This is about how to use the Elliott wave forecast that one has purchased or completed. Many Elliott wave traders have difficulties to make the best use of the Elliott wave forecast that they have purchased or completed. At the end of this article one will start improving
how one uses the Elliott wave forecast.
Do not use the Elliott wave forecast as an exact science or scientific formula that can not fail. The Elliott wave forecast is an expectation that the price-action must confirm.
The price-action does not have to confirm the Elliott wave forecast. The confirmation may be partial or full. Sometimes, the price may not even confirm it partially.
To understand more check the Elliott wave forecast confirmations.
Use the Elliott wave forecast only and only if the price has confirmed it.
After the price has confirmed the Elliott wave forecast, one must use a different times frame trading method to improve the market time instead just buying or selling straightway.
Traders must check various playlists @24elliottwaves YouTube channel to learn more.
Be ready to buy and sell if the Elliott wave forecast has been confirmed.
Until there is a signal to buy or sell one will wait. A common trading mistake is to buy when there is no signal to buy and vice versa. The top-down trading method with the confirmation is the best way forward.
Compare the Elliott wave forecast that you have been given or purchased to your own if you can.
When using the Elliott wave forecast, remember to go into the minds of other Elliott wave traders who may have forecast the markets differently.
Check if it is a valid Elliott wave forecast if you understand the Elliott wave validation.
Always map out the chart on different times frame before taking the trade after the Elliott wave confirmation.
Draw all channels, trend lines and key horizontal levels on three corresponding times frame.
For example, hourly, daily and monthly charts. One can also use quarterly, weekly and 4H charts if one is a position trader or investor that is using an Elliott wave forecast. A day trader can use 10M, hourly and daily charts.
Use the market geometry in conjunction with the pitchfork tool to spot the best trading setups.
Always wait for the confirmation on each time frame or look out for an alignment between the setup, signal and entry.
Elliott wave traders who do not care about other technical traders or strategies when using the Elliott wave forecast are not intelligent wave traders.
Usually, many Elliott wave traders ignore everything that they have learnt before as technical traders when they are using the Elliott wave forecast.
It is a mistake.
Understand that the Elliott wave forecast will be more useful to a trader who knows how to trade the Elliott wave theory. Quite often a trader or investor does purchase the Elliott wave forecast, but does not know anything about the Elliott wave forecast or analysis.
The point that I am making here is that those traders may not make a good use of the Elliott wave forecast.
Always consider the risk-reward ratio even if the forecast is accurate.
Use the trading triangle (not the triangle pattern) to better the market timing, and avoid fighting the market sentiment.
Never use an Elliott wave forecast when the financial markets become too volatile, unpredictable, or messier than ever. Be like a pilot who always check the weather before taking off.
Do not throw away an accurate Elliott wave forecast just because there was a losing trade.
Find instead what has truly caused the losing trade without being filled with emotion.
An Elliott wave extension can delay the start of a corrective wave. Now, what are you going to do about that?
Do not use useless Elliott wave forecast. A useless Elliott wave forecast is the one that derives from a shaky Elliott wave analysis that was not validated.
To improve how one uses the Elliott wave forecast, one must always apply the trading drill. Look for a clean trading setup that causes a nice trading signal before entering the trade at a low risk entry point. Indeed, the confirmation of the Elliott wave forecast allows one to have an edge, but does not guarantee that one will get paid. Therefore, one must adhere to the trading drill after the Elliott wave confirmation.
Keep learning and improving non stop. Review both all Elliott wave forecasts that were successful and fruitless. Recognize your mistakes, and do not repeat them. Just keep your eyes wide open. That is all.
The price-action is the king and market patterns are queens. Win the queens' heart first, and everything will be added to you by the king (price-action). It does not matter how good or bad is the Elliott wave forecast, one could not afford to violate the market patterns.
One must always use the Elliott wave forecast in conjunction with the markets patterns while keeping the left hand side eye on the price-action. Do keep the other eye on other market participants. Is that too difficult?
I hope those Elliott wave forecast tips will help one to make a better use of the Elliott wave forecast that one has purchased or completed. See it as a light or map that one holds to help
one to get from A to B in the financial markets.
A trading firm who employs qualified traders will use the Elliott wave forecast to improve their market timing instead of just trading blindly the financial markets. An Elliott wave student, trader or person who understands the Elliott wave theory can also use the Elliott wave forecast to complement what one has done.
Also, an astute investor or fundamental trader will find the Elliott wave forecast useful.
Al in all, most market participants who use the Elliott wave forecast, use it as an additional
trading service to boost initial trading or investing strategies.
It is pointless to buy an Elliott wave forecast if one does not know how to use it.
All Elliott wave trader ought to learn how to use an accurate Elliott wave forecast because
the aim is to use the Elliott wave principle to forecast the financial markets. It is one thing to forecast the markets, and another to use that forecast more efficiently.
If there is something that one wants to understand more, one can ask specific questions
in the comment section of 24Elliottwaves YouTube channel. I always read the comments
and in due course, I will be posting a video that will answer your question.
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