Hello, thanks for the comment. Let me see if I can clarify my thoughts a little further.

In my opinion, what you will find with trading is that you should be aware of price action concepts that have large groups of people believing in them. It doesn't matter if Elliott Waves are just a self fulfilling prophecy at times or not, it matters that large amounts of money is often being traded based on belief in them. The same could be said for Fibonacci which is also something I remain aware of but don't personally use.

In the Free eBook you will notice I mention that I do not care about them all the time but I do like to consider them when we are having a clear trending market. If you continue you on through my videos and other material then by the end of the VIP videos you would understand that I am happy to trade 4th and even 5th pushes in a certain direction if various other elements show me it is OK to do so. 

So I imagine we are no too far off in our thoughts about Elliott Waves I don't give them much weight at all but do feel they were worth an "awareness" mention in the introductory eBook. 

Cheers,

Theo

Trading for me can be broken down into 3 stages of thought.

1. Location Location Location

2. Reason to Enter / Entry Tigger

3. Risk:Reward and Trade Management

 

Almost all of the time I can satisfy my requirements without the Elliott Wave and Fibonacci .. but certainly if I needed something extra to satisfy the above #1 then they could be used and there is nothing wrong with awareness of what large groups of people follow.

 

note: A 60% win rate is perfectly OK if you have your risk:reward in tact but a higher % win rate is possible.

I always found that the safer play was 38% unless it was a very weak pullback that was drawn out sideways for enough candles that visually it was justifiable as a relative pullback. With the WavEFX that I have developed we do have a kind of triple zig zag indi that helps you see 3 different scales of wave activity. Due to the timeless nature of that charting system what that means is that you are able to see the equivalent of 3 different regular charts movements on 1 chart, if that makes any sense. I did find that getting a zig zag indi to represent what I wanted on a candlestick chart was not an easy task though and even on the timeless WavEFX charts we customized one thanks to our in house programmer.

Using a set and forget technique with candles means that you need to be there at every candle close yes. If you were trading the 4 hour chart then you would need to check in quickly every 4 hours (except when sleeping) and have the right tools to plot out a point of entry and a point of cancellation plus management if your entry point is triggered. There are some tools in the v1 course that allow you to start getting used to doing all of this and after I finish writing this I am going to give you that free v1 upgrade due to your impressive desire to learn.

I do like the Daily chart and will look at it every trade so I know what type of trade I am in. The daily chart at the right zoom level is enough for me to see daily, weekly and monthly swings so I don't need to look any further and when trading candlesticks the daily candles can be very powerful tools.

You are very welcome sir, I hope you are able to benefit from my experiences.

I like to follow EURUSD, GBPUSD, AUDUSD and XAUUSD(GOLD). I advise that anyone starting out though focus on 1 or 2 pairs at the most though. My favorite 2 pairs are the EURUSD and GBPUSD with the EURUSD being my overall favorite. The reason for this is because it is really quite smooth and rarely gets choppy for too long. The GBPUSD is a much choppier pair overall but it has great and fast moves when they do set up correctly. The reason I like those 2 together is that they generally have a great confluence 90% of the time.

The 4 hour with m30 when used correctly are great together but success can be had using only the 4 hour for the complete beginner, it seems to me that you are long passed the beginner stage though so the 2 charts together should be good for you. Later on you will see that with WavEFX what I have done is I have everything from daily-m5 covered with just 3 charts.

A picture speaks a 1000 words though so here is a quick look at what I mean.

Starting from left to right it all begins with the daily chart and we slowly zoom in and observe up to an m5 scale of wave activity.

** Register Here for Free Membership to see this image/link **

Red Line = Selling price

Purple Line – Stop Loss

Green Line = Take Profit

Back Line = Break Even Point (if you use one) 

You are welcome and yes, they are timeless charts generated by a simple mathematical formula to keep them organic and adaptive to market volatility.

You guys in the US are pretty much out of luck with Brokers and the 2 I have for recommendation at this site won't even accept you. I will chat with my US based VIP members and see what the current consensus is for the US resident and an MT4 broker.

The Forum is hosted by a company that is based out of CA so that is why you see LA as the timezone, you can adjust this for yourself by clicking the profile button just above. and then going to "options>display options"

Thanks for the invite.. be careful I may take you up on it!

I like your style, I have a house on the beach myself in Greece.

it's nice to wait for the short term trend to end and get in to the daily level next sell and longer term trend if it sets up.. it's also important though not to fight this short term trend until it proves that it is over. We have had some great buy setups, even just yesterday was another.

I'm not sure when my next trip to north america will be but I'll keep your offer in mind, thanks! I am used to the 10,000 questions when I visit people and it's all good with me, the explaining helps me discover improvements and tweaks. 

If it doesn't make sense then don't use it is my advice. 

Personally the elliott wave concept is just something I take in to consideration when it is an obvious impulse wave style visual. I will on occasion trade a 4th and 5th wave in one direction though because my core concepts have priority. You can trade well with SR areas, confirmation of them, entry trigger, good trade management / RR. Probably best to start with that and you can always revisit this concept later on.

Kenp240 said
Hi Theo,

I just wanted to say thanks. I've just been thru the two videos and read the e-books and found it all very clear, logical and easy to understand. Now I just have to get to use it correctly

 

I must admit I had an aversion to Elliott Waves as they seemed a bit subjective but the way you use them is logical.

 

i look forward to the next video and putting it all into practice.

 

You're welcome Ken, thanks for taking the time to drop me a note.

I hope the free videos help and I will be adding to the course this weekend.

well said Ted