Hello Traders , please click on all the pinned charts to see how it is possible to use wave analysis to forecast the charts. Yes you heard me right FORECAST! I hear many traders say "I don't do forecast" and I am wondering what do you do? If you buy EURUSD it is because you believe it will go up and that seem to me like a forecast? Except you don't use a method to do forecast! What if you had a proven method that has a high accuracy of forecasting? Well you do and it's called wave analysis!! Make your choice, use a method that works or keep insisting that you don't do forecast.
Love it! Can we discuss about the reason why we love Elliott Wave here?
anilmangal
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Hi URIFX , good idea, but i am afraid it will start a war and the trolls would love it.
AdamFx42
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The insight would be worth the war, Anil
anilmangal
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Ok Guys go for it, start the discussion.
URIFX
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Yes! I had tried some methods from price action, pitch fork, divergence,… and finally I found EW as the most comfortable and consistent method for me. The most interesting thing I got from EW is the High Confidence for any trading plan. Here are some reasons (just my point of view):
EW offers the logic and simplicity when I identify a trend. The higher time frame gives a direction for lower time frame while the flower time frame confirms or denies the higher time frame structure. If structures in higher and lower time frames are consistent, it gives me high confidence for the next move.
EW gives me 100% focus. I would forget noised signal like price action candles (a pin bar for example) and indicators. I just consider those when those candle patterns appear in the zone that I labeled as entering zone or exiting zone. I just care about if the current wave ended or not.
EW helps me to identify whether a trendline is (Support or Resistance) strong or weak. If S/R is at the end of wave patent, I consider it woule be strong, otherwise, price should break, pullback and continue.
EW helps me to determine the invalid points. I use it as a stop loss / take profit.
EW can tell me why I failed. The wave structure is not wrong, just because I did not see it.
These insights come from my experience. It could be wrong or right. I will appreciate any correction from you all!
Adriese
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thanks
UnknownUnicorn233511
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Well Done to You, Anil. I am following your insights.
DenizBartu
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nice chart
hounds
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Gee wiz Mr Mangal, looking and comparing, the previous pinned forecasts, and seeing your latest chart, its amazing how accurate you are. Great job sir !
May i ask, how i be can a member, in your trading daily room?