Think I may have spotted an Elliott Wave pattern here on EUR/USD 1HR chart. I’ve never traded Elliott Waves but just saw this it looks like it’s obeying the rules for now. The screen capture is showing possible end of Wave 3 I think. The end of Wave 2 occurred at the Fibo 61.8% retracement. Could I be onto something here or … ? Any input would be helpful, thanks.
Check that in any testing environment for at minimum 1-2 years and then look what risk is has and what profit factors and roi, etc. etc.
Almost all trading concepts work for a limited number of occurences. That’s even true for ewps. Just the question is if you can manage to create or use a system around which gives you an edge. And in that system at least other factors are very important, like setup, entry, exit, money management, risk control, etc.
Just one pattern itself says nothing about probabilities or your edge. You can find some other patterns which would not develop that nice.
Yeah, I’m new at this and figure that just one pattern doesn’t mean much. I’ll see how it pans out
Elliot wave seems simple when referring to past events. In reality it’s actually a complex set of wave patterns and may be misleading for newbies.
May I suggest you to look into this thread to have a better trading performance for a newbie Pure Price Action For Dummies under this Babypips.com forum.
Happy trading.