Believe me you will find many people which give you a precise prediction of how price will look in 24h, if thats what you want to base your trades on then enjoy burning your money.
It simply isnt that easy, you have to be aware of multiple scenarios and let time filter them so that your probability rises to be on the right track. Thats the reason why trading actually needs skill and most of people lose money in trading. With such comments you make yourself looking really stupid..
Actually philfromhongkong is correct. It's the nature of Elliott Wave. It's supposed to be predictive but there are always alternate counts and the correct count is never revealed until it's too late. I stopped using EW over 20 years ago because it proved worthless in making profitable trades over the longer term.
P.S. I am not one of the 97% who lose money in the FOREX market.
I found EW a great tool when you are within the actionary waves, especially when you try to aim for profit taking.
I agree that corrections are really difficult to predict and as you stated they reveal their nature mostly when it is to late. Do you have better tools to use in that case that have proven to be working well over the years?
It's because EW alone is useless. Like pattern recognition alone or using RSI alone. EW + patterns + indicators (oscillators or MA based) are really powerfull. You lose value not using EW as a tool to increase/decrease the probability of a call, not even talking about targets (combined with other tools). Just my opinion ;-)
Adding some candlestick analysis helps too ;-)
Did you just watch the video..?
Believe me you will find many people which give you a precise prediction of how price will look in 24h, if thats what you want to base your trades on then enjoy burning your money.
It simply isnt that easy, you have to be aware of multiple scenarios and let time filter them so that your probability rises to be on the right track. Thats the reason why trading actually needs skill and most of people lose money in trading. With such comments you make yourself looking really stupid..
Actually philfromhongkong is correct. It's the nature of Elliott Wave. It's supposed to be predictive but there are always alternate counts and the correct count is never revealed until it's too late. I stopped using EW over 20 years ago because it proved worthless in making profitable trades over the longer term.
P.S. I am not one of the 97% who lose money in the FOREX market.
Probably that is why he uses it together with patterns.
I found EW a great tool when you are within the actionary waves, especially when you try to aim for profit taking.
I agree that corrections are really difficult to predict and as you stated they reveal their nature mostly when it is to late. Do you have better tools to use in that case that have proven to be working well over the years?
It's because EW alone is useless. Like pattern recognition alone or using RSI alone. EW + patterns + indicators (oscillators or MA based) are really powerfull. You lose value not using EW as a tool to increase/decrease the probability of a call, not even talking about targets (combined with other tools). Just my opinion ;-)
Adding some candlestick analysis helps too ;-)
I can work with a primary count and of course one or two alternates. But when I have 4 or more counts I just don´t trade the scenario...
Exactly! It could go up or it could go down lol!