🎯 I focus on Modern Elliott Waves (Neowave) because this strategy gives me objective to start entry and stop levels. #BTCUSD
📚 According to the Wave Theory: wave 4 cannot cross generally the bottom of the 1st wave in impulse waves . So, we can use the bottom of the 1st wave as an invalid level for a bearish outlook 🤓
Such trades give a limited risk, and the potential reward is always several times greater than the risk. Just what we need!
Help is highly appreciated:
My problem with Elliott Waves is: 1) the waves counting & structure changes with every time frame, 2) It is very difficult to exactly the start and end of a given wave, and 3) the entry & exit rules ?
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@RichardKSA,
1. Understand about subwaves and degree of pattern
2. Use fractals to determine the start and end of the wave
3. Use other trading strategies. Classical EW is only used as a prediction.
Generally EW users will experience the same as you, because EW is subjective. Many professional traders are trying to reduce and eliminate this lack of EW. One of them is Glenn Nelly with Neowave (there is a book entitled "Mastering Elliott Wave") . I made the above idea using EW from Glenn Neely