Is there anyone who can tell me about trading the elliotte wave theory and its strategy?

[Paul_Goldtrader]

Hello traders.
I am interested in the chart patterns and elliotte wave theory.
I am creating a strategy based on this chart pattern theory, but want to discuss about it with another trader.
Is here anyone who is using this theory, or who are very experienced with this one?

[ria_rose]

Elliot Wave has always been too complicated for me. Haha. But you might want to check out these threads to see what some of the members have to say about it.

All things Elliot Wave. All discussions strictly Elliott welcome

Elliott Wave: Introduction | Investopedia The above introduction will lead to a full background on Elliott Wave. Why is Elliott Wave significant in trading? Well, I am firstly not saying other methods are not valid, after all the market is made up of participants using these methods. I think it is significant because Elliott focused on the psychology of the market. The moment the market found itself visual on computer screens it became possible to see market reaction over time in one place. I…

Is anyone using elliott waves?

I am wondering if anyone here is using Elliott wave theory in their strategies, because I am interested in adding it as extra confirmation, but wanted to hear some opinions, does anyone have experience trading them?

Is there any particular reason why you’re interested in Elliot wave?

[tommor]

Elliott Waves is a neat theory but for me, developing these on a chart is too subjective. I’m not saying it wouldn’t be useful as a guide too trade entry and management but there are simpler ways to get to the same destination.

[SemperExpeto]

Ugh… maybe don’t trade it? Seems to me, from what I’ve read, most successful traders don’t like it. Apparently it’s complexity and open interpretation means you can pretty much read it any way you want to get the buy or sell signal you’re wanting to see. So, a lot of traders view it as a very confirmation bias way of trading.

[alistera]

There is no one more experienced on this publicly, Elliott Wave provides you 80% of everything you need to succeed and is the closest you will get with a single indicator, the problem is in the markets you have a 92% probability of loss 92% of the time, so it’s just not good enough.

I’ve used eSignal Advanced GET and that is as good as it gets, you should be able to become breakeven relatively fast out of the box, normally it would take 5,000hrs, waves and cycles form the foundation of everything we use to trade which I’m teaching a student at the moment.

Otherwise you need to create your own strategy using a custom combination of indicators, even with that after the breakeven you still need the other 5,000hrs to become profitable using your own custom strategy, but that’s another subject.

[flamingoproxy]

@SemperExpeto

Ugh… maybe don’t trade it?

exactly right (i wouldn’t say “maybe,” myself)

@SemperExpeto

most successful traders don’t like it.

most successful traders laugh at it - vendors and spot forex counterparty “brokers”, on the other hand, love it (no mystery there!)

@SemperExpeto

you can pretty much read it any way you want to get the buy or sell signal you’re wanting to see

exactly

astrology is more objective and reliable!

there’s only ever been cherry-picked, anecdotal evidence supporting it

there isn’t a chart anywhere that an Elliott Wave believer can’t somehow fit in with his own biases and preconceptions, especially with hindsight

when they see an awkward one to explain, they just make up add-on, extra terms to describe it, like “extensions”, “alterations”, “truncations” and so on - all of the nonsense that Elliott adherents have gradually had to invent and introduce to answer all the objections concerning their bizarre perceptions

loved by counterparties, self-styled “experts” and especially vendors - but successful traders not so much!!