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    Registered user nsawork's Avatar
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    Smile Indicator Elliott Wave

    Dear RoboForex Forum members,

    I would like to present the Topic of - Indicator Elliott Wave as a part of the Contest

    First of all to be able to understand and use any Technical Indicator only knowing how it gives signals and what are the directions and colors to be looked is not going to take us far.

    Unless we will be able to understand what is the real Theory and knowledge behind that we cannot get to use it with success.

    So I will try to present the basic Theory before giving the Full details of how we should be using the Elliott Wave Indicator in our trades.

    If you have any questions or doubts regarding the use of this Indicator please ask.

    Thanks

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    What is an Elliott Wave?

    It comes from the Elliot Wave Theory that was originally given by the Ralph Nelson Elliot in a study which he published in 1938.

    It was being proposed for use in the trading markets like Stocks, Forex, Metals, Oils and Commodities.

    The basic premise on which the Elliot wave Theory is founded is based on the perception that whatever moves we see in the markets are a result of the culmination of the market participant’s reaction and the overall effect it has on the price movements seen.

    If we can know what a majority of the Forex traders are thinking then we will surely know which direction the markets will go and the Elliot wave Theory aims to give us such knowledge which is valuable to our trading if we can use it and understand it correctly.

    Using the Elliot wave analysis we can actually learn a lot about the market and its movements since we get to know about the behavior of the traders and thus we get to know the impact it will be having on the Price movements.

    I will show you using the Elliot wave analysis how you can get to know the Forex markets more deeply and thus get to trade with success.

    I will be with you in the path towards success using the Elliot wave theory and this contest is just a means to explain about this in details to you.

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    Why we have to use the Elliot Wave Theory?

    If you have been trading in the Forex for a certain time period of more than 6 months you will notice that any currency pair that you will pick will start behaving in a manner that it has already done in the past.

    The type of moves that it will exhibit is Predictable from its past actions and thus we can utilize the Elliot wave theory in understanding those and predicting the future moves with success.

    The moving forces in the Currency markets decide how the given currency pair is going to move in reaction to a news or event. And we can understand them if we will use Elliot Wave theory.

    In any form of Technical Analysis that we may be using it is the general behavior of the traders we try to gauge and using Elliot wave we can easily predict it. If we can understand it we can tell how much UP or DOWN a given currency pair is going to move and how we can plan our trades around that movement.

    I will tell you about the Elliot Wave Cycle that explains at which position the current trading is going on and what do we expect from here on, thereby allowing us to correctly Estimate our Entry and Exit from the markets.

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    What is Elliot Wave Cycle?

    Attachment 12603

    Elliot Wave cycle consists of 5 waves about which we have to understand.

    1st Wave = Trend movement

    2nd Wave = Counter Trend movement

    3rd Wave = Trend movement

    4th Wave = Counter Trend movement

    5th Wave = Trend movement

    At any point of time a market will remain in one of the 5 waves which we have to understand. 1st, 3rd and 5th Waves are in the direction of the Trend while 2nd and 4th wave is against the Trend.

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    Understanding Elliot Wave Theory

    The patterns that we see in the Forex markets are a result of the behavior that is being exhibited by the traders and if you are monitoring the currency that you want to trade you can see similar types of patterns. Once we can understand these Chart patterns then it will become easy for us to predict the Future movements of the price based on the current market scenario.

    All types of patterns that we see in the market are a result of Price Action which consists of Trends and Corrections. It is the ability of a trader to understand them and trade in the direction of the Trends.

    Impulse Waves = The movements that happen in the Direction of the Trends. In these waves the gain in the markets is more and price moves up Higher. It is a very powerful wave and it will consist of 5 waves.

    Corrective Waves = The movements that happen against the Direction of the Trend. In these waves the markets correct them-self and seem to struggle. Corrective waves consist of 3 waves and these are a part of consolidation phase.

    We can see an Impulse Wave which consists of 5 waves and a Corrective Wave which consists of 3 waves. In different time frames we can see these types of Waves and bigger waves can be made up of smaller 5-3 combination of waves.

    If there is an Impulse move in a Bearish market it will take 5 waves down and 3 waves up.

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    Wave Modes

    We have two types of Wave modes that work in the markets.

    Motive = In the Motive Wave we see a 5 wave cycle as shown above which moves the market upwards.

    Corrective = In the Corrective Wave we have a 3 wave cycle which moves the market downwards.

    Attachment 12604

    As you can see we have a 3 wave corrective cycle

    Wave A = Counter Trend movement

    Wave B = Trend movement

    Wave C = Counter Trend movement

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    1. Indicator Elliot Wave Oscillator

    Description of indicator

    Indicator Elliot Wave Oscillator = This is an Indicator for Meta trader 4 that will allow a trader to know when an Elliot wave has ended and a new one has started. I am using it on the 1 minute time frame to give a fair idea of the Price movements in the Euro. The Green area signals a BUY while the RED area signals a SELL.

    Features and principles of indicator

    How to read Elliot Wave Oscillator (EWO)
    • The highest point of the EWO is the Bullish Wave 3
    • The lowest point of the EWO is the Bearish Wave 3
    • Wave 4 crosses over the zero line opposite to the direction of the main trend
    • Wave 5 iis the new Hig or low of the Swing


    Supporting screenshots

    I am giving Chart for M1 EURUSD using this Indicator.

    Attachment 12612

    As you can see that in the current market scenario it has signaled a Bullish Entry to BUY EURUSD and market is slowly moving upwards today.

    I am giving Chart for M1 GBPUSD using this Indicator.

    Attachment 12614

    As you can see it has signaled a Bullish Entry in GBPUSD and the pair is moving upwards.

    I am giving Chart for M1 USDJPY using this Indicator.

    Attachment 12615

    As you can see it has signaled a Bearish Entry in USDJPY and the pair is moving downwards.

    Personal opinion and recommendations

    I am using this Indicator Elliot oscillator waves 1.02 on M1 and M5 time frames with success for Intra-Day trading. I have tested this indicator in EURUSD, GBPUSD and USDJPY. I will recommend this Indicator for those traders who are doing Intra-Day trading.


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    Continued Below ...

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    Last edited by nsawork; 05-20-2015 at 05:56 PM.

  2. #11
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    Quote Originally Posted by nsawork View Post
    The decision to trade will depend on the Time frame that is being used and the momentum of the corrective waves. The 3rd wave in the Trend movement is a stronger wave and is easy to be identified. You can use Pending orders to Realistically enter at anytime after 3rd wave.
    This is a very good information about the Elliot waves so how much experience you have about Elliot waves trading. That's correct that to get a good signal in this type of we have to use good time frames too. Can I use Elliot waves in short term time frames. Which time frame's are more suitable for this type of trading short or long?

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  3. #12
    Registered user nsawork's Avatar
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    Quote Originally Posted by forexlearner View Post
    This is a very good information about the Elliot waves so how much experience you have about Elliot waves trading. That's correct that to get a good signal in this type of we have to use good time frames too. Can I use Elliot waves in short term time frames. Which time frame's are more suitable for this type of trading short or long?
    Hello forexlearner,

    I am using Elliot Waves since 2 years and the best results are obtained when we use them on Larger Time Frames of :

    1. M15
    2. M30
    3. H1

    This is so because the time of trend formation is more so the Wave will be prominent and the Entry will stand clear with a good range of Profits from 80 to 150 Pips.

    Thanks

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  4. #13
    Registered user Quid's Avatar
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    Quote Originally Posted by nsawork View Post
    Hello forexlearner,

    I am using Elliot Waves since 2 years and the best results are obtained when we use them on Larger Time Frames of :

    1. M15
    2. M30
    3. H1

    This is so because the time of trend formation is more so the Wave will be prominent and the Entry will stand clear with a good range of Profits from 80 to 150 Pips.

    Thanks
    Should i trade those time frames because i am trader always trade monthly chart and see elliot waves from that time frames i can not trade if it is the time frames h1 i don't trade because can not see the waves clear and thebsignal for entry point can not be seen too i like if the trades with the time frames larger to see good trend and entry point so if the profit 80 or 150 pips i can not trade it my take profit must be 200 or 300 pips to be successful to trade and can not be changed at that time at anytime trading.

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  5. #14
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    Quote Originally Posted by nsawork View Post
    This is so because the time of trend formation is more so the Wave will be prominent and the Entry will stand clear with a good range of Profits from 80 to 150 Pips.

    Thanks
    Rather hard to determine the reversal point of the elliot wave. We may assume this point can be reversal, but unfortunately, this point is continuing the trend and then the price is going hit the sl. So how do you determine the reversal point of the elliot wave dear. You use MACD or stohastic?

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  6. #15
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    [lang=it]Hello Nsawork,

    I cannot distinguish very well the waves from your attachment.

    Secondly, what about the yellow bar? Is it repainting?

    Bests,

    bixente74[/lang]

    - - - Updated - - -

    Hello Nsawork,

    I cannot distinguish very well the waves from your attachment.

    Secondly, what about the yellow bar? Is it repainting?

    Bests,

    bixente74

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  7. #16
    Trader Hukam's Avatar
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    Frankly speaking its not very easy for me to do trade in minute one chart time frame, its not good for our eyes too. I personally don't do trade with elliot waves theory because its not very easy to learn about elliot waves, I love to follow simple support and resistance analysis in trading. You have to only follow the horizontal lines and those can show much better idea about the market on naked chart. We should keep our trading system simple and clean.

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  8. #17
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    Quote Originally Posted by Earnperfect View Post
    As far I know about Elliott Wave its a technical method of trading right? One more thing is screenshots and indicator both are missing in this thread, so please attach them too. I am really very exited to know about the features of your elliot wave indicator. Hope you will listen me and will attach them soon as possible. Waiting for your answer
    YES dear after seeing this indicator i too want to know the working of this indicator in detail.Hope we will soon get the answer to our question. and one thing more this Elliott wave its self a good and dependable one . so put your screen over here for our understanding of this as i have only heard but hardly have knowledge about the Elliot wave. Something i got form here and want to know more about it

    - - - Updated - - -

    Quote Originally Posted by Hukam View Post
    Frankly speaking its not very easy for me to do trade in minute one chart time frame, its not good for our eyes too. I personally don't do trade with elliot waves theory because its not very easy to learn about elliot waves, I love to follow simple support and resistance analysis in trading. You have to only follow the horizontal lines and those can show much better idea about the market on naked chart. We should keep our trading system simple and clean.
    well you are right sir. trading in a small time frame is not a good idea because the trend in chart can change fast as compare to higher time frame. And coming on elliot wave this is not a easy one to get about the elliot waves as i myself find hard to understand after reading the article twice. But one thing is sure if you get to know about it for sure you can use it in daily trading. and the thing you said about keeping chart simple and clean is the best part which is most important for analysis.

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    Last edited by Bhagatfx; 10-31-2015 at 08:58 PM.

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    nsawork, thanks for the update but I don't think that they are the longer term time frames these are short term time frames, so you mean that you are using these three time frames for the use of elliott waves trading, that's a very long experience of two year's in forex market, I have rarely seen people who are using this kind of method in trading since a long time, I wish you a good luck for your future.

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  10. #19
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    Elliot wave theory is not an easy thing to spot. Making money with elliot wave theory is not so easy because many of the traders cant find the proper waves of the market and fails to spot the right opportunities and they fails to make money in the forex market.

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  11. #20
    Trader layigold's Avatar
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    Quote Originally Posted by nsawork View Post
    I am using this Indicator Elliot oscillator waves 1.02 on M1 and M5 time frames with success for Intra-Day trading. I have tested this indicator in EURUSD, GBPUSD and USDJPY. I will recommend this Indicator for those traders who are doing Intra-Day trading.
    This looks more or less like a scalping trading strategy because of the lower time frames recommended and honestly yours , I do not like to trade on lower time frame since I am not in haste to make money in forex in a short time. I can see that the easiest way to lose money in forex trading is through scalping, that is to make huge amount of money by taking advantage of a small move in the market

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