Elliott Waves

Find the Right Edition That Fits You

Scalperology Ai MT5

Global

Pairs:

AUD/JPY

AUD/USD

EUR/AUD

EUR/GBP

EUR/JPY

EUR/NZD

EUR/USD

GBP/USD

NZD/USD

USD/CAD

USD/CHF

USD/JPY

XAU/USD

XAG/USD

XBT/USD

30-Day Profit: 37.65%

7-Day Profit: 35.49%

Support: 24х7 via Telegram

Free 🎁

Breakopedia Ai MT5

Global

Pairs:

AUD/JPY

AUD/USD

EUR/AUD

EUR/GBP

EUR/JPY

EUR/NZD

EUR/USD

GBP/USD

NZD/USD

USD/CAD

USD/CHF

USD/JPY

XAU/USD

XAG/USD

XBT/USD

30-Day Profit: 24.18%

7-Day Profit: 17.76%

Support: Developer

Free EA🚀

Understanding Elliott Waves

Elliott Wave Theory describes market movements through a series of waves that reflect patterns of trader psychology.

Introduced by Ralph Elliott, the theory identifies eight types of waves: five that follow the trend and three that go against it.

The primary framework consists of a five-wave pattern (waves 1, 3, 5 showing directional movement) interspersed with corrective waves (waves 2, 4 moving against the trend).

Properties of Elliott Waves

Wave 2 never crosses back below the beginning of wave 1.

Wave 3 is never the shortest wave; it typically extends further than waves 1 and 5.

Wave 4 does not enter the price territory of wave 1.

Each complete cycle consists of eight waves, reflecting two phases: an impulsive phase (five waves) and a corrective phase (three waves).

Application of Elliott Waves in Trading

Traders often use the Elliott Wave theory for identifying market entry and exit points based on wave formations.

Indicators like the "Elliot Waves Analyzer Pro" help in calculating wave positions to assist traders in trend identification and position placements.

Automated tools such as various trading robots employ Elliott Wave analysis to predict price movements and manage trades effectively.

Common Trading Robots and Indicators

The "Gyroscope" trading bot uses Elliott Wave analysis for trading on major currency pairs, actively adjusting take profit and stop loss levels.

The "Elliot Waves Analyzer" provides a free version that simplifies identifying wave patterns in trading, assisting both novice and experienced traders.

Indicators like the "Elliot Wave Impulse" signal entry points at the start of wave 3, known for its strength in trend continuation.

📈

Challenges in Elliott Wave Trading

Accurately identifying wave patterns can be complicated, especially for beginners; reliance on automated tools can help mitigate this.

The psychological factors influencing price changes make it crucial for traders to remain disciplined and focused while using Elliott Wave analysis.

Although the theory provides a framework, market behavior can be unpredictable, requiring traders to adapt and use additional analysis methods. 🌊

Conclusion

The Elliott Wave theory is a valuable tool for traders seeking to capitalize on market cycles, blending technical analysis with an understanding of trader sentiment.

With the right tools and a solid understanding, traders can enhance their strategies and potentially improve their trading outcomes.

FiboPlusWaves

MT4 Utilities

Easy Rating: 5/1

MQL Rating: 5/3

Elliott Waves Fibonacci Levels

Welcome to the wild world of FiboPlusWaves! If you've ever dreamt of trading like a pro without the hassle of deep diving into complex theories, this might just be your golden ticket. Designed by Sergey Malysh, this trading system claims to take the guesswork out of trading throu ...

Release Date: 30/06/2020