Why Elliott Waves Is Not Useful?

[itu]

I have been corresponding with a mathematically oriented gentleman who is quite brilliant in his approach to the markets but who is very close to going off the deep end. He wrote me the following email:

"I have given the 45 degree - phenomenon a lot of thought. I pretty much would like to know how you figure out the inner workings.

"What I think is:

"(a) The route of the 45 degree cuts the Elliot 3 pivot and the 4 reverse pivot in half. The retracing swing from 3 to 4 (starting off with what looks like a congestion) is the playing field of the insiders. It quickly develops into a squeeze to the downside before the final 5th wave shoots up.

"(b) Those who know what is happening, take full advantage of the less informed by jumping on their resting orders. The key is the knowledge that the 5th wave lies ahead. Then the load of contracts could be transferred to the public's 'greed-panic.'"

While I would like to agree with what he has stated above, I'm not really sure of what he actually said: Are you? I submitted the following answer:

I know virtually nothing about how to count Elliott waves or the meaning of Elliott wave counts. I have no reason to believe in them and many reasons to believe that they are nothing more than what is stated about Elliott Waves. It is a THEORY. Personally, I want to trade based on facts and the reality of what I'm seeing. My belief that Elliott Waves are virtually worthless comes from the results others have obtained from following them. I am very familiar with these results. I know that Elliott practitioners have been dead wrong about the stock market for multiple years running. Elliott wavers missed the bull market of the 1990s. I know that many times they wrongly predicted the rise and fall of the U.S. dollar. I know that people who follow Elliott Wave Theory were wrong about gold and silver for many years, predicting rises as those metals fell to multi-year lows. It is difficult for me to understand why anyone would want to trade based on a theory when they could trade based on what is plainly seen in the markets.

Author: Joe Ross


Profits from games of knowledge: https://www.predictmag.com/

[Brian Corn]

Forex trading is the most famous business in the world. Anyone can start trading and earn a lot of money. If you want to start trading then you should set a proper strategy first. No strategy can make you help unless it goes in a very proper way. I always try to follow unique strategy that helps me a lot to earn profits. I trade with Tpglobalfx. They are a very reliable broker. They always help me a lot to create unique strategy.

[Uritron]

Elliott Waves is a form of technical analysis that investors use to analyze the financial market. Basically, it helps traders on the market forecast. As a trader, if you ask me about this signal, I would say don’t use this causes traders can not control their emotions. So new traders should avoid these signals. Therefore before investing traders should know how to use different indicators, tools, and signals.

[maspluto]

don't forget to be able to do training and learning first before trading on a real account, this is done so that traders can be more leverage in surviving and can become traders of the monh with Tickmill.