[B]
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.
You never know your luck, I suppose, but according to his profile he hasn’t logged in here for more than 5 years.
By the time you allow for “extensions”, “alterations”, “truncations” and the interpretation of all of them, there isn’t a single chart in the world that an Elliott Wave enthusiast can’t fit in with his existing preconceptions.
But are they making any money from it, apart from by trying to teach it to other people??? :30:
Hi wavers. I’d love some feedback on this analysis. Is it possible, or even likely? The green line is where I need it to go, to get out the jam i’m currently in :s
Hi Just read your post and I get an underlying feeling that you hadn’t put correct stop losses in place and carried out correct risk management. Any time your hoping for a retracement to get you out of a jam is gambling. Read the baby pips education on risk management and trade plans. Then you’ll never be in a jam.
Yes that is, in fact, exactly what happened. I discuss it in more detail in this thread where I outline the anatomy of, as I understand, quite a common newbie failure. I have since closed my position in that pair. Lesson learned.
I am, though, still interested in this analysis. If anyone has any input.
Elliot Wave Analysis works well when combined with Fibonacci retracement and expansion levels…and yes, i do make money trading this…presently so with EU bearish trade…
This thread has not done enough justice to Elliot wave here , and you really might not get anywhere using this approach to trading…so, dnt judge or condemn EWP based on whats here, it sure does work…
I also think babypips should stop recommending this thread on their school page for Elliot wave studies…
I don’t see the images of truncation and alteration. Those images don’t load but other images I can see. It must a technical problem. Please solve it as soon as possible.
Eventually, I have found this valuable thread here. I have just known how important Elliott Wave Principles is, from my colleague at work, after then I search as many resources as possible. I still delve into the basic Elliott Wave Principle,
I will join the discussion here later. I will get back to this forum soon. I am very exhausted now, because I have been at laptop since I waked up in this morning.
Further prove of the effectiveness of Elliot Waves rightly combined with fibonacci retracement and expansion levels…As earlier projected in the chart, we see price got to our projected 4th wave level and bounced…
Thinking of starting a new thread on how I use EWP + fib tool so as not to take over someone else’s thread…If you’ll want me to, pls send a pm…once i get a minimum of 20 pm, i’ll start…
Use elioth wave tjeory this is also good for trader making analysis in the market, but how to determine first wave to fifth wave, might required more practice, or might any trader can trying use zigzag indicator seems this indicator will useful to implemented theory elioth wave in trading
We can certainly use any type of Indicator that is more suitable and the one which will give us better returns from the markets. This also means we have to see and use the Elliott wave in the Demo account first to see the results
