Hi There…I understand the way the ELIOT WAVE works, but I am struggleling to find the starting point. I mean every chart is loaded with the chart moving up and down. Can you help ?
I’ll try !
Firstly Elliott was looking at individual Shares when he invented his Theory - He thought it worked with a share. (and commodities and housing - Prechters book shows a lot of research and charts stretching “Way back” - but these were in general “real assets” which can be expected to appreciate over time - Forex should stay the same (Ceteris Paribus)
I used to trade the Dow and researched the waves quite thoroughly for use in an index - Sometimes you could see what appeared to be moves which correlated. mostly you couldn’t.
When you come to Forex, the situation is even worse because you are trading two currencies in opposition - liike betting on the winner of a boxing match. However by definition those two boxers are fairly evenly matched. Look at this chart
Elliott never considered Forex, because it hardly existed - in his day there were 4 US $ to 1 GBP and here in the uk we used to call what is now 25 pence a “Dollar”.
That is 12 years of euro/dollar.
Here is the same period of teh Dow
Can you see the difference ? the Dow has risen way past any previous highs, whereas Forex stays in a range - Quite a big range yes - but if you go back further you will see Eurusd has been much weaker in the prevous 12 years. ie in reality - IT IS GOING Nowhere real.
Therefore Elliotts theory of movements cannot really apply to Forex (IN MY OPINION Only!)
I’m sure others will disagree with me intensely (Elliott zealots can be very defensive 
- Like “global warmists” in some ways) and Marty Schwartz (Pit bull) wrote how he used to consult Bob Prechter and then found that Prechter was “Sitting on the shore of the lake - waiting for the tidal wave” - I recently sold my “Elliott wave principle” for good money and was very pleased about that.
Hi There…:So you do not think its relevant today?
irrelevant is the wrong word
just a another way of looking at things and well known
I’ve studied it way back and found it no better than any other generic indicator or system
I smile when I think of that time
dont limit yourself to one ideology/method
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Up to now nobody answered my question…Please
Waaaaay to complicated to explain in one of these boxes. There are good guys all over the internet/youtube.
if you’re looking for the absolute in likes of elliotwave then you need ask if putting capital to trading is right for you
So much of ew is subjective
You can tag along with the masses that ew appeals to or you can have a separate idea of the count or a violation etc
that’s why it’s called a THEORY
search on to the next method or indicator after you’ve had your fill of it