Elliot & Trading

Elliot Wave & Trading

-You use as simple as "Moving Averages to assess the market trend.
Elliot is a tool like MA to assess market trends. But let me add one more important thing here: Elliot is THE most leading indicator of them all if understood.
-Elliot takes years to understand and grasp and always one needs to keep learning and sharpening his artistic eye in seeing Elliot structures.
-Elliot is a tool for assessing market trend (where the market is heading) but not for trading (this is also true for other indicators). so what is the difference..?!
it is a big difference. Trading is the implementation of such trend assessment; where you incorporate risk management and entry and exit strategies. Trading needs EXACT entry and exit points so it doesn't work with indicators or Elliot as Elliot gets more blurred and dynamic as you zoom in.
Chart patterns, Gann fan and other fans, fib lines are the perfect tools when it come to trading. (by the way, one can also use support & resistant lines, patterns and even Elliot with rsi, macd or other indicators too).
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other point: we noticed that quite a number of people are in the habit of grabbing small [hourly or daily] profits here and there; those are patterns people.. they see a pattern here and there and they go long with it. and that is fine.
but there is other style of trading where you open a position and keep building on top of it over months and years.
- Dollar is the central currency. we cannot open a position in eurchf if we don't have an assessment where eurusd and chfusd are going first and then where eurchf is going.