Can someone who’s actually been profitable with Elliott Waves explain the best way to correctly identify the waves?
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Hmm elliott Waves were never really my thing 
I could never get into them. But curious to see what others say!
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Nor mine. 
The only people whose “thing” they really are, are people making some money by marketing “information” to struggling traders (that’s maybe a lot of people, though: it’s a huge indistry!!).
I don’t believe anyone’s making money by trading from “Elliott Waves”.
This thread tells the story, anyway -
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If it was totally useless it was removed a long ago not among analyzing strategy
also never take advice from people who have no knowledge or information about the topic you are looking for. There are actually a few stategies that are not removed and are accepted among traders, elot wave analysis is one of them and it cannit be an accident!
How about astrology, then?
That hasn’t been “removed a long time ago”, has it?
It’s enormously popular and millions of people believe in it, and thousands of people are making a living by promoting it, even though it’s idiotic junk.
So that’s why I don’t think your argument’s actually valid at all: everything I said about astrology is equally true of “Elliot Waves”.
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I know absolutely nothing about Elliott waves, so this may be rubbish, but I strongly suspect that they are only identifiable after they’ve completed. There’s so many different types and they’re sort of subjective and hard to identify in the moment of them happening. Is that red candle a retracement wave or still part of the impulse wave? You only know when the pattern has completed.
There’s also so many different types that it’s just so difficult to use it. I know big banks have Elliott wave analysts so there’s some value to it, but I don’t think anybody on here is going to be able to do it well.
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with respect, you argument has too many faults that I cannot accept it! first if you know nothing about it so how do you know all these problems about it? then
it is like I say for price action that is the red candle start of a bearish wave or is it just a correction, if the price passes a zone is that zone lost, for example if price passes support is that support lost and I should sell or is it a failed break and the price goes up strongly? if the price hits a resistance for 10 times does it mean that the zone is very strong and in the next touch i should sell or are the order blocks getting filled and the zone is more likely to break?
you see, if we wanna judge like that, every analyzing technique is wrong!
Hi @Lizarus,
Since nobody talk about Elliot Wave (EW), I will open a bit about it.
In the past EW was a part of my strategies. EW actually has relation with the principle of AMD. To understand EW, you have to know current market’s phase.
The initiator to find EW, you have to wait when market is in under consolidate. The real consolidation is when market is in its equilibrium. This is when EW will be expected.
When market is under its equilibrium, there will be momentum to explode to form complete EW (EW recognize Wave 1-2-3-4-5 and a-b-c). Sometime, it will just show wave 1-2 and fail. Sometime wave 1-2-3 and go off. So it’s not necessary to have complete waves 1-2-3-4-5 then a-b-c.
The waves won’t be necessary clear as in theoreti 
cal. All depends on momentum. But there is a rule for each wave 1 to 5. It’s something similar to Fibonacci.
One thing EW is not a continuation pattern. So one cycle won’t be necessary has relation with previous one. To trade EW, it’s similar to trade other signal. EW can be easier spotted on GBPUSD, USDJPY and EURUSD. XAUUSD, mostly broken in 1-3.
Since it’s more because of momentum, it won’t be useful when you apply it on less or too volatile market.
I wish there is no unhealthy fight from my post
Example:
Mitigating EW
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Waves are real, and Elliott was real. But Elliott Waves are all in the head.
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Great post, @TYGMedia
Elliott waves are another form of cycles analysis. I also used Elliott waves for a while.
I posted this Microsoft chart Nov 16th, 2024, with a preliminary (B) and projected / forecasted (C) wave:
And here is the updated chart:
No fight from me, I think your post was brilliant! 
Yes, Elliott Waves work for those that can objectively and accurately measure waves / cycles. Unfortunately most non-professional traders can’t and there are no good books or resources for accurate Elliott Waves Analysis (at least none that I found).
I eventually came up with my own form of cycles analysis, which I prefer over EW, but I know several professional traders that use EW as a complementary form of analysis.
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Hi @Dollar_McGavin ,
Thanks for you appreciation. Most of your posts are also valuable for many trader. 
I’m agree with you. EW for is AMD on top of Math. I luckily learned it from a very senior fund manager. The real use of EW is very different from explanation I got.
EW helps us to predict momentum and probability. When W1 and 2, we are preparing our trade. We can start to trade from W2. W3 can be used as confirmation or defining a target. From W4 is created we are starting to stop our position. When W5 is creating, we will have last moment to trade last correction before the momentum end.
Combining EW with PA, will help us to define the momentum strength. So we can predict how high the possibility for EW to be success.
Since every wave of EW has minimum specification, EW becomes an useful trading tools for most fund manager.
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As are yours, @TYGMedia
I’m not sure if it’s the same for you, but one thing I didn’t count on after going full time was how much free time I would have. So I mostly post when I get bored to make the day go a little faster.
Yes, I learned from a COMEX trader and market analyst that developed his own methodology. I would say a lot of technical analysis, not just EW, is very different from mainstream trading advice.
Yes, completely agree. Cycles theory, including EW, can be used to forecast momentum and potential movements in trend swings. I learned it a little differently but a lot of similarities to what you described.
Yes, I agree. EW theory requires a very deep understanding of markets and technical analysis, which is why I’ve only seen professionals use it.
That’s interesting that you combine EW with PA. I learned EW with MACD and Fibonacci. Yes, EW theory is highly technical and very detailed, much more technical than the watered down explanations in mainstream trading “information”.
Yes, each wave has its own set of characteristics as well as unique relationship with other waves, e.g. wave 2 can predict what wave 4 will look like, wave 3’s relationship with wave 5, etc.
Good stuff!
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Hi @Dollar_McGavin,
Finally, I find someone who feel the same 
…
I also feel deadly boring to be full time trader, especially when we need to wait momentum to come. I keep drinking (plain water) and eat apple to kill my boredom.
I wrote here (before), create youtube content or just sitting in my pool until my skin wrinkle 
Now, I also do sharing to selected friends about forex for free during my spare time. The point is, how to kill the spare time.
Just like now, I’m sitting in my pool, waiting for good momentum to trade … it has been 3 hours. I don’t know what style to use anymore. 
Yup I was taught to use EW with some momentum based oscillators, such as MACD, Stochastic, OsMA, RMI, RVI. We can also use Parabolic SAR and Bollinger Band to empower EW. The principle is how we can predict W1-2. If we can’t correctly identify W1-2, EW is only imagination. By understanding the principle EW, we can predict movement before it’s happened. Basically it’s our skill to turn EW as a leading or lagging signal.
Btw, I always love to discuss thing technically and other non trading stuff to have a more valuable life. Fighting, teasing and bullying others, are not my area. I like to read your posts, it gaves me a lot of idea. 
Have a good day @Dollar_McGavin
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Ah, a kindred spirit
I do the same with coffee! Drink coffee while waiting!
Coffee is my latest hobby, I got a fancy new machine and 30 different kinds of coffee…my wife’s friends come by just for the coffee
Yes, same here. I also write a lot but don’t post online, making YT content is not my thing but I’ve been on a few podcasts and mentor a couple of traders. Otherwise, spa, golf, outdoor walks and boring my wife to sleep talking about bond yields
Exactly! Maybe I’ll start yoga or cooking now
I completely agree. It’s a tool like other forms of TA. Trading successfully is more about what a trader can do with the tools than the tools themselves.
Yes, same for me. I could discuss this stuff all day long but arguing, negativity, trolling is not worth the time / effort.