Hello guys. well I wanna learn about this Eliot thing and I have tried some books, 2 or 3 but I think that should have a lot more to say, anywhere you know that have this covered in full?
Sorry, I just can’t resist 
Q: What’s the definition of confusion in trading?
A: Two Elliott Wave analysts agreeing on the correct wave count—and still being wrong.
Q: How do you induce cognitive dissonance in a trader?
A: Ask an Elliott Wave analyst to finalize their wave count.
Q: Why do Elliott Wave analysts never argue?
A: Because they’re all equally confused.
Q: What do you call it when two Elliott Wave traders agree on a wave count?
A: Pure coincidence.
Q: How many Elliott Wave analysts does it take to change a light bulb?
A: Just one—but it’ll take five attempts, three corrections, and two revisions.
Ok, as you probably inferred from the jokes, the most difficult aspect of Elliott Waves is accuracy in wave counting. I wasted a year because I didn’t have an objective way to count waves. Years later when I finally developed a method for objectively analyzing waves (cycles), I found other methods to be much simpler and more accurate.
Unfortunately I haven’t read one single book or resource on Elliott Waves that I can recommend in good faith (and I’ve read a lot) 
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Same here! 
Lol, honestly, one year’s not so bad at all.
I’ve known several people through the industry, over the decades, who have wasted longer than that.
It’s very clear indeed that these “Elliott Waves” are among the many things for which there’s never been anything more than anecdotal evidence, and it’s all terribly subjective and interpretative, isn’t it?
That’s why they’re so much loved by various different kinds of vendors, promoters and self-promoters with impressive marketing skills, who are typically supremely adept at sounding authoritative and at deriving income from providing “information” rather than from trading, themselves.
“Elliott Waves”, because they’re so interpretative, are a subject on which it’s easy to sound impressive and well-informed.
There doesn’t seem to be a chart in the world that an Elliott Wave enthusiast can’t somehow fit in with his or her existing preconceptions, especially by the time you allow for all the “extensions”, “alterations”, “truncations” and the interpretation of all of the things that those Elliott adherents have gradually had to invent and introduce to answer objections concerning their perceptions.
I think newspaper horoscopes are really positively rational and scientific, compared with Elliott Wave “theory”. 
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I would focus more on learning market structure which is based on what price is doing right now and is much more objective than Elliott Wave Theory.
R.N. Elliott posited his theory based on the market making 3 motive phases before making 2 corrective phases, but the market can easily and often makes 4, 5, or 6 motive waves before a substantial correction.
Market structure can make sense of these events which may be considered outliers in Elliott Wave Theory.
There’s nothing wrong with reviewing the work of one of the 5 Titans, but mastering a foundational principle such as market structure may give you better mileage. You’ve never heard anyone say that Elliott Waves are King.
Good luck!
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You won’t, either - unless of course they’re selling something.
(People who claim to see great value in Elliott Waves are unquestionably making their money by selling stuff, not from trading!).
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LOL damn this one really got me, it was really funny
Honestly it does not sound that logical, so you believe there is no single trader getting profit by trading Eliot waves?
I do.
Many people believe that.
There’s no objective evidence that Elliott Waves have any value.
Have you seen, or heard of, anyone trading with steady success by using them who isn’t promoting or marketing something? I haven’t. I don’t know anyone else who has, either (and I’ve asked!).
If I’m mistaken, I’ll be very happy to learn something new! 
If you’ve read 2 or 3 books about it, you might know something new, that I don’t? Which books? And did they help you?
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What is any objective evidence that any type of analysis works!?
Here’s a website covered with it, not to mention that there are also a few hundred books … 
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I read it quite a while ago, but found this both interesting and actually helpful
I’m been reading that book by Van Tharp which is recommended by so many Babypips members, and it presents a lot of objective evidence and discusses it.
Some of it’s from independent, university studies of the financial markets and effective trading systems for them.
Including forex.
I’m only a beginner but I can see objective evidence.
Maybe not so much online, though? It might be one of those issues where what you see depends on where you look?
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I’ve always struggled with learning Elliott Waves. there just seem to be endless ways to count them, and that definitely doesn’t help. Honestly, I really wonder if anyone’s actually making solid money using just Elliott Waves.
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Yes that is actually my problem too, also that after counting them I cannot understand how to determine a wave ending
whats the name for this book?
Hi All,
Again another thread about Elliot Wave / EW. 
As always, I just want to add more information about EW. I used EW before. I don’t use it now, only because I have my own method that I think easier and better for my personality. I’m not arguing, but only sharing. hopefully, it can help anyone who need the information more.
As I mentioned in other thread EW is another perspective of AMD. So we need to know the principle, core idea, behind EW.
When there are many EW traders give different analysis on an instrument, only 2 possible things: EW from different TF or they don’t know how to use EW at all.
If you read through EW, follow the instruction step by step, the specification to define Wave 1-5, we can hardly have two different analysis.
Example, when to look W1? The answer is during equilibrium. Outside this moment, no W1 will be eligible. The question is at how we interpret equilibrium.
When we can see W1, we anticipate W2, as long as W2 moves according to the rule of EW, we can expect W3. This is how EW’s traders can have the benefit from implementing EW.
During W3, it can continue to W4. Sometime, market has no enough momentum, W4 fails, then the cycle breaks here. This is the reality of EW, nothing is perfect. So EW’s trader wont expect there will always W1-5 and then a-b-c.
The principle is the same like AMD, these principles are actually market psychology, they are part of market dynamic, and generically come from Price Action.
We don’t need sophisticated terminology and technique to trade, when you look at the chart, price moves like stair up, that will be uptrend. We learn how to have benefit from this pattern. From this basic idea, comes out many concepts from scrutinizing the basic idea.
Have a good trade all 
Example here, the incomplete EW … unarguable, no more pattern to play with.
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It’s called “Trade Your Way to Financial Freedom.”
I’ve seen at least 10 people at Babypips recommending the book and saying that it helped them. It helped me, too, especially the later parts of the book, about position sizes, which previously I’d totally misunderstood from everything I’d seen about it on the internet. 
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@Lizarus and @Margaretwantstotrade
Sadly, you both have run into the same problem that 99.9% of amateur traders run into and it has nothing to do with Elliott Waves.
The key piece of information you’re missing is this:
- Waves, cycles and trends - 3 different words that essentially describe the same thing
- Uptrend = up wave = cycle advance = series of higher highs / higher lows
- downtrend = down wave = cycle decline = series of lower highs / lower lows
- Waves, cycles and trends are fractal = multiple trends / waves / cycles (of different scale & magnitude) are happening at once and can often be seen in a single timeframe
So with all of the above in mind:
- if a trend / cycle / wave is fractal in nature then how do you objectively differentiate a trend / cycle / wave of one scale from another?
- if trends/waves/cycles are fractal and are also a series of highs and lows, how can you objectively identify which highs and which lows belong to which trend/wave/cycle?
These are basics that nearly all “trading information” and “trading gurus” on the internet skip over (because they themselves don’t know how to trade profitably)
If you’re serious about learning then I suggest you read through these threads (read the replies as well) over and over again until it becomes clear:
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Ok, I’m a little bored today, so I’ll add this for objectively counting waves for those that are interested
Here, I’m using a MACD for wave counting 
When the MACD crosses the signal line and the histogram crosses the zero line (yellow circles), it marks the end of one wave and the start of the next wave. The histogram clearly shows the up waves and down waves. A trader should use a rule like a wave requires a minimum 4 histogram bars to count as a new wave in order to filter out the noise.
Elliott himself says that the markets will not always follow the ideal 1-2-3-4-5-A-B-C pattern, as shown in the daily chart above 
But analyzing higher degree waves (aqua blue wave count) in the same consistent manner helps keep the analysis as objective as possible.
Edit: I forgot to mention that the MACD shows both the lower degree (MACD crossing signal line & histogram crossing zero line) and higher degree waves (trendline breakage of signal line).
This is a simple way to count waves but it still requires the trader to objectively and correctly mark highs / lows as well as objectively and clearly identify the degree (timescale) of the waves, as I wrote in my previous reply . That and a whole lot of practice.
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Hi @Dollar_McGavin,
I am feeling bored as well. After meeting online for whole days, I sit in my pool meditating, cooling down my head 
EW is interesting topic. A lot hate and love are around it. 2-3 months ago, I was giving education about it. The beginner was excited, thought it was a holy-grail, while the more experience traders, but still have no profit, cursed and made arguments around it. Only few experienced trader appreciated it.
Event BP doesn’t give enough explanation about EW.
The first thing to do before we use EW is locating equilibrium area or The Base.
Without knowing The Base, it’s impossible to allocate W1.
Differnt TF will have different base, LTF will give fast and weak base, while HTF will give stronger base. For beginner, easier to spot daily base, and this is the entry level for beginner to use EW.
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