do you use Elliot waves? If so then how well does that work? Is it something a newbie should try to use?
I think it’s bloody awful, you might as well use tea leaves. There is no real market logic behind Elliott, no two Ellioticians (?!) have the same view, so it becomes so utterly subjective that it becomes pointless.
I would say do your own research and see what you think, just that you’ve only so many hours on this planet, and they’re better spent doing something productive
I’m still new to Forex and I’ve tried Elliot Waves when I first started trading and I didn’t have much luck. To be honest Elliot Waves is not a style of trading I’m interested in currently. If you’re interested just start demoing and see how it goes.
You do realize that the financial markets as a whole are entirely subjective.
Elliot waves have their validity, as do most indicators. However, if you’re just trying to trade solely from them will lead you into trouble.
Price will never follow any “pattern” 100% of the time, and from what I’ve seen when people try to create hard-lined rules around an indicator or pattern they end up getting burned.
How did you intend to trade it?
Well no - you can make objective statements about any instrument. No offence meant if you use Elliott but I find it at best pseudo-scientific.
I don’t have a trade strategy based on Ewaves but was curious about it because I have a book (PDF) ‘High Probability Trading Strategies’ by Miner and one part of the strategy is using Ellliot waves but to me it seems very subjective also. So figured I would ask others opinions.