label an Elliott wave

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Old Apr 26, 2008, 10:15am   #1
Joined Nov 2006
label an Elliott wave

Hello, I came here searching for a simple clear answer on how to label an Elliott wave - I mean what constitues a wave? what defines the beginning of a wave and what defines the end of a wave?
thank you, george
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Old Apr 26, 2008, 10:48am   #2
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Hi George

Elliott wave is in the eye of the beholder.The more pints you have the easier it is to see those waves.lol
The best place to start is at Elliott Wave International: Expert Market Forecasting using the Elliott Wave Principle
They have a free booklet you can download, if you like that you can purchase Robert Prechter's classic book, Elliott Wave Principle. It's a great little book and will get you up to speed in a few weeks.
Actually the basic patterns are pretty simple to learn, but seeing the wave count in real time is another story and you can get carried away with counts, especially in a choppy market.
Any questions let me know.

Enjoy surfing the waves man!

regards,

A
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Old Apr 26, 2008, 11:19am   #3
 
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Originally Posted by forex99 View Post
Hi George

Elliott wave is in the eye of the beholder.The more pints you have the easier it is to see those waves.lol
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Old Apr 26, 2008, 4:18pm   #4
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glebecki started this thread Hi, 0007. I am laughing at your reply. Thanks.
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Old Apr 26, 2008, 4:29pm   #5
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glebecki started this thread Hi, A -- Thank you for your reply. I guess I am not making myself clear. I am studying the book you recommended but it occurred to me that a wave is not defined in the book as far as I can see; I mean what marks the beginning of one wave and its end. Maybe it's too simple but I just don't understand. In any case, thank you, for taking the time to offer help. I am going to go to the website you recommended. And I did like your "wave in the eye of the beholder" definition -- george
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Old Apr 26, 2008, 5:44pm   #6
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glebecki: " what marks the beginning of one wave and its end. "
the beginning, Price changes direction; the end, Price changes direction

you might try working with the fibo tool to obtain Price targets, and also
try a Time target method, plus a parallel trendlines tool

some swear by 'Mastering Elliot Wave: Presenting the Neely Method'
but be warned - 'it makes my head hurt'
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Old Apr 26, 2008, 5:58pm   #7
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glebecki started this thread Hey, Trdr. Now that is a very cool response! Thank you - simple and clear. I have gone all over the place to get an answer to that question - Google, books on Elliott, etc. I wonder why "wave" is not defined in the books on Elliott. Thanks for the suggestions.
George
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Old Apr 27, 2008, 12:03am   #8
 
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Originally Posted by glebecki View Post
I mean what marks the beginning of one wave and its end. Maybe it's too simple but I just don't understand.
A seismologist can look at the trace from a seismograph and he can identify the time, duration, amplitude and epicenter of an earthquake but could that same seismologist make money by betting on where and on which day the next big quake will hit ?


dd

Last edited by dick_dastardly; Apr 27, 2008 at 12:51am.
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Old Apr 27, 2008, 9:00am   #9
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glebecki started this thread
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Originally Posted by dick_dastardly View Post
A seismologist can look at the trace from a seismograph and he can identify the time, duration, amplitude and epicenter of an earthquake but could that same seismologist make money by betting on where and on which day the next big quake will hit ?


dd
Thank you, Dick. I do like the analogy. I guess what I was looking for is a simple definition of what constitues a "wave" so I could begin labeling waves. I wanted to know what to look for. Too obvious I guess but not to me. Where a wave is going or how far, as I see it, is the next step.
I appreciate your response, thank you, -- george
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Old Apr 27, 2008, 9:11am   #10
 
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I studied EW for about a year.

I found that I could look a chart and easily label the waves, but then, as the subsequent price action invalidated my wave count I ended up going back and relabeling the chart.

Pity you can't go back and invalidate your trades and refund your account in a similar fashion.

Of course, I'm only talking from my own experience, there may be those here that can apply EW successfully, I am not one of them.

dd
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