Elliott Wave theory - why does it work?

[uasish]

Elluding me this Eveready Industries ,cant get a 2nd Long Entry.

 

[uasish]

To-day also this cant get a 2nd Long Entry in Eveready Industries .

 

[uasish]

Will look at week end whether Aztec qualifies for Long Now .

 

[uasish]

Eveready now around (+) 6 % above my 1st Entry ,cant get a suitable 2nd Entry.
This stock has completed it's 5th Down Wave & expected to start fresh Impulse wave.

 

[goppii]

Can anybody give live example of some famous traders are using EW and made large profits.

There are some famous traders who earned large profit in trading and they are even sharing the methods they followed.

Ex.WD Gann uses
 Gann angles
 Gann cycles
 Gann levels

o Munehisa Homma
method: Japanese Candlesticks

Richard Dennis and William Eckhardt
Method: Turtle trading system

all these are renouned traders and made huge profit and guiding the followers to make the market alive and active.

In that way, anybody knows about any famous traders used an EW and made a profit and his name came to surface.

I feel the EW is like definition of fate. That can be justified suitable to the requirement. As one of our friends suggested, its like a chess with non defined rules and can be suitably defined based on the convinience(subjective). For example if the prediction given by EW goes wrong, we conclude that the wave what guess was not correct and we must have considered the different nodes and we give different name to the new wave. So EW is very subjective and can be made convinient as per the requirement.

 

[uasish]

You and your friend may be right,i do not disagree.Plz be happy with whatever method you use,even Lunar cycle based Entries may give profit.Bashing EW is IN thing now a days.EW has many disadvantages as it is based on Hind sight.One who knows his tool can use it accordingly.Simple MA is lagging can it be useful in Stop Loss,for it's lagging ness.Like wise EW are Peaks & Toroughs in general term.If somebody tells you this is the last Peak or through you can initiate a position.EW tells you that extra,it can be proved to be wrong,but probability of a recent established Low & price not visiting that low in near time in a 5 Down Wave end is significantly good.
From last Feb i have been pointing out this factor.I have earned quite descent profit & FREE shares in my son's Demat.In Eveready also it may happen,but in this case i could not get my desired no of shares,becoz of that hind sight ,could not be sure.

 

[hari09omkar]

I feel the EW is like definition of fate. That can be justified suitable to the requirement. As one of our friends suggested, its like a chess with non defined rules and can be suitably defined based on the convinience(subjective). .

Its not like fate.....If you observe it closely,EW is just a stretch of DOW THEORY.Infact Elliot himself was a client of Robert Rhea and considered himself to have done some sort of progress in DOW theory.
But if you say this :

For example if the prediction given by EW goes wrong, we conclude that the wave what guess was not correct and we must have considered the different nodes and we give different name to the new wave. So EW is very subjective and can be made convinient as per the requirement.

I would prefer to say - please don't reveal the secrets of a hardcore Elliotician's failure trades.....
uasish's process of using EW is fruitful.....after getting the scrips from the system(which is built on prameters other than EW),just pick those which give the confirmation from EW also.
And one more thing.....your first post in the forum .....welcome to traderji......and my 100th......Yes.....I am a 'SENIOR' now

 

[bvpraveen]

Can anybody give live example of some famous traders are using EW and made large profits.
....

Person: Caldaro
His Blog: http://caldaroew.spaces.live.com/

Even one of our member at traderji is very good at EW and making good profits.

 

[amitt29]

More than half of them can't even spell Elliott correctly.

Its Elliott, thats E L L I O T T.

So it hardly seems a surprise that they make errors and blame the system.

Cheers.

 

[beginner_av]

thats a universal fact. when the mkt is good, everyone makes money in all and sundry ways and thinks that he is a genius and so is his "system". and then when the mkt turns, it becomes the system's flaw! so the jump from one system to another to another begins!