My favorite pattern is what I call a 1-2-1-2 pattern for turn point. In Elliott Wave patterns it is a a-b-c- with a fifth wave failure. The two wave retraces approximately 66% or a bit more. Using this in direction of trend works great and at turn points.
Turn points the pattern should be against the trend line or just after crossing it to use it. Other wise your trading against the trend and not as high a percentage effectiveness. These 1-2- patterns show up in the market every day and are 75-80% effective for profitable trades.
End of market yesterday. I took a trade against the trend. Thinking the move would be go through the wilders smooth. Thereafter with the trend was an 1-2-1-2 pattern to take, on the line and in direction of the line. So far so good, but often the market comes back and so do not be quick to move your stop up or be aggressive with a protective stop with these.
With the possibility of the market opening with a gap. Markets will keep going in direction of the gap opening or seal the gap and then go in the direction of the gap opening. Seldom have I seen it keep trading the day back into previous day
's trading range, all day.
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
I know it's been a while since you posted this thread but I wanted to find other traders that use elliott wave as well. I've studied EW for probably 16 years and just recently tried using it in my trading now that I have some funds to trade.
I attached a really good pdf file that Jeff Kennedy wrote and it has helped me tremendously. I think you will find it very helpful. The key to trading waves imho, is that you have to have patience for them to form. Jeff's entry stradegies have helped me immensley. They don't always pan out, but no system is perfect as I'm sure you know being an advanced trader.
I'm still learning and by no means am I a professional trader, but I thought you might find this book helpful.
Let me know if you want to chat about this subject more