I’m new to EW but I think your chart breaks the third rule of EW:
wave 4 is bottoming in the area of wave 1
just wanted to comment on that 
good luck
You can make, twist, turn, believe any BS strategy (in the eye of the beholder) in any way you want. The real test is very simple: Does it make any [B]REAL[/B] money in your account consistently.
Period!!!
Happy Trading
hi all,
me too learning the elliot wave as part of my price action strategy taught by nikita (hi there nikita)
i came here after referred by the elliot wave class in the school of pipsology. so… i took these two charts and tried to analyze them.
the elliot wave consists of 3-5 pattern and then the a-b-c consolidation. from these charts i see the big waves. :lenz: so here i attached 2 screenshots from EU H1 and GU H1.
this is the EU H1 timeframe. the numbers are peak and bottom. from this picture, i see that EU in H1 has just completed wave 3 and in progress of wave 4 (searching for bottom).
according to my reading the price will go down to the second bottom. however, there is pin bar indicating bull at the end of the chart. also fundamentally Euro has more good news than USD. so… maybe… just maybe… the price will open a bit higher than the closing. it will not go higher than the peak, though. after that opening, the price will go down in search of the bottom.
this is GU H1 timeframe. first of all… look how similar they are. but i haven’t learn about pair correlation yet. now i’m sharing about the wave.
my reading is actually the same with the EU chart. only that here in GU at the end of the chart i don’t see the pin bar.
we shall see in few hours when the Aussie session opens. i do hope that my reading is a bit correct
this chart with horizontal line added was taken after someone reminded me about the third cardinal rule about wave 4 can never crossed with wave 1. with this horizontal line drawn, then i can predict where is the bottom of wave 4 will be
What you are looking at on that chart is Wave 4, trying to get a 1,2,3,4,5 out if it is analysing too much, the price action says it is wave 4, Wave 1 moves, wave 2 retraces, Wave 3 is supposed to be the most significant movement, then you get Wave 4 which sprawls just like in the chart above, before you get the 5th wave which is hard to spot due to the characteristics of wave 4.
I have been told that the Elliot Wave theory has no significance today. Of course I haven’t had an opportunity to try it out, because I am still learning and wondering if it is worth it or not!
I don’t see any links to examples I guess it is this old thread, or is there a link to some examples I can check out. I have seen other web sites where the Authors claim to use Elliot Wave theories to make money, but I can’t prove it, because I have no way of proving it, other than there word. Would be nice though! Trying to get the chafe from the wheat looks like it might be hard.
Great efforts man. Thumbs up ;);)
How do I know when the wave begins, since it is not as easy as described on this lesson as on trading chart and there is not a bell to ring confirming that the wave has either started or completed.
If u are just starting out, dont waste time on EW or indicators. You might rnd up spending more than two years just realizing they dont work.
It looks great on hindsight though
There are some things that work for people and some things that dont. Elliot Wave (EW) does work for me. Elliot Wave Indicators do not. It varies on how you approach counting waves. IF you are counting correctly and doing your top down -down top analysis correctly, everything should fall into place.
Hi everyone
I am fan of elliot, as a new inexperienced one, i am glad to have chance to discuss more about elliot wave, in particuliar triangle. triangle have 5-3 patterns? as i noticed in usdujpy daily, it is a triangle, and now the pair begins it 3 wave correctives, right? i am not sure this wave is a big one or not?
Look forward to hearing from you
cant wait to graduate.
Thank you so much.
Any recommended free eBook for Elliot Wave for beginners that is quite comprehensive ?
I’ve downloaded some but quite disappointing.
[B]
The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method’s loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.
[/B]
awesome,generous share
Dear Lasereyes,
Why is the leading diagonal consider as an Elloit Wave? As it has obey one of the rules .
"Rules for trending waves:
- Wave two cannot break bellow the low of wave one.
- Wave 3 cannot be the smallest trending sub-wave.
[B]3. Wave four must not overlap wave one.[/B]
"
Overlap wave one.
Thank you
You never know your luck, I suppose, but according to his profile he hasn’t logged in here for more than 5 years.
By the time you allow for “extensions”, “alterations”, “truncations” and the interpretation of all of them, there isn’t a single chart in the world that an Elliott Wave enthusiast can’t fit in with his existing preconceptions.
But are they making any money from it, apart from by trying to teach it to other people??? :30: