Hi guys:D , okay here is the next Forex millionare on the his way to make fortune BUT:( , he is stuck in one thing ! I can’t differeciat between ABCD and The 1,2,3,4,5,A,B,C Movement .
Well I know in ABCD the AB=CD however in the wave thingy the 3rd wave mostly is the longest and never the shortest ! ohh smart a** , okay it happens sometimes that after 3 movments , Up , Down , Up i get confused , The ABCD indicator shows the after hitting the D the trend is going oppiste way okay cool i am going to make some money:D but then for a reason or another :56: DAMN ! its not ABCD its 1,2,3,4,5 movement and after the 1,2,3,4 unlike the ABCD the trend keeps on going up and doesn’t reverse . so bottom line after 4 movements what look alike ! how to know where the trend is heading after that ! ! !
Many forex trading strategies are highly subjective (proceeding from/relating to the mind of the thinking subject and not the nature of the object being considered; of relating to or emanating from a [trader’s] emotions prejudices; existing only as perceived and not as a thing in itself; experienced only by the patient and incapable of being recognized or studied by anyone else; …). Including and not limited to ElliotWaveTheory. For instance PA for one trader will differ with the others since broker charting for price data will differ abit. For S+R, on EurUsd one trader will mark 1.4000 as the significant level while the other will have 1.4050 marked, the other will mark both. And then we have pivots and indicators. That’s why we have forums… If anyone is using fibonacci, then by all means he ought to have a good grasp of EWT: they were born together you know.
IMHO, EWT is a precise method to trade the charts; there is but only one way to name/count the waves for say DJIA or FTSE, any other way from that will turn out wrong according to the EWT guidelines/rules. So I hereby conclude that those (quite a few now) saying it is too subjective are abit misinformed and understudied on the EW subject.
ABCD wave labeling methods is NOT elliot. It is something to do with gartleys/butterflies and head&sholders, which I currently dont use (must admit, gartleys will teach one alot about fibo). In EWT, there is only 12345 in direction of main trend and ABC correcting it. Here is somewhere to start.
I’ve been called alot of things before but never ‘[B]patient[/B]’ (although I suspect theres more than a grain of truth there), misinformed or understudied… LOL!!! I’m sure it works for you? But come on… ‘Precise method to trade the charts!’ When is a wave not a wave? Its subjective. Right up there with ‘Ichimoku’ as a ‘precise method to trade the charts’. :18:
The clue’s in the title EW ‘Theory’… I’d get better odds with a plain old 7 DMI cross on the 2h and up!
R Carter, I was just explaining that with EWT one could take it to where it becomes less subjective and more precise, as with any method (they even have an EA for Ichi) with abit mobb studying and more information (see the books being sold there, there’s even hacks/pirated copies scattered if one googles jus right). The quote in brackets is dictionary defn of ‘subjective.’ Misinformed, under-studied/-thomed specifically about the EWT, not other aspects of life or trading. With all due respect, no pun was intended. Apologies for any wrong impression.
A wave 1 is not a wave one if the s’ posed wave 2 retraces it entirely; wave 3 is not wave 3 if wave four overlapps into the territory of wave 1: a 12345 (inpulse) waveform is not impulse if wave 3 turns out shortest. In one sentence, the wave one thought was, is not if it start making loosing trades… lol.
Really, its jus talking, right? No hard words used.
Mikey, if you’re using an indicator to do the wave labeling (Elliot or not) then you are doing it wrong. From what I know wave labeling even for ABCD forms is manual transmission all the way.
Well , thanks everybody for replying but i don’t think that any of you has really answered my question . what I was trying to ask is " what is the main difference between Elliot Waves and Harmonic patterns , buy working on them for a few days I think I can tell , the AB=CD and all the harmonic patterns are reversals patterns , after wave CD is created , the trend is more likely goes the other way “reverse” these indicators are AMAZING “when they work” lol ,
If you it happens that you can find a hormnic patterns you will be able to ride the trend from the moment it starts and that gives a reward of up to 200 pips on hourly and daily charts , however 2 bad things about it are
Very hard to catch
-a lil bit risky as it goes against the trend
Eliot waves on the other hand have less risk levels , less rewards but easy to find , the problem with waves like that is you don’t know when to enter, even with using Fibo levels , if you buy in an down trend because wave 2 is showing wave one might just continue to drop creating a huger wave , only then wave 2 will start and it won’t reach to the point the where you open your position ,
but I found out that using BOTH of them together , along with some other basic indicators like MACD and RSI , can really help making some pips .
