🔴 1-2-3 ELLIOTT WAVE (Simplified Guide) - The easiest way to MASTER Elliott Wave Theory

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1-2-3 ELLIOTT WAVE (Simplified Guide) - The easiest way to MASTER Elliott Wave Theory
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Elliott Wave Price Action Trading Strategy
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Step #1 Wait until you can spot at least a 3 wave Elliott Wave sequence.
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The first step in the Elliott Wave strategy is to wait until you can identify a 3 wave sequence. The good thing about the Elliott Wave strategy is that it doesn’t require any technical indicator as it’s a pure price action strategy. Trading in the direction of the trend, the goal is to capture the last wave 5. To do this, traders must observe the first 3 waves of a five-wave pattern and verify that they comply with Elliott Wave rules. For instance, in a bearish Elliott wave count, the wave count must adhere to the rules for the Elliott Wave strategy, allowing for a sell setup. Once this is established, the next step is to search for the Elliott Wave entry points.

Step #2: BUY Between 50% and 61.8% Fibonacci Retracement of Wave 3
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According to one of the main rules of Elliott Wave theory, ideally, wave 4 should retrace between 50% and 61.8% of the Fibonacci retracement of wave 3. To avoid missing out on potential movements, we set our entry point for Elliott Wave between 50% and 61.8% based on price action signals formed in that area. In many cases, bullish engulfing and bullish pin bar patterns often appear in this area. However, experience can help refine this entry point for better accuracy.

Step #3: Set the Protective Stop Loss a few pips below the swing low.
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It is advisable to place your stop loss a few pips below the recent swing low. This is because this position ensures that your stop loss is not too large or too small. The purpose of this is to help you achieve your Money Management target, which is a Risk Reward Ratio of 1:3. After setting the protective stop loss, the next crucial aspect of the Elliott Wave strategy is to determine the profit-taking strategy.

Step #4: Decide when to take profit based on your Stop Loss.
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Once you have determined your Stop Loss level, it is important to set a profit target that is three times the size of your Stop Loss. This ensures that, in the long run, your trades will remain profitable.The beauty of the Elliott Wave strategy is that it allows for experimentation and the development of unique trading approaches. Once you have a solid understanding of how to trade using Elliott Wave principles, you can create multiple strategies that work best for you. As such, there is no specific take-profit strategy that applies to every Elliott Wave structure. The strategy is flexible because every structure is different and maximizing profits requires adaptability.

[TraderDNA]

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1-2-3 ELLIOTT WAVE (Simplified Guide) - The easiest way to MASTER Elliott Wave Theory

[jerrygibson]

A number of the most eminent market experts have been expressing their views on the severity of the impending economic downturn and the extent to which equities might plummet. This is because the economy is heading towards a recession and inflation is persistently above the Federal Reserve's 2% target. As I'm aiming to create a portfolio worth not less than $300, 000 before I turn 60, I would appreciate any advice on potential investments.

[asadchong]

I have been trading for about 6 months now and just about every trade backfires and slaps me in my face. Nearly impossible for me to catch more than a few points I try to do top down analysis but it doesn't work for me . I say to myself, clearly I'm in the 90% that lose money, so I open a demo account, do my analysis, then take the opposite of what I would normally take and get the same result. I'm starting to feel hopeless, any advice for a struggling trader?

[middleway]

@2:17 the corrective (red line is on a 5, instead of the four...) Cheers! Thanks for the great info!

[theophilusnwokolo]

@TraderDNA is the best. I having been trying to understand Elliot Wave Theory for some times now. No vidoes gave me excellent explanation than what you guys have done. Kudos !

[tha_bag]

This is the very first video I've watched on elliott wave strategy and I swear I already understand it like a pro. Mind you I'm only a beginner trader. Thank you so much 🙏. I have definitely subscribed to your channel. Very educative. Thank you sir or madam

[mahendraprajapati]

Thanks a lot friend.
I was searching for 5 moves practicing videos, eventually I found yours .

I hope to get a complete course on Elliott wave theory in your channel.

I am completely focused on learning Elliot wave theory to master the price action.

I think your style of teaching will help me a lot .😊

[Bigfomski]

Just to clear a few things, good work by you, however, as an Elliott wave trader myself, I must tell you the difference: It is not a rule about the retracement of wave 3 by wave 4. It is only a guideline, and the guideline doesn't say 50 to 61.8 % Fibonacci, the guideline is that more often than not wave 4 will retrace 38.2 % of wave 3 move. It is important to put out the right information as a lot of people follow you. Anyhow, I'm proud of the work you've done so far, Well done.

[kk]

All your videos are GREAT!!
SO USEFUL.
VERY GRATEFUL, THANK YOU!!!

[ylohnitram]

12:30, the 3rd wave is the shortes from the waves 1, 3, 5, which is a clear violation of the EW theory rule, isn't it?

[safouenmejri]

Dear the wave number 4 of correction must doesn't increase wave 1

[vsanden]

I have been trading for a long time and I have my own wave theory and practices which are extremely profitable.

Yesterday someone was talking about Elliot Waves and watched this video. As an experienced trader I can tell that Elliot was on the right track with his wave theory, given that my theory which outperformance Elliot Waves is close to it. When this theory was designed there were probably not such strong computers as nowadays to backtest theories and refine a theory. I have refined this theory in how to trade at which pricepoints and how to maximise profit. It is good that we design new theories, so the NeuroWave theory I designed is better and I might publish it one day for everyone!

[globarevic]

what is the best time frame to look for Elliott waves

[johnevans]

I'm glad I got into crypto when I did because it’s been a turning point for me financially, been my best decision so far.

[eingelvf]

you recommend to use fib retracement or fib extension in log scale or the regular one? because it give waaay different target (i use charts in log scale)

[eingelvf]

11:45 classic example of how u can make people get confused. There is a ton of waves right there to be a possible wave 5, and he put it right at the top haha

[Sentimos]

You made a few mistakes, for example, that wave 4 can't retrace in wave 1 territory... In your example (Alibaba) wave 4 retraces too low (in wave 1 territory), therefore the EW isn't correct. Also, the Disney chart is not counted correctly regarding the EW theory.

[jahbless]

7:03 what shall I do if price doesn’t come to that level? Shall I just draw box at the level and wait for price to come back to level again ? Thank you

[malindatrees]

I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Michelle Stewart

[tharmalingamvignes]

third wave is never be a shortest and wave four cannot surpass the third wave but you confuse me