just logging into thread as i am starting to learn elliott wave theory.
nice to meet you .
hi cloudy pips.
on the daily chart i have enclosed…
which wave would you say current price is on …an impusle wave or a correction wave.
thank you.
It is good to read that more people are interested in the Elliott Wave principle.
There a few aspects that one should always keep in mind.
1/ In addition to your broker’s data feed, you need a professional data feed so as to make sure that your analysis is about the real market. Differences between data provided by your broker and real market data, may drive you to an incorrect analysis.
2/ As soon as you have a preferred count, you also search for an alternate count. If both point in the same direction, you may be able to identify one or more possible setups. The opposite indicates that you need more information. The whole information must make sense through multiple time frames.
3/ If you really found a setup then [B]confluence[/B] is the next important step.
4/ In order to validate a count, 1/ you have to wonder about the [B]right outlook[/B] 2/ you need to be able to explain the sub waves (trends in trends)
5/ You should outline key levels, especially those that may bring the evidence that your count is incorrect.
6/ You need to keep in mind that the Elliott Wave principle is all about the psychological aspects of the market. So price action is finally your only concern.
what professional data feed do you use for forex ?
thanks ?