Did you know that you're able to change the labeling of the degree of a wave when drawing Elliott Waves?
Elliott Wave Degree labels assist in the identification of the fractal patterns of Elliott Waves. These degrees are used for both motive and corrective waves (though only motive waves are labeled here). Each of the degrees have a standardized notation that indicates the degree of the wave, allowing the user to identify them more easily.
While the different degrees of waves can be applied however someone would like on a chart, the order and length of time for degrees that are most often used from largest to smallest are:
Grand supercycle: multi-century Supercycle: multi-decade Cycle: one to multiple years Primary: months to years Intermediate: weeks to months Minor: weeks Minute: days Minuette: hours Subminuette: minutes **Times associated with degrees are approximate**
There are six more degrees that are used less often due to the extremely high and low time frames, they are: Supermillennium, Millennium, Submillenium, Micro, Submicro and Miniscule.
In order to change the degree of the Elliott Wave, simply
Double-click on the drawn wave, or select it and click the settings gear in the toolbar
Go to Style
Select desired degree from the dropdown
Thats it!
How often do you use Elliott Waves in your analysis?
I am enjoying Elliott Wave more and more as a prediction tool to map out a possible future trend. It makes for visualizing potential moves
Super_B_XinR
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@scheplick, Yes, it can be used as a forecasting tool. At the same time prices need to meet some specific conditions, which requires a trader with exceptional insight.
TraderTaleb
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R.N. Elliott and the plethora of technical analysis junkies who jumped on making "education" all died relatively poor. Kind of odd that the people and the creator himself who discovered the "key" to the financial markets didn't make a few bucks trading in it.
dawievdwest
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@TraderTaleb, as far as I can remember the story, Elliott was in bed, very sick already, when he discovered the pattern. So I guess little time left. Robert Prechter, who I think authored the most books on EWT, according to Wikipedia "won the U.S. Trading Championship in 1984, with a then-record 444% return in a monitored options trading account."
lg389
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@TraderTaleb, highlights the importance of trading psychology over analysis. The key is to find something that aligns with your personality.
TradingLounge
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@TraderTaleb, Funny though, he's more famous than, sorry who are you?
@TraderTaleb, The below testimonial, which I took from Wikipedia, about the Elliott Wave Principle (EWP) is a point of discussion that needs a little bit of contemplation.
Technical analyst David Aronson wrote:
The Elliott Wave Principle, as popularly practiced, is not a legitimate theory, but a story, and a compelling one that is eloquently told by Robert Prechter. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong.
Although this fractal property axiom within the EWP may seem confusing at the first sight, it also has its advantages, enabling the trader to spot high reward to risk trades. Glenn Neely tried to present some criteria that help distinguish between different degrees objectively. Furthermore, there are practical trading plans based on EWP, e.g. that of Robert Miner, which have an acceptable proven performance. At the end of the day, what really matters is a strategy that is working for "you".
TSS_9
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@TraderTaleb, RN Elliot by the time he discovered and complied his theory he was sick , now and still kicking champs in the market, Pual Tudor Johns have always used EW in his trading , read Market Wizards , and I guess he is a lively billionaire
Mayfair_Ventures
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Great little trick. A lot of good options for Elliott traders; Thanks @TradingView