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FREQUENTLY ASKED QUESTIONS
What is Elliott Wave Theory
and how to use it in trading.
The Elliott Wave theory is a technical analysis method that is used to analyze financial market trends and predict future price movements. It is based on the idea that stock prices move in repeating patterns, or waves, which can be identified and used to make investment decisions. The theory was developed by Ralph Nelson Elliott in the 1930s and has since been widely adopted by traders and analysts.
The Harmonic Elliott Wave theory is a modified better version of the classic Elliott Wave theory that is based on the idea that the natural rhythm of any financial market is a three wave pattern that can be associated with “action-reaction-resolution”. Those three step moves on charts showing prices of stocks, futures or crypto currencies form repeating and easy to recognize patterns that are based on specific Fibonacci ratios. These Fibonacci ratios are believed to be related to natural patterns and harmonic relationships that are found in nature, and they are used to identify specific points in the market where price movements are likely to occur.
I used to practice the classic Elliott Wave theory but then switched to the Harmonic Elliott wave theory because I found that the modified version predicted prices of stocks and futures moved in a more consistent manner than the classic Elliott Wave theory. This higher accuracy of the Harmonic Elliott Wave theory is based on specific repeating patterns, detailed rules of how recognize and confirm them and, finally, unconventional retracement and extension ratios. Together they produce more stable and reliable forecasting tool of market behavior than the more subjective wave counts used in the classic Elliott Wave theory.
You can recognize repeating patterns from the toolbox of the Harmonic Elliott Wave theory on any timeframe, from 1 min charts to Daily, weekly or even monthly timeframes. The same patterns works on any market including stocks, indices, forex, futures, currencies and commodities.
You can benefit from wave analysis either you are a short term day trader, a scalper or a long term investor. The Harmonic Elliott wave analysis is a powerful foundation for any style of discretionary trading because it provides you with skills of “reading charts”. A skilled wave analyst needs one glance at a chart to identify several most probable scenarios for price development for weeks ahead.
Unfortunately, the Harmonic Elliott wave theory is not the “Holy Grail” or crystal ball many desperate traders look for.
Very often that technique let you justify several equally probable scenarios of where price of stocks can move next. Consider the wave theory a framework or a toolbox that will make you a more disciplined and focused trader.
That tool will let you know when it is time to open a position, what targets you should expect and what are important support and resistance levels to be used as protective stops. Our tools once properly learned and practiced will give you a significant edge against other traders. You will be able to add to chart Red Target Box where price will most likley turn down and Green Traget boxes where price will most likely find support. You will be able to identufy when price turns into an impulsive (trending) mode and when it comes back in corrective pullbacks. But after all you will have to accurately apply all the rules of the theory to come up with a reliable forecast. Even experienced wave analysts sometimes make mistakes or overlook patterns.
Wave Analysis That Is Better Than
The Elliott Wave Trader theory
You get more intraday updates, ongoing Q&A session and CastAwayTrader shares his own trades with stocks and options.
The main benefit of joining the chat is ongoing process of teaching and mentorship. CastAwayTrader explains every trade and every setup in the light of Elliott Wave Trader. There is no such thing as “proprietary indicators”.
Predict The Market With The Harmonic Elliott Wave Analysis
Learn How to Nail Tops and Bottoms in Any Market. This course will teach you how to predict the next market move and become a pro Elliott wave trader.
How To Trade Like a Pro
How to Use Wave Analysis to Find Winning Trading Setups. This course will teach you hot to recognize high probability winning trading setups, how to set targets and protective stops
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