I’ve finally (after literally years of procrastinating) started a serious look at Elliott Wave theory. I’ve just been noticing their standard wave shapes too often lately to ignore it. Maybe there’s something to it, and maybe there’s not. One of our MtM Team members writes a forecasting newsletter leaning heavily on EW, so I’ve even got practitioners looking over my shoulder! That’s really cool.
Here’s a trade (my third EW-based trade, ever) I posted to the team area today (click to enlarge):
You can see my entry was at about the worst place possible to still pull out a winning trade. I don’t sugarcoat stuff in the team area… it’s all real, and often real stuff is ugly :-) Of the three EW trades I’ve taken, this was the first winner (+19 ticks). Also, though it’s not always possible, I try to post my impressions of the chart before the trades are taken. This time, I posted the wave count well before I got into a position. You can always make hindsight charts look good, but you can’t fake a real-time post!
Elliott Wave is very interesting to me, but I feel like a total novice sometimes (which I should, because I am!). Some charts look very clear, while there are plenty of charts I don’t even know how to start numbering. I guess that’s why no two elliotticians ever agree :-)
While I’m talking about it: we’re also on our fourth chapter now of the Al Brooks study group, which I intend to keep moving. And, I’m posting new indicators and converting everything to NT7 right now as well. It’s a lot of activity but it’s all fun.