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Anyone use Elliott Wave ?
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Anyone use Elliott Wave ?

  #1 (permalink)
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Anyone use Elliott Wave ?

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

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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?

Keep It Simple
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Current Wave Count Example

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.

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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.

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Anyone use Elliott Wave?

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

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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

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I'll admit to using EW

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.

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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!

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Totally Agree



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

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Anyone use Elliott Wave ?-futures-io-example-2.jpg   Anyone use Elliott Wave ?-futures-io-example-3-alternate-wave-count.jpg  

Last edited by smb2222; April 11th, 2016 at 10:17 PM. Reason: Forgot to mention
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