NexusFi: Find Your Edge


Home Menu

 





Anyone use Elliott Wave ?


Discussion in Emini and Emicro Index

Updated
      Top Posters
    1. looks_one smb2222 with 37 posts (14 thanks)
    2. looks_two Larry with 24 posts (14 thanks)
    3. looks_3 cpuz with 7 posts (6 thanks)
    4. looks_4 Canon with 3 posts (5 thanks)
      Best Posters
    1. looks_one Canon with 1.7 thanks per post
    2. looks_two cpuz with 0.9 thanks per post
    3. looks_3 Larry with 0.6 thanks per post
    4. looks_4 smb2222 with 0.4 thanks per post
    1. trending_up 32,575 views
    2. thumb_up 47 thanks given
    3. group 17 followers
    1. forum 86 posts
    2. attach_file 61 attachments




 
Search this Thread

Anyone use Elliott Wave ?

  #1 (permalink)
smb2222
Huntington Beach-Ca
 
Posts: 41 since Mar 2016
Thanks Given: 26
Thanks Received: 16

Hey guys,

Just wanted to see if anyone has used Elliott Wave in thier trading stradegy. I've studied EW for many years and seem to have good success with it. I wanted to see if there are any traders that use it as well and would like to either chat about it and share ideas via email-futures-io-skype-phone-or meet up. I've heard mostly horror stories about EW, but I had the same fealings about it until I studied it for quite a while. I don't just use it alone but wanted to really get some feedback from others that have had some success with it.

Thanks

Happy Trading

Shawn

Reply With Quote
Thanked by:

Can you help answer these questions
from other members on NexusFi?
Deepmoney LLM
Elite Quantitative GenAI/LLM
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
The space time continuum and the dynamics of a financial …
Emini and Emicro Index
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
NexusFi Journal Challenge - April 2024
Feedback and Announcements
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #3 (permalink)
 
DELTA007's Avatar
 DELTA007 
NewDelhi ,India
 
Experience: Intermediate
Platform: NT7
Trading: crudeoil
Posts: 161 since Oct 2014


Good to see you here. I think a topdown approach with Elliott is required to get the count right. If you have a count on S&p500 and CL please share. What other tools do you use with Elliott?

Reply With Quote
  #4 (permalink)
smb2222
Huntington Beach-Ca
 
Posts: 41 since Mar 2016
Thanks Given: 26
Thanks Received: 16

Delta,

Good to see you on here. I totally agree with your top down methodology. I usually go back as far as atleast 1 month to see the larger wave count. It ives me a much better picture of possibilities.

I don't use many other indicators except fib retracement levels which help define wave types. I follow your motto "Keep it Simple" The more simple, the more I can concentrate on price action and the DOM. I'm also really looking into the Jigsaw heatmap software program which I think would really help with determining wave follow through and strength. It would also help with cutting my losses shorter. I'm not very well versed in this area but it seems to be a good investment. I've read other threads on this site and others use it religously.

I attached one of the most useful ebooks I've read to date from Jeff Kennedy at EWI. It has helped me immensley.

I also attached my current wave count. I usually follow Jeff's rules unless I feel I've got a really good sense of the price action that day which would add some credence to the wave count. I'm going to wait to see if the market breaks this last high (which would tell me most likely its the ALT Wave IV count and will break this last major high) or if it breaks below the last low this means in my mind that it is a possible wave 3 down

Let me know if you can't see the chart clearly. I noticed there was some degradation when I saved it as a jpeg. I would be interested to know what other indicators you use as well.

Attached Thumbnails
Anyone use Elliott Wave ?-best-traders-classroom.pdf   Click image for larger version

Name:	Futures IO Example.jpg
Views:	636
Size:	110.8 KB
ID:	205821  
Reply With Quote
Thanked by:
  #5 (permalink)
Canon
Lansing Michigan/USA
 
Posts: 5 since Mar 2016
Thanks Given: 2
Thanks Received: 5

I use Elliott wave, as well as Fibonacci levels, as my primary tool for trading. I look for classic high probability set-ups to trade. Mainly, reversal patterns such as ending diagonals, .618 wave II retraces, flats, and triangles. These setups provide optimal entry points as well as easy stops.

Reply With Quote
Thanked by:
  #6 (permalink)
smb2222
Huntington Beach-Ca
 
Posts: 41 since Mar 2016
Thanks Given: 26
Thanks Received: 16

Canon,

Thanks for sharing your experience with EW. I've seen many of your helpful resoponses on previous threads. Thanks for taking the time to respond.

That's pretty much what I've been using as well, with surprising success. When I mean success, this isn't without losses. The waves sometimes decide to hit the higher fib levels but EW has really helped me see the fractal nature of the markets.

The only thing that sucks is when the VIX gets over 18. The waves get crazy and sloppy and trades are hard to navigate. This is when I sit on my hands and wait until I feel confident a bottom is in. I like trading bottoms during high volatility because the market always has an upward bias and wants to come back to parity.

Has your experience been the same.

Thanks for any feedback

All the best
Shawn

Reply With Quote
  #7 (permalink)
 
Tymbeline's Avatar
 Tymbeline 
Leeds UK
Market Wizard
 
Experience: Intermediate
Platform: Tradovate
Broker: Tradovate
Trading: MES, MNQ
Frequency: Several times daily
Duration: Minutes
Posts: 644 since Apr 2015
Thanks Given: 2,343
Thanks Received: 1,054


smb2222 View Post
I've heard mostly horror stories about EW


I've actually heard mostly good stories, because where I happen to have looked, enthusiasts comment far more than detractors.

This is, of course, informational selection-bias.

I remain a great sceptic, myself. It seems to me that there isn't a single chart in the world that an Elliott Wave enthusiast can't fit in with his existing preconceptions, when you allow for the "truncations", "extensions", "alterations", and other stuff that adherents have had to keep re-inventing, to justify their faith in the thing.

I think EW has become so well-known partly because occasional well-known people like Paul Tudor Jones have commented in places like Jack Schwager's Market Wizards that he attributes much of his early successes to it; whether the facts and timing of his trading history actually bear that out is another matter altogether, though. This is interesting: Paul Tudor Jones and Elliott Wave Theory | JLTrader

Reply With Quote
Thanked by:
  #8 (permalink)
cpuz
Phoenix, AZ
 
Posts: 67 since Feb 2016
Thanks Given: 3
Thanks Received: 38

Shawn,

I'm primarily an EW trader, and place emphasis on higher timeframe balance and proportion and Fib targets. I've been at it for a while and I'm still amazed at how well the rules and guidelines work IF (and that's a big if) I can correctly identify higher timeframe midpoints and proportional groupings.

I do the Fib support/resistance and projection targets and oscillator analysis C.Brown style (makes more sense to me and fits in with the whole fractal nature of it all), not Prechter/Kennedy or Miner style. I also overlap Kennedy channeling with my own "better fit" application of it. I like to think that I've learned (and still get an education every day) to be less mechanical, looser and more logical with respect to proportion, guidelines and pattern recognition.

Sideways Triangles and Ending Diagonals still cause me to accumulate losses. And Leading diagonals still get me to exit with a break even or small profits, leaving sizable winners on the table. So I suspect I'm no different than most. But I do take advantage of my fair share of Ending diagonals though.

As I write this I just shorted a clear wave C ending diagonal a half hour after being stopped out by a misjudged B wave, but below a wave A that blew through all my initial resistance calcs.

Reply With Quote
  #9 (permalink)
Canon
Lansing Michigan/USA
 
Posts: 5 since Mar 2016
Thanks Given: 2
Thanks Received: 5


smb2222 View Post
Delta,

Good to see you on here. I totally agree with your top down methodology. I usually go back as far as atleast 1 month to see the larger wave count. It ives me a much better picture of possibilities.

I don't use many other indicators except fib retracement levels which help define wave types. I follow your motto "Keep it Simple" The more simple, the more I can concentrate on price action and the DOM. I'm also really looking into the Jigsaw heatmap software program which I think would really help with determining wave follow through and strength. It would also help with cutting my losses shorter. I'm not very well versed in this area but it seems to be a good investment. I've read other threads on this site and others use it religously.

I attached one of the most useful ebooks I've read to date from Jeff Kennedy at EWI. It has helped me immensley.

I also attached my current wave count. I usually follow Jeff's rules unless I feel I've got a really good sense of the price action that day which would add some credence to the wave count. I'm going to wait to see if the market breaks this last high (which would tell me most likely its the ALT Wave IV count and will break this last major high) or if it breaks below the last low this means in my mind that it is a possible wave 3 down

Let me know if you can't see the chart clearly. I noticed there was some degradation when I saved it as a jpeg. I would be interested to know what other indicators you use as well.

That PDF was great. Thanks for sharing!

Reply With Quote
  #10 (permalink)
smb2222
Huntington Beach-Ca
 
Posts: 41 since Mar 2016
Thanks Given: 26
Thanks Received: 16



Tymbeline View Post
I've actually heard mostly good stories, because where I happen to have looked, enthusiasts comment far more than detractors.

This is, of course, informational selection-bias.

I remain a great sceptic, myself. It seems to me that there isn't a single chart in the world that an Elliott Wave enthusiast can't fit in with his existing preconceptions, when you allow for the "truncations", "extensions", "alterations", and other stuff that adherents have had to keep re-inventing, to justify their faith in the thing.

I think EW has become so well-known partly because occasional well-known people like Paul Tudor Jones have commented in places like Jack Schwager's Market Wizards that he attributes much of his early successes to it; whether the facts and timing of his trading history actually bear that out is another matter altogether, though. This is interesting: Paul Tudor Jones and Elliott Wave Theory | JLTrader

Tymbeline,

Thanks for giving me your feedback. I totally agree. I've had the same frustrations. Whenever this trend change happens or the wave counts change, there is almost always small wave subdivisions that you can easily trade (sometimes). Unless, like I was telling Canon -If the VIX is over 18. Waves then get crazy. But then again, with the vix over 20 any system will experience setbacks. Unless you are really honed in on the price action. During volatile times, I've been able to take a quick scalp when the market hits a bottom because I can clearly see a 5 wave pattern down and clearly see some major buying coming in. I need a lot of work on this area. I've been looking into Jigsaw which I think would really add to the toolchest with trading EW. Especially in these situations. But of course sometimes when iceberg or hidden orders mess up your plan your forced to take out the lube and take it like a man.

BTW, I posted my most recent wave interpretation which leaves two main options. Even though there is a chance the index will go either way, you could still trade these smaller waves to get some quick profits,then I'll (try) to sit on my hands and wait to see what direction it goes. The alternate wave count shows that after hours it broke below the possible wave 1 of anticipated wave V up so this in my mind is bearish. It also show a clear 3 wave decline so far. So I've traded these before. Let's see if a wave 4 forms and we get another low.

I'm by no means an advanced trader. I still have a lot to learn so please take this with a grain of salt. I would love to see others chime in on there wave counts

All the best

Attached Thumbnails
Click image for larger version

Name:	futures IO Example-2.jpg
Views:	466
Size:	98.7 KB
ID:	205921   Click image for larger version

Name:	futures IO Example-3 Alternate wave Count.jpg
Views:	392
Size:	96.5 KB
ID:	205922  
Reply With Quote
Thanked by:




Last Updated on September 27, 2021


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts