Hey everyone,
I recently finished the school here and I have become fascinated with these Elliott Waves. I am horrible at finding them however. Are there any good indicators out there that can help me pinpoint where the waves begin and end?
Thanks
I’m not sure by maybe the zigzag indicator in MT4. Elliot wave pattern is confusing.
I ma basically using a combination of 2 indicators which are nothing but the Exponential moving averages. I am using the 12 EMA and the 20 EMA cross over.
I don’t think there is, I’ve been studying Elliott wave for a few weeks now and it seems to me that logging many chart hours and applying the rules is the only way to go. Definitely challenging but very interesting.
I studied a lot on Elliot Waves a number of years back, the problem is, is that when they aren’t clear you can’t really trade them, if they are not clear they are not a reliable for trading, the times that you do see clear ones is so infrequent that it’s not a practical trading strategy.
Thanks everyone. purplepatch you answered the deeper question for me. I was having a tough time identifying the waves on some of the charts. I was just wondering if there was an easier way to see them. Apparently not haha. Yeah it doesn’t seem to be viable for a consistent trading strategy. They are neat way to confirm a trade if you can see them though.
How refreshing, someone that takes an answer on board, and understands it and digests it, you’ll go a long way, so many newbies here go looking for the answer they want, and wont stop until they get it - bad approach.
Thanks for the compliment.
Elliott indicator for MT4. It is calculating ~2000 possible waves (patterns) and wave combinations, taking into account every old and modern Elliott Wave rule, every Fibonacci ratio and the fractal nature of the chart.
elliottindicator.com
My personal recommendations.
If you’re trying to trade Elliot Waves by entering at the end of a retracement, I’ve found the RSI indicator to be quite reliable. Set it to RSI(4) median price. I use a 30EMA to check for a trend, which I assume is what you want if you’re trying to trade Elliot Waves.
Once a trend is in formation, look for a dip in the RSI. Once the dip reverses and the trend resumes, enter on the break of the candle . You can probably place your SL at the swing low. Using the RSI helps you pick out those retracements or zig-zag patterns that aren’t obvious on a naked chart.
edit: the image above isn’t clear, so here’s a link to a full-sized image
Image - TinyPic - Free Image Hosting, Photo Sharing & Video Hosting
What do you mean by Elliott wave? im new and just trying to learn.
Video Explanation
Elliott Wave Strategy Vegas Wave - YouTube
Recommended Elliott Indicator:
Ellioott Indicator | Elliott Indicator for MetaTrader
Good luck!