This is just my view ,it is NOT meant to criticize anyone's work but just to help those who would like to use advance patterns as I see it .
PLEASE ignore if ti does not fit your understanding of how patterns should be used and continue to do what you are doing.
Comments
EverythingForex
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Reading this, I just wanted to put my 2 cents in. If you have seen any of my posts, I do use advanced patterns extensively and I do find they "work" BUT you can't just find them anywhere you want and just expect them to work just because it is a pattern that fits the ratios. The advanced pattern must be somewhere where it makes sense for it to be there. Such as within a triangle, a flat, a flag, within an impulse leg or in consolidation waves.. Not just anywhere on the chart. Keep in mind the most basic thing with any pattern, be it advanced, traditional (flags, pennants, etc.), Elliott wave patterns, what have you....they must be something that trader's can readily see, agree on and act upon. it can't be something obscure that trader's won't readily see, understand it's there and then will never act on it.
This is one of the reasons why I like Anil's way of doing Elliott waves. Simple and clear. No need for knowing exactly is this a X wave and is it labeled correctly. Oh, is this a running flat, complex double or triple zigzag, extended wave 3, triple zigzag ending diagonal, etc., etc. He just gives it clear and precise. Something all trader's even without extensive knowledge of Elliott wave theory can all see and understand it's there!
Advanced patterns, like anything else, is not some magical strategy. It is a graphical expression of what the market and by extension what trader's have done and chances are,,,are going to do. They serve the purpose of using historical tendencies to give an edge to the person using them CORRECTLY to figure out what MIGHT happen next. Not what WILL. Nothing can tell you that!
I agree with Anil that used in conjunction with proper knowledge of where the market is at (either trending or consolidating) is essential to being able to use the advanced patterns properly. If you know with some degree of certainty that the market is in a consolidation phase for example, then spotting advanced patterns within the corrective wave makes all the sense in the world! You'll know, again with some degree of certainty, that you'll find opposing (back-to-back) patterns quite often and know what to do when you find them.
Anyway, this is how I use advanced patterns in my trading. First, using wave theory to locate where the market is at the time. And then spot the advanced patterns within the wave. Whenever someone asks me, "Is this a blah-blah-blah pattern?" my next question is why do you think that pattern will work?
YuzukiChan
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I agree with you on this: "No need for knowing exactly is this a X wave and is it labeled correctly." Those harmonic patterns work without knowing the inner wave dynamics, and this is of course a good tenet of them. However, it is also the bad side of harmonic patterns since a harmonic trader doesn't know much about what to expect. EW and other tools serve as strong confirmation techniques which I believe are to be considered alongside with harmonic patterns. On the other hand, EW or ichimoku or any other tool gives much more confidence when they're supported with harmonic patterns. All in all, you can trade and make profits by harmonic patterns only, but the accuracy might be improved.
MohammedSolaiman
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I agree with u sir
but (C) can also 61.8 and Im sure u know that already
so I will wait to buy :)
anilmangal
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Yep , and that is why most of the patterns don't work !
BeratImeri
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can u help me with forex m8?
anilmangal
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not sure what ia m8 but skype me if you have a question :mangal457
anilmangal
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what is *
BeratImeri
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m8 is mate haha sorry for writing like that, i dont use skype :/
This is one of the reasons why I like Anil's way of doing Elliott waves. Simple and clear. No need for knowing exactly is this a X wave and is it labeled correctly. Oh, is this a running flat, complex double or triple zigzag, extended wave 3, triple zigzag ending diagonal, etc., etc. He just gives it clear and precise. Something all trader's even without extensive knowledge of Elliott wave theory can all see and understand it's there!
Advanced patterns, like anything else, is not some magical strategy. It is a graphical expression of what the market and by extension what trader's have done and chances are,,,are going to do. They serve the purpose of using historical tendencies to give an edge to the person using them CORRECTLY to figure out what MIGHT happen next. Not what WILL. Nothing can tell you that!
I agree with Anil that used in conjunction with proper knowledge of where the market is at (either trending or consolidating) is essential to being able to use the advanced patterns properly. If you know with some degree of certainty that the market is in a consolidation phase for example, then spotting advanced patterns within the corrective wave makes all the sense in the world! You'll know, again with some degree of certainty, that you'll find opposing (back-to-back) patterns quite often and know what to do when you find them.
Anyway, this is how I use advanced patterns in my trading. First, using wave theory to locate where the market is at the time. And then spot the advanced patterns within the wave. Whenever someone asks me, "Is this a blah-blah-blah pattern?" my next question is why do you think that pattern will work?