Elliot wave
Ok, so I'm half way through a book ('High Probability Trading Strategies' by Robert C. Miner) and so far so good. The basic idea of the book is to teach a number of principles that can be used together for high probability trades. The book then goes on to show entry and exit techniques and examples along with money management although I have not read these sections yet.
Anyway, the principles are  Momentum, price, time, and pattern. So for the momentum aspect he basically shows you a dual time frame momentum strategy  easy, its just an indicator on 2 time frames. Price  he uses fibonacci to project possible turning points  easy. Time  again he uses fibonacci time projections from different points to give you a time range where a turning point is likely  easy. Then the part I am struggling with, Pattern. For this part he shows you a basic 5 wave Elliott Wave pattern and a ABC correction pattern. Great, also looks pretty easy. Now, I knew before looking at live charts that the patterns won't look exactly like they do in the nice examples in the book but the trouble is, upon looking at live charts, I can't seem to find these patterns! And for everyone one I find that looks sort of like an Elliott Wave, there are many others that start like one then fail.
Now, the trouble is  without being able to find these Elliott Waves and ABC corrections I can't implement the other aspects of 'Price' and 'Time' as the both use parts of the wave to make the projections! So the only part I am left with is the dual time frame momentum strategy which happens to be one of the first things I tried (unsuccesfully) in trading!
So my question to you, good folk of T2W (medbs that doesn't include you), is do Elliott Wave patterns really exist??? If so, are markets always in one phase of the pattern or are there times when markets are not erm... Elliott Waving. For those of you who subscribe to EW theory  any tips on finding them? For those of you who don't, why? I trust this thread will stay on topic and be full of reasoned and informed debate... Oh no wait, its T2W so it will probably end up with insults then pictures of women with beer or in football kits, or both!
Cheers guys and girl,
Sam.
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