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Elliot Wave
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Elliot Wave

  #1 (permalink)
Trading for Fun
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Elliot Wave

Initial impression of EW always leaves me wondering why people analyzing EW charts are glossing over swings in price in the different waves. It is like they are "curve fitting" the chart to work with Elliot Wave. It may be called using alternative patterns or similar.
Does anyone have any answer or would be able to point me to simple explanation that I can then analyze quickly and apply to any chart time frame to see this validity to investigate further?


Last edited by edward40; December 30th, 2017 at 04:05 PM.
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  #2 (permalink)
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  #3 (permalink)
Market Wizard
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edward40 View Post
Initial impression of EW always leaves me wondering why people analyzing EW charts are glossing over swings in price in the different waves. It is like they are "curve fitting" the chart to work with Elliot Wave. It may be called using alternative patterns or similar.
Does anyone have any answer or would be able to point me to simple explanation that I can then analyze quickly and apply to any chart time frame to see this validity to investigate further?

I am not an EW purest nor claim to be the EW master. A tip, I wish someone gave me when I first started is don't look at any one technique in isolation.
To make EW simple. There are three impulse moves and two corrections. The last wave is typically the most convoluted. Better to get out on wave two or take some off and hold a piece.
Trends can happen in range.
Also, most commonly trends come in two and three waves. There can be 4,5,6,7,8,9,10 waves, but that adds more risk. Also, it depends on the time frame you are trading. If you're trading a 200 tick and there is room on the hourly you will get more waves.



EW
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Simplified EW

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Trends come in waves of 2's and three's

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A simple strategy to learn is to trade two wave pullbacks going for equal moves of the previous leg stop above or below the pivot. Have fun! Sorry a little more than EW.

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"Small disciplines repeated with consistency every day lead to great achievements gained slowly over time."
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  #4 (permalink)
Market Wizard
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edward40 View Post
Initial impression of EW always leaves me wondering why people analyzing EW charts are glossing over swings in price in the different waves. It is like they are "curve fitting" the chart to work with Elliot Wave. It may be called using alternative patterns or similar.
Does anyone have any answer or would be able to point me to simple explanation that I can then analyze quickly and apply to any chart time frame to see this validity to investigate further?

I am not picking on you or trying to brother you, or just trying to be a negative person with this post.....

I only want to offer what I can to help you ....

Regarding your bold text above in the quote: Please understand there is absolutely no way to quickly apply Elliot Wave. It will take a lot of practices I don't use it and don't know much about it....but I do know this.... it is a skill not unlike any other skill people use to create revenue in a business.

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It is an art... as is a lot in trading.... an exercise...

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #5 (permalink)
Market Wizard
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Ozquant View Post
Its not quantifiable so any probability is an illusion , thats the problem with subjective analysis ...



I certainly donít know enough about Elliot Wave to know if itís probabilities produce a good edge. My gut tells me it can. We obtain trading probabilities from history. Elliot wave practitioners must as well using chart history.

I just met and spoke to Todd Gordon as well as heard him speak at the Nov 2nd 2017 Traders EXPO in Vegas. As part of John Nettoís day long Global Marco Edge series. Todd wrote a chapter in Nettoís book of the same name. Todd uses Elliot Wave.

I donít know what Toddís trading acct looks like or his equity curve but I do know what John Nettoís looks like have spoke to John in person on Nov 2nd also a hand full of times over the phone and on text ... email too .... and I can say with certainty there is zero chance Netto would have somebody write a chapter in his book that was not a consistently profitable trader.

The first page of Toddís chapter (p259-292) in the book was written by Netto... note the bold text at the bottom of the page: objectively convey what macro argument is winning the debate on a price action basis. As important, it also lets you know the point on the charts the opposite argument is gaining traction.
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Below is one of Todd Gordonís YouTube videos....

https://youtu.be/LECCIoRE20Q

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My point of this post is not at all to upset you or anyone.... just to say that unless we intimately know a trading methodology backwards and forwards I donít see how there can be a chance we know details about its probabilities and their validity.

Ron


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It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #6 (permalink)
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Ozquant View Post
From a post i did earlier , the point is subjective analysis with moving goal posts CANNOT be quantified period . There is nothing more to say .

...


Just to be clear im not here to rain on anyones parade , If EW works for you all power to you .


Quoting 
"The acid test for distinguishing an objective from a subjective method is the programmability criterion: A method is objective if an only if it can be implemented as a computer program that produces unambiguous market positions (long, short, or neutral). All the methods that cannot be reduced to such a program are, by default, subjective

even it's programmable it could always be curve fitting.

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  #7 (permalink)
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Ozquant View Post
From a post i did earlier , the point is subjective analysis with moving goal posts CANNOT be quantified period . There is nothing more to say .


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Thank you for these book pages. Please what book is it?

My dear friend.... there are many times two different practitioners of a objective trading method, one that can be programmed, produce different results. For many reasons. Trading is not a science. Engineer types always want it to be. It's their comfort zone. Very heavily left brain people. At its foundation trading is a creative process. We "create" cash, wealth, income, revenue..... that was not there before.

Trading is risk management. Whatever method you use matters very little. Heck some traders use moon phases. There is zero correlation over time between a trading system that produces consistent winners and consistent results you can live off of. It is psychological skills not the objectivity of a trading method that produce consistent results.

You can't make a living off of back test data no matter how precisely you determine its level of performance. The future is uncertain. You can use it to enter a trade as something to lean on. But the mental skill sets is entirely where consistently, over time, profitable traders have their greatest edge.

It is very logical to assume an objective trading system that can be tested, reproduced and verified to produce consistent winners is the way to creating an income to live off of and furthermore wealth creation. But it's not accurate.

Ron

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #8 (permalink)
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Ozquant View Post
You clearly are clueless and definitely not market wizard material , i gave you irrefutable facts and then you express YOUR limitations and impress them upon me . I only stated EW cannot be quantified therefore cannot be accurately assigned a probability and now you make it all about something thats is so far oftopic its INSANE . You my friend are a troll and dont deserve your classification in any way whatsoever . You are just like the typical ET guy . I herein retire from this place because if you are whats considered a MW this place has low standards ..... BYE from me .. My facts are not going to be expressed here anymore .

Don't let the door hit you in the ass...vamoose

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  #9 (permalink)
Market Wizard
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Ozquant View Post
You clearly are clueless and definitely not market wizard material , i gave you irrefutable facts and then you express YOUR limitations and impress them upon me . I only stated EW cannot be quantified therefore cannot be accurately assigned a probability and now you make it all about something thats is so far oftopic its INSANE . You my friend are a troll and dont deserve your classification in any way whatsoever . You are just like the typical ET guy . I herein retire from this place because if you are whats considered a MW this place has low standards ..... BYE from me .. My facts are not going to be expressed here anymore .



This is not what you said about 8 hours ago before you deleted it. I remember your first response. Iím not trying to ďwinĒ. FIO was created by @Big Mike as a place for all of us to help each other in this business. I understand the help is not wanted/appreciated in this case.

Take care

Ron


Sent from my iPhone using futures.io

It is an axiomatic fact that while you meditate you are speaking with your own spirit. In that state of mind you put certain questions to your spirit and the spirit answers: the light breaks forth and the reality is revealed.
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
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  #10 (permalink)
Learning to use The Force
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Well that escalated quickly LOL. So much for intelligent banter. I'm not here to take sides, prefer listening to both... I guess that's what happens when one gets so firmly entrenched in their process that any counterpoint is unacceptable.

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