations when no useful wave count exists from a practical trading perspective. This misleads traders and is cause for a lot of bad trades.
Elliott Wave is very simple once you ignore all of the so-called complex correction wave patterns which are useless to traders. Since there is a useful Elliott pattern only about 50% of the time in any actively traded market, we need to confirm patterns with other softwares. For you "engineers" like me who like to analize so- called complex wave patterns,here is a useful example.