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Counting Elliott waves
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Counting Elliott waves

  #1 (permalink)
Trading for Fun
GrandRapids, Michigan
 
Futures Experience: Intermediate
Platform: NinjaTrader
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Billbb's Avatar
 
Posts: 152 since Mar 2011
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Counting Elliott waves

just the last 2 weeks ive dug into Elliott wave principle...amazed w/ the precision...

Ive been wanting to figure out how to catch the big waves...been tweaking the extensions, flats & zigzags..

If u count waves too, let me kno how u r doing...

Bill

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  #3 (permalink)
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Hey Bill,

I also like Elliot Waves too. It is amazing how well it can work, but also it is frustrating because you can have 4 perfect waves and then trade the 5th wave and it fizzles out...

I find I am more successful trading a part of the movement. I look for trade set-up based on an ABC (3-swing) correction to the prior impulsive move. So I look for the first strong move down or up, look for an ABC with a 50% retracement and take a trade in the direction of the impulsive move.

Chez

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To your question of catching the big waves, I think you are referring to wave 3.

If so, here is some advice. While it is easy to identify wave 3 after it happens, its not so easy doing it in real time as it is happening. I do best if I use a larger time chart (15min) and find a area of strong support or resistance. I then look on smaller time frame charts and wait for the price to come into those areas identified on the 15 minute chart. I then look for a strong move off of those area. That would be my Wave 1. I then look for an abc correction to Wave 1 and that correction would be my wave 2. Then next move could be the big wave 3 we are all looking for.

Chez

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wave 4

wave 4 is the most predictable ...advance gat looks for this wave. they use two indicators to help. still only 50/50 wave 2 and 4 are pull packs so timing is a problem .

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