Anyone made money using Elliott Waves ?

Quote from Lucrum:

I've watched EW gurus being interviewed on FNN/CNBC and have been reading posts/trades of EW disciples on message boards for just over 20 years now.
This includes so called "experts" and guys who had spent a tremendous amounts of times studying EW "rules" and they know as much about EW as anyone.

On the Raging Bull site there were a couple dozen or so guys who shared trading thoughts and idea of which almost all were EW guys. Over the course of several years all but one or two abandoned EW. These were otherwise smart guys with trading experience and tons of EW "knowledge". They just couldn't make it work.

One of the issues is the subjectivity of what constitutes a "wave". Which leads to more subjectivity of where are in the wave count. Hence the constant and non stop debate and discussion among wavers on the various possible wave counts.
Hell, as a rule wavers can't seem to even be able to agree on whether they should be looking at the "bear count" or the "bull count". Then of course there are all the "alternate counts" they also can't agree on.
EW depends on there being a relatively rigid "order" in price structures. Five wave trends trends three wave corrections and the like. Unfortunately it doesn't always work like that. So then they have to force fit the waves to fit the EW rules. Perpetuating the subjective viscous circle of almost infinite wave count possibilities depending on who is doing the counting.

I personally have NEVER seen anyone consistently use EW in a manner that would make me want to study it.

Now there very well may be someone somewhere out there that is able to use EW, in some form or another, to good affect.

I'm just saying I've never seen it.

Ultimately it won't affect me one way or the other if use decide to learn EW or not. My humble advice, based on two decades of observation, is that your time would be better spent elswhere.
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Bottomline is YOU have NOT studied Elliott and therefore know doodly about it.

Heck, you're the fellow who proudly stated you don't use a single INDICATOR!

Prob only about 10% of traders use Elliott, but 90-95% of all traders lose consistently; so what can one conclude about all the other methods out there? They stink too.

Have a good one, Your Excellency. :)
 
Quote from zanek:

Forgive me if this is a naive or stupid question, but I'm just starting out with trying to learn Elliott Waves (EW) using Glenn Neely's book, but its a huge time commitment, so I dont want to spend months practicing and learning it just to find out it only works 20% of the time.

So, can anyone who has used Elliott Waves successfully help me out by answering the following questions:

1. What percentage of the time are waves accurate ?

2. Do you use any software to generate the wave counts/classes ?

3. How much guess work is involved with using EW in your opinion ?

4. Is there anything more accurate or better than Elliott Waves ?

Any other experiences or tips you can provide would be most appreciated. Thanks !
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Such an excellent question, zanek. It deserves a proper answer.

There is NO way around the time committment - it is huge and it is necessary. If you have the slightest doubt, just walk away from it - forget about it.

Losses? They will come aplenty but the beauty of the methodology is that it provides a built-in stoploss level.

Neely's book is good. So are all of Prechter's. Read all.

Months? Forget it son, you're talking years, perhaps a decade or (s)

(1) the waves are always accurate 100% but the practitioner's interpretation is the weak link.

(2) All software stinks. This is pure manual labor requiring gobs of brainpower.

(3) Not guesswork, rather judgement within the realm of application of the few Elliott rules/guidelines.

(4) There is NOTHING, ZILCH, NADA better than elliotwave technology. It is in its infancy, a developing methodology but it thoroughly outclasses all other methods. See next post for why this is so.
 
Tons of bad press, loads of stories about Prechter's bad calls, EWI's subscriber deaths bla bla bla, yet despite it all, this user says this despite his own losses

There is NO method in existence that is better!

Here's why .....

Benefit #1: It identifies the trend.

Benefit #2: It identifies countertrend moves within the trend.

Benefit #3: It identifies upcoming changes in trend.

Benefit #4: It confirms the resumption of the trend.

Benefit #5: It provides high-probability price targets.

Benefit #6: It provides specific "points of ruin."
Where are you wrong? That's the eternal question for traders. The Three Rules of Elliott help us here
Rule 1: Wave 2 can never retrace more than 100% of wave 1.
Rule 2: Wave 4 may never end in the price territory of wave 1.
Rule 3: Out of the three impulse waves 1, 3 and 5, wave 3 can never be the shortest.
 
I am yet to see any practisioner of EW come out with a minimum of three years of real money trading statements to validate themselves. EW is a marketeer's dream pandering to those who long for certainty in an uncertain market.
 
Quote from 007Arb:

I am yet to see any practisioner of EW come out with a minimum of three years of real money trading statements to validate themselves. EW is a marketeer's dream pandering to those who long for certainty in an uncertain market.
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Correct!!!! :) :D

All the EW-ers I knew who weren't killed by EWI's bad calls, were later killed by a simple TRENDLINE or were hauled off to jail for doing it with alternates.

:D :D
 
Quote from deadbroke:

Correct!!!! :) :D

All the EW-ers I knew who weren't killed by EWI's bad calls, were later killed by a simple TRENDLINE or were hauled off to jail for doing it with alternates.

:D :D
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But are there people foolish enough to buck trendlines that they can actually draw and see too in favor of EWT?

Who in their right minds would ignore whats in front of them and instead act on what they have analysed as a possible wave/fractals/someotherguruismterm etc?

:confused:

Cheers,
Max
 
Quote from zanek:

Forgive me if this is a naive or stupid question, but I'm just starting out with trying to learn Elliott Waves (EW) using Glenn Neely's book, but its a huge time commitment, so I dont want to spend months practicing and learning it just to find out it only works 20% of the time.

So, can anyone who has used Elliott Waves successfully help me out by answering the following questions:

1. What percentage of the time are waves accurate ?

2. Do you use any software to generate the wave counts/classes ?

3. How much guess work is involved with using EW in your opinion ?

4. Is there anything more accurate or better than Elliott Waves ?

Any other experiences or tips you can provide would be most appreciated. Thanks !
More...

I once had eWave software... it would run through all of the "possibilities" to come up with the preferred and alternate counts. It got a few right, but mostly not. Each session would show how many possibilities it had tested for that run... I recall a number of 94 MILLION one time... incorrect that time too.
 
Quote from deadbroke:


The Three Rules of Elliott help us here
Rule 1: Wave 2 can never retrace more than 100% of wave 1.
Rule 2: Wave 4 may never end in the price territory of wave 1.
Rule 3: Out of the three impulse waves 1, 3 and 5, wave 3 can never be the shortest.
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Lol u gotta love the rules, problem is I've seen plenty of 'wave 4's' touch wave 1 and traders lose plenty of money. Not to mention those brave men that think a 'wave iv' is in its way, just to find out 6 months later, it was a wave I in the other direction.
 
Hi,

I am too interested in Elliott Wave trading but have lost heaps with EWI over time - their short term analyst is terrible!.

I migrated to using two other services that I found quite good and use them both all the time - and seem like OK value.

The first one is http://www.elliottwavegms.com/ which is a daily video format and the other is https://www.technicalindicatorindex.com which is daily pdf reports.

I have found them to be far better at forecasting Elliott Waves than EWI for a trader. They use a good mix of EW and TA which seems to work quite well - for me anyway.

Hope this helps :)
 
Quote from zanek:

Forgive me if this is a naive or stupid question, but I'm just starting out with trying to learn Elliott Waves (EW) using Glenn Neely's book, but its a huge time commitment, so I dont want to spend months practicing and learning it just to find out it only works 20% of the time.

So, can anyone who has used Elliott Waves successfully help me out by answering the following questions:

1. What percentage of the time are waves accurate ?

2. Do you use any software to generate the wave counts/classes ?

3. How much guess work is involved with using EW in your opinion ?

4. Is there anything more accurate or better than Elliott Waves ?

Any other experiences or tips you can provide would be most appreciated. Thanks !
More...
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Good question;
of all the techincal indicators,EW is helpful, but only in a small way.

Huge amounts of data, 10 yearcharts,
moving averages,
plenty of notes, much more help than EW. Thanks:cool:
 
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