This is an old trading strategy which many traders does still now. I learned this strategy from my old (expert) friend and he taught me for free. And i think so , that now i can teach others too. Its basically ABCD Bullish/Bearish pattern and sometimes E is also there. Mostly you can relate elliot waves with harmonics too but it is somehow different. I will share my chart here . Please learn from it.
#2
NEW CHART: Dated 23/11/2013
I just analyzed GOLD (XAU USD) in the daily time frame , and we all know and could clearly see that the major trend of Gold is down from so many days. Its the elliot waves theory in which i have analyzed this pair (A,B,C and D) . In order to catch the D movement , we will wait for some retracement and enter the trade. As you can see that in boxes , these boxes were support areas which can surely become the new resistance area . My trade view for this pair is in sell.
GOLD:
MAJOR TREND DOWN!
1269 - 1273 Selling Region |
sl: 1279 |
Targets: 1250 - 1237 - 1216 - 1180
About this trading strategy, it is truly a very old way to make money in the market, i have learned this strategy long time ago and i have used it for like 6 months of trading. It could be more than ABCD legs at times, I have seen the theory on this Elliot wave that is up to the F leg, It depends on the formation of the market, it is a reversal way of trading.
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This is a very good strategy that so many signal sites uses as a form of analysing the currency market,but loking at your forecast in gold how are ypur sure that the the price would correct on the d wave or movement,hence this pair is over sold already and it would be lovely if your strategy could allow for a counter entry,that's if the price refuses to correct,thanks for sharing and would look forward to seeing more forcaste from you.
#5
I just checked the eur usd in the time frame and found two harmonic patterns approaching. Either one would work . Both of them have A,B,C,D elliot waves pattern.
If we see rejection from here , then it could go down. While if this breaks then we can see the other orange harmonic pattern to work out. One has to work out of these two. Depending on either breaking or going down. WHats your view?
#6
Yes! The elliot wave is till F or even more but nowadays as market takes reversal so going till F elliot wave doesnt work much of the time. So mostly traders targets D or either E and only sometimes elliot waves traders targets for F because the chart winning ratio when doing till F becomes very less.Originally Posted by cozard007
Elliot wave always being an interesting topic for me because it explain about how to getting profit when market failed to break the support and continue the trend. Most of traders perhaps loss in forex because they still don't know how Elliot wave works. if they know about Elliot Wave patterm then I'm sure the victims in forex will be reduced significantly.
The elliot wave trading system is indeed one of the best strategies available to traders in the forex market. But it could be bit difficult to implement that is why most newbie dont use it much in their trading. Elliot wave is very good for trend and retracement trading and can accurately predict the length of a trend or profit target.
This a good way to trade the market, i saw it to be a complex way of trading forex, that was why i did not border to be going near it. But the good news is that i found the auto indicator that will place it on the chart for you, all that you will have to do is to see it and use it directly or confirm it with your present analysis.
EWPro.ex4
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I have traded with waves and really it is the most complicate technical method which says that unexpected waves to lable wxy but this is wrong as every wave tells you about the relation with previous and the possible next outcome and I would like to tell you price action trading only on smaller time frames gives you opportunity to trade daily movement and elliott waves is applied on higher time frames but lot of practice accuracy and sometime large stops are needed for carrying trades
regards
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