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Notes on using Elliott Wave

Notes on using Elliott Wave;
It’s important to trade what you see, rather than getting opinionated and fixed on a certain market directions with Elliott Wave, sure Elliott wave can be extremely helpful but it can be dreadfully wrong, I have understood this point well and this is why I place support and resistance i.e. tradinglevels first in my trading decisions, I have been using Elliott since 1983 and I have only met a few traders that can consistently take money from the markets using only Elliott analysis. If you’re patient and wait for the right set ups using Elliott then fine, but if you’re trading a lot using Elliott Wave you are playing the guessing game and guessing the direction every day is not an easy task. If you can combined the Elliott theory pattern recognition with the tradinglevels and read the volume, then you are on the right track in developing confidence in what you see. You need to know and understand the exact price points for the entry, stop and exit before you place a trade, the more you can remove the guessing game and the emotional factor the more consistent your trading will become.

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