Indicator Elliott Wave - Page 3
Page 3 of 5 FirstFirst 12345 LastLast
Results 21 to 30 of 43

Thread: Indicator Elliott Wave

  1. #1
    Registered user nsawork's Avatar
    Join Date
    Aug 2013
    Location
    India
    Posts
    960
    Thumbs Up
    Received: 158
    Given: 204

    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

    ----------------------------------------------------------------------------------------------------------------

    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.

    ----------------------------------------------------------------------------------------------------------------

    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.

    ----------------------------------------------------------------------------------------------------------------
    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.

    ----------------------------------------------------------------------------------------------------------------
    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.

    ----------------------------------------------------------------------------------------------------------------
    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

    ----------------------------------------------------------------------------------------------------------------

    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.


    ----------------------------------------------------------------------------------------------------------------

    Continued Below ...

    Not allowed!
    Last edited by nsawork; 05-20-2015 at 05:56 PM.

  2. #21
    Banned
    Join Date
    Jan 2014
    Posts
    6,993
    Thumbs Up
    Received: 211
    Given: 390
    Quote Originally Posted by layigold View Post
    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
    Well I don't think that short term time frames that you have to do any haste to make money just follow your rules and stick to your trading pattern. I am regularly following it and becoming successful in short term trading. There is no doubt in it that long term trading have so many advantages but short term time frames have also their own value in forex.

    Not allowed!

  3. #22
    Registered user nsawork's Avatar
    Join Date
    Aug 2013
    Location
    India
    Posts
    960
    Thumbs Up
    Received: 158
    Given: 204
    Quote Originally Posted by forexlearner View Post
    Well I don't think that short term time frames that you have to do any haste to make money just follow your rules and stick to your trading pattern. I am regularly following it and becoming successful in short term trading. There is no doubt in it that long term trading have so many advantages but short term time frames have also their own value in forex.
    Since we are doing our trades we have to decide on the time frames which will suit us and how we are actually going to do our trading with them. Many times it may happen to us that our own knowledge about trading is not correct and we may make some mistakes in deciding such types of trades.

    What is more important for us is to understand that each trade will be different and we have to actually do our trades in a manner that can give us the best trading based income. So it will certainly take some amount of time and also efforts

    Not allowed!

  4. #23
    Registered user
    Join Date
    Jul 2016
    Posts
    1
    Thumbs Up
    Received: 0
    Given: 0
    Looks awesome. Sorry just asking because of its similarity with zig zag, does this (Elliot oscillator waves 1.02) repaint the golden color reversal signal in smaller time frames?

    Not allowed!
    Last edited by eda236; 07-11-2016 at 10:00 AM.

  5. #24
    Trader
    Join Date
    Aug 2016
    Posts
    377
    Thumbs Up
    Received: 2
    Given: 0
    Eliot waves are good way that you can make money from and on othe things that I have come to know that trading is something that is almost similar to other indicator like fibonachi levels that you can trade with for the reversals and the strongest places that you can trade with very well

    Not allowed!

  6. #25
    Banned
    Join Date
    Jul 2016
    Posts
    1,963
    Thumbs Up
    Received: 8
    Given: 0
    I sounds cool and the way it looks it looks great so we have to really define the market in a more processed and more understandable way we know we have to purely define what we do and for the right process we can think of great things that make us as forex traders really great

    Not allowed!

  7. #26
    Registered user nsawork's Avatar
    Join Date
    Aug 2013
    Location
    India
    Posts
    960
    Thumbs Up
    Received: 158
    Given: 204
    Quote Originally Posted by malenge View Post
    Eliot waves are good way that you can make money from and on othe things that I have come to know that trading is something that is almost similar to other indicator like fibonachi levels that you can trade with for the reversals and the strongest places that you can trade with very well
    If we will have a good knowledge of the Elliott Waves then we would be able to know as well as predict the Trends that are prsent in the markets. As a trader we have to learn and also at the same time increase our knowledge about trends.

    This will let us to do our trading effectively and also we will be in a position to earn more profits from such trades. I have seen and used the Indicator Elliott Wave in my trades and i can say that if you will use it consistently then your trading income is going to increase.

    Not allowed!

  8. #27
    Trader
    Join Date
    Aug 2016
    Posts
    377
    Thumbs Up
    Received: 2
    Given: 0
    Eliot waves are somehow not that easy for any one to use because when trading you have to know that trading this five parts that you have to look at them five you to differentiate what this five are doing and their interpretation fo the what all of this does this might be some how not easy for you if you are a new trader

    Not allowed!

  9. #28
    Banned
    Join Date
    Jul 2016
    Posts
    1,963
    Thumbs Up
    Received: 8
    Given: 0
    I think its proper to use it, but I think also when you use it a lone its too naked you need to form something of great standard we have to really think as hard to prove we are doing something out of it we have to develop the right perspective in all areas of the market

    Not allowed!

  10. #29
    Trader
    Join Date
    Aug 2013
    Posts
    11,572
    Thumbs Up
    Received: 70
    Given: 48
    Elliot waves is an effective way for trading and the trader that master it will be able to make good money from forex, this indicator looks as a good indicator but i do not prefer to use it on the lower time frames because i do not trade with scalping and so i can use it on the higher time frames and test it to see if it will work well on them or not.

    Not allowed!

  11. #30
    Trader YoyO_o's Avatar
    Join Date
    Sep 2016
    Posts
    2,768
    Thumbs Up
    Received: 3
    Given: 4
    There is no best Indicator in Forex market and Indicators not all correct times, But a few of them is good indicator and helpful things some time to make some profit in forex market but not all the time in forex market

    Not allowed!

Page 3 of 5 FirstFirst 12345 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •