The True About Elliott Waves "really Works?" - Forex Forum

The True about Elliott Waves "really works?"

A lot of people talk about this thing called Elliott Waves, and a diversification of answer was collected after made this question: elliott waves really works?. Some people said that is a lack of time apply elliott waves to the market, and by the other side, said that is a great forecasting tool. Some people think that elliott waves are magic, and the use of this on the market dont give place to the mistake, and this is the wrong way to think about elliott waves. All forecasting tools have a percentage of mistake, like oscilators. If we buy and sell everytime that the oscilator give us a signal, we will loose money, but if we filter this signal, we can get some profits, and the same with other tools, like bollinger, MACD, trend lines, retracements, gann lines, and more. Learn to use elliot waves require a lot of time and an open mind, because it is a probability tool, not the holy grial. The fractal propouse by Elliott is the 5 waves up and 3 down, but is impossible find all the time and at diferents times frames this structure, because of that, the best is use an hourly chart as the lowest time frame, and try to dont get mess looking for this 5 and 3, watch the global move, one low followed by a recovery can be labeled as A or 1, but we can only labelel this wave when the movement is finished. Other key of the elliott waves, is that all trends in the market have at least 3 waves, if we wait one wave and the recovery to the fib area, we can get in for this wave 3 and make safe money. And the elliott waves can be filter with the use of oscilators like MACD, stochastics and RSI. Learn more about elliott waves, as an alternative tool, not as a magic key that will become you millonaire.
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