Modern Elliot Wave trading using Elwave. - page 12
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Dont be fooled, you will be!
I have to chip in here, I used Elwave for over a year to trade Forex and Futures with. To be honest it was a waste of money, it has no better accuracy than a coin flip approach, it lays out a wave count and for that second of two it's correct, the trend changes and it's targets are not met, you get stopped, it recalculates the waves to FIT the new price movement so it appears it's accurate when in fact it's not. This is as useful as a Zig Zag indicator on here for free, which are useless in the real world of trading.
Go for it though, but you will see these snake oil salesmen are only getting richselling these useless softwares because otherwise they trade them and be Billionaires! Don't be fooled, keep trading simple is the best approach, support and Resistance that you see with your eyes.
Advanced Get is a load of crap too, totally useless after the fact rubbish that leads traders into a false sense of security.
Will add this: If E/W was accurate we would all trade it and be millionaires, fact is it's not and that's why it's freely avaliable over the net so new people trade it and lose money for the big boys to take. The trading systems that are really accurate are secret as they are being traded and making the developer very rich! Think about it, this game is like a casino, all we really have is Money Management, the ONLY thing we can control is our LOSSES, nothing else, Reward is fantasy until we win it.
Good to see you back, FormulaOneFan and thanks for those charts. Those 3 currency pairs are good enough. With those charts and those of Advanced Get, I shall be trading tomorrow - very likely on the GBPUSD and GBPJPY. I just love to short these two currency pairs especially since the Pound is under "attack" with all the unfavorable economic news on Sterling.
Regards
KennethHello Kenneth, Hope you already know this but I will let you know anyway. Its Silver week in japan so from Monday 21st September till 23rd September its holiday in Japan. No trade in japan for the next three days. Also monday 21st is holiday in India and Singapore.
So anyone trading asian sessions have to be aware of this.
I have to chip in here, I used Elwave for over a year to trade Forex and Futures with. To be honest it was a waste of money, it has no better accuracy than a coin flip approach, it lays out a wave count and for that second of two it's correct, the trend changes and it's targets are not met, you get stopped, it recalculates the waves to FIT the new price movement so it appears it's accurate when in fact it's not. This is as useful as a Zig Zag indicator on here for free, which are useless in the real world of trading.
Go for it though, but you will see these snake oil salesmen are only getting richselling these useless softwares because otherwise they trade them and be Billionaires! Don't be fooled, keep trading simple is the best approach, support and Resistance that you see with your eyes.
Advanced Get is a load of crap too, totally useless after the fact rubbish that leads traders into a false sense of security.
Will add this: If E/W was accurate we would all trade it and be millionaires, fact is it's not and that's why it's freely avaliable over the net so new people trade it and lose money for the big boys to take. The trading systems that are really accurate are secret as they are being traded and making the developer very rich! Think about it, this game is like a casino, all we really have is Money Management, the ONLY thing we can control is our LOSSES, nothing else, Reward is fantasy until we win it.Hello Fred, I agree with you for most part. I think elwave is way too complicated. Even which wave we are in looks so complicated. At the moment as it is I won't be buying the full version. I will stop after the trial. I don't know about advanced GET so I'm not going to comment on that.
I would agree a simple trading approach is what required. I was hoping using software like Elwave is going to tell me which wave we are in and use it to our advantage.
Could you provide me the link for the free wave count you mentioned earlier please?
ok
Hello Fred, I agree with you for most part. I think elwave is way too complicated. Even which wave we are in looks so complicated. At the moment as it is I won't be buying the full version. I will stop after the trial. I don't know about advanced GET so I'm not going to comment on that.
I would agree a simple trading approach is what required. I was hoping using software like Elwave is going to tell me which wave we are in and use it to our advantage.
Could you provide me the link for the free wave count you mentioned earlier please?thanked posts or so
Hello Fred, I agree with you for most part. I think elwave is way too complicated. Even which wave we are in looks so complicated. At the moment as it is I won't be buying the full version. I will stop after the trial. I don't know about advanced GET so I'm not going to comment on that.
I would agree a simple trading approach is what required. I was hoping using software like Elwave is going to tell me which wave we are in and use it to our advantage.
Could you provide me the link for the free wave count you mentioned earlier please?
I took three years to study E/W and count by hand, but now I don't use it at all, tbh it was a waste of my time and effort.
Could you provide me the link for the free wave count you mentioned earlier please?Sure, this guy is the best at E/W counting on the market, I've tried loads, subscriptions the lot, this guy is FREE!
This guy Tony also runs mentoring at a cost, but you don't really need it if you trade the majors, just watch his counts, but as E/W there will be times he's wrong, so just use it for fun mainly, or longer term market direct seems to be the best option. Enjoy, he has free charts the lot. Neely, Pretcher, and the others are not as accurate as this guy and have the cheek to charge!
the ELLIOTT WAVE lives on - Windows Live
thanks a lot Formula1, i will be able to make some more comparison with 7.6.
Joe44, all i know is that you can give the best trading system to a trader and he will turn it into a looser, and some other are going to do miracle with a simple moving average. Elliot wave is good only for analysing the past wave structure, and certainly cannot be of much use on the lower time frame where price movement are nothing but chaotic. But if it give me a winning 1.5:1 trade 50% of the time, applied to good money management, is more then enough to make a comfortable living out of it. But it takes years of experience, not only a few month to become knowlegeable enough in order to achieve these results.
Having consecutive 8-9-10 loosing trades in a row is possible and can be very discouraging. I know it did happenned to me more then once. I lost 60% of my live account and then lost half the rest in an all or nothing trade.... All i can tell you is that i have learned the hard way money management. If i would had use 3% risk instead of 10% my drawdown would had been only 26% after 10 loosing trade and i would still be trading live.
Obviously i was not ready. That is why i am still trading demo, i have a goal of honestly quadrupling my demo account before going live again. How many beginning traders do that? Not much, and after they loose they are prime to blame the system, or whatever software/signal they followed.
I took three years to study E/W and count by hand, but now I don't use it at all, tbh it was a waste of my time and effort.
Could you provide me the link for the free wave count you mentioned earlier please?
Sure, this guy is the best at E/W counting on the market, I've tried loads, subscriptions the lot, this guy is FREE!
This guy Tony also runs mentoring at a cost, but you don't really need it if you trade the majors, just watch his counts, but as E/W there will be times he's wrong, so just use it for fun mainly, or longer term market direct seems to be the best option. Enjoy, he has free charts the lot. Neely, Pretcher, and the others are not as accurate as this guy and have the cheek to charge!
the ELLIOTT WAVE lives on - Windows LiveThanks Fred for your input! All opinions are objectively received, specially since you mention you have study e/w for tree years. You must know what you are talking about.
All i know for sure is that Fibonacci can be damn accurate, really. And that viewing the market move being impulsions/corrections in a fractal way is also true. But i am CERTAIN that no computer software neither the best E/W forecaster can be accurate or we would be all billionnaire and that we know it can't be true. But the purpose of this thread is exactly to try to VALIDATE Elwave as being a GOOD or BAD trading tool. Of course my 50% gain in 2 month in a half might just be luck. Maybe my trading was bias by my proper ability to trade well. Since channel trading an uptrend i could have done it with a keltner channel or even a moving average...
Your input is precious, so please stick with us, we need it.