you should know these if you are using or ever used Elliot Waves to trade
There are two difference opinion on Elliot Waves , of course they are who like EW(Elliot Waves) and who don't like or even hate it(maybe they had lost tons of money using EW I don't know tho). The disagreement the gap is so huge that I have been told by some ironic words many times. I don't care, it's your freedom to love it or hate it. But I think as EW trader I should write in my sns once, or at least once to defend for Elliot Waves.
EW is often called a method, people tend to use it individually, which I think will increase the possibilities of mistakes.So, I would rather think it as a "indicator". Yeah, it is a method that indicate where the trend might be, where might be a reversal point. It is a indicator which is not succeed into a black box tool, added in "indicator" catalog. It is difficult, maybe it can be coded as a "indicator" tool but it's just complex.
And, as what we know about indicators, they also make mistakes as well. That's usual, no one indicator can guarantee you a 100% successful trade, if that ever existent, either sold with billions of dollars or everyone of traders is a trillionaire. If you are new in chart analysis please remember it now, as I know, no one indicator is supposed to be used individually.You should use multiple of them, like EMA and RSI , or MACD and stoch RSI and EMA, or BB band and OBV and so on. this will bring you more possibilities to win a trade.
Clever as you are, you must have known how to use EW, yep, like me , I like use stoch RSI and MACD when I count waves,stoch RSI give me reversal point, MACD show me the direction of trend and also possible reversal signals.
And finally,the basic of EW is simple. 5 waves and 3 waves in two directions, and some special case. But to know it you should spend a lot of time to use, to watch others' count , to learn. Then I believe you will see its charm.
Happy trade guys!
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Really nice to see someone explain his theory in public, instead of just giving the charts and that's it. You should follow @haejin (if you're not following him already), he's also an expert in Elliott Wave analysis and he is also giving a little description for each chart.
Thx for your resteem and comment!
I'm following haejin and like his count very much. I'm checking his posts everyday and found lots of to learn
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You're welcome I'm checking your charts every single day so please keep on creating more awesomeness. And nice that you're being honest that technical analyses isn't a 100% guarantee, unless you have a HUGE following with quite a bit of wealth (combined).
Really nice to meet you here.
I'm will go on to post my thoughts and TA. And will always be very glad to hear your voice
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Hahaha yeah it can be pretty haunting if your readers are not commenting at all, it feels like you're wasting their time, but they're still following you so they must like it or don't login at all.