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# Elliot waves. Why cant fully trust this theory.

BITSTAMP:BTCUSD   Bitcoin / Dollar
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You can find many websites, even free books of Elliot Waves Theory. But if you read it by on eye, can understand its kind of shamanistic predictions. law of the universe - from small to big, law of complication and development. To build waves, should start from max. minimum time frame -1 min. than 1 min group in 5-15 min, than to 30 min, 30 min group to 1 hour, 1 hour to 4-8, and than to daily. the waves are divided into 10 degrees, *subminute, *minute ,*minor , *intermediate, *primary, *cycle, *supercycle, * grand cycle.Depending on the source, there may be different names and divisions, but the essence is about 10 of them. The length of the wave depends on the length of the previous wave, this is calculated by Fibonacci extensions. The waves can contain impulses and elongations, the waves can be lateral or the extensions can be pulses. And the main thing is how to understand this all. Where the exact coordination of movement, measurement, distribution ,. what if to miss? Suddenly it was an impulse but I built it like a wave, maybe it was an extension in wave 3, or is it ABC? in general, you understand that this algorithm is based on your personal judgments and experience, and from those sources that you used in studying waves. When this system of construction attends 2-3 internationally recognized postulates, then it is worth starting to study it. Now it all depends on who and how he sees, and you can prove that there is no way, but skolko people, so many opinions. Not waves determine the movement of prices, but people, their judgments, analysis, the market's opinion of the traded instrument, the conclusions based on previous levels of support and resistance and the general trend. Now the theory of waves is a guessing on the coffee             grounds and dancing with tambourines around the fire under the starry sky.
you are irght on your sceptisism. the wave system was found in an era where there were no computers, no huge investment banks and no HFT and bots trading. also it as an relatively unknown system which was trying to fit to the market but today everybody counts so the market is mostly fitting ot the count. luckily, as you said, there are million ways to count. EW alone cannot and will not gve you the answers.
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retiringsoon1
@retiringsoon1, I’m not sceptic. But I see that interpretation and calculation of waves it’s not about difficulty, it’s about results. You right, long time a go, people use it, but also long time a go don’t have trading bots, soft, global network and all tech stuff what we use now,. So that time technical analysis can use maybe on stock market by daily chart. In crypto is gambling to blind shooting with 3 finger on hand,. I been crazy 3 years a go with Elliot Waves, everything by book,. Nothing, missing important moment, didn’t see real signal. So I think can use privately, by own opinions, but not for public
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elliot waves is the foundation of price action a tip is know what an impulse wave is and know what a correction is trade off the corrections not in them
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kizer777
@kizer777, how sure can you be that the way you look is the way you think? Maybe is wave inside wave, or maybe is long wave-3, you gonna measurements each wave by Fibonacci? No,. I don’t think that trading soft/bot which using by a lot of brokers, traders, is looking at Waves. This old way of TA, you believe that wave create themselves, price action this is reflection of all people in market, news, historical price. I don’t mean wave is trash, I mean to build all this Waves, should start from beginning,. But how it’s work now- on part of chart we look well place, and from there start drawing? It’s same if I programming Moving average counting from 1 December only, no. MA start from 1st day of this instrument trade, to show correct value. So wave theory same, if I start in one point, it’s can be right begging, but if no. When we build support and resistance, we use historical data, most attacked area, where price have most “touch”. So how to start draw wave if I don’t know where action is beggin. Trend line draw from peak or low, bigger than previous one, because this is like this, no another way. But wave everyone drawing and explaining in own way,. I saw people who said that 3 can be =5, or less than 5. Where 1 is that small, that can even see, all because it’s is advantageous in their position, and if transferred. then everything will collapse. this is the problem. everyone sees from his belltower in favor of his theory and forecast. who wants to sell, he will see correction and kickbacks, who should buy, will see lengthening, impulses. it all depends on your point of view. and therefore can not be universally accepted. Moving average- every one set it up for themselves, but sure that 100 use by 90%. MAcd we use in default settings, because it’s most correct.
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you can not adjust the charts and data for yourself, as the meek is convenient and profitable, this will lead to losses. you need to adjust to the schedule. the market is not the place where you can go against the strength of the trend. except when your account is unlimited.
That’s what I mean by Elliot wave theory, thay are individual!!!
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GeorgeVeritas
@GeorgeVeritas, i start counting waves from the start of my price data waves will not always be 5 on a chart a chart can be moving in 3 waves cycles, i also dont draw trend lines like other traders i use true trend which i created. elliot wave is dynamic so one has to trade it with an open mind

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kizer777
@kizer777, you find wave for your way. We all uniq, look different, think different, make decisions. Some one can you over 10 indicator to trade, some one only trend line. thats what i say- wave is personal, and you should come to it by yourselves. I see that some education video try to promote waves as holy Grail of trading, because its look so hard and seriously, so people who watch it will think- " hey this guy in video so smart, look how he draw it all and how earnestly all this proofs." and than all new-fresh traders will take waves strategy to use for own trading plan, and as they all new they fail. Waves if not for beginners,. people want have crazy start , from hard to easy, maximum difficultly for big profit. because the trader-bloger tell that waves is super, but he didnt tell them to stay strong on leg in trading, before touch waves theory. everyone who come to trading, wish to find magic formula of success by most easy and short way, and start to create some "abracadabra" stuff, which help them lose money. I did it to.
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GeorgeVeritas
@GeorgeVeritas, so what do you think works?
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kizer777
@kizer777, no one know what works. Maybe warren buffett know some secret, but depend how you see the market. this is puzzle, you have some, me, another people,. and market its picture,. but i chose puzzle which loo good for me, you for you. Than maybe i change them, after one year, because i can image how picture gonna loo like with that a pieces what i got, i cant use them. some one losing money but still use same all the time, because they vision is like this. all depend of ours pass skills, educations, experience. human is puzzle to, family+school, spend time, books, games, food, country, locations, weather- all this small pieces build us as personality. that we use trading tools (books, indicators, fundamental or technical analysis to build ourselves as traders. i think like this. If read about most richest and successful traders, no one is same, they all use different method and way to buy/sale. And we cant take and copy them, because his personality puzzle different from my. same we here, you can see waves useful , me - 50/50., some one fully useless. Just do not descend from the planned route. i let many times other people re-route me, and crash as result. But here i share my idea about some subject, doesnt mean i want say that only my idea right.
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GeorgeVeritas
@GeorgeVeritas, my friend you are right the market is a puzzle i call it a maze elliot wave is the key combined with my harmonic patterns and the others out there, my true trend technique and my time space technique i use to fine the true range of price in a time interval call it holy grail call it what you want i will perfect it maybe i have already or is very close
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kizer777
@kizer777, years of research my friend the markets are not what people believe it to be its controled
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