Elliott Waves - beginner steps



1. Start by adding Fractals indicator. Each Elliott Wave top or bottom should be backed up by a fractal.

2. If you can't find the waves yourself, start with someone's wave count version:

Elliott Wave analysis from Forex Ltd
Elliott Wave discussion at DailyFX
Elliott Wave Daily Trade Ideas
Elliott Wave Weekly Analysis
We've also found links to few Russian websites (use Google translate):
Elliott Wave analysis from FinMarket
Elliott Wave analysis from FXClub

3. Settle on a time frame: no less than 1 hour for the accuracy. Most common time frames to work with are 1 hour and 1 day. Daily will be, as a rule, most accurate & easier to follow for a beginner.

4. Put up Elliott Wave indicators or mark waves manually.

5. Watch the moves unfold and try to keep up with the wave count.

6. The goals are to catch the following waves:
- trade during wave 3 in the direction of the trend.
- keep out of the market during wave 4
- trade during wave 5
- catch the end of the wave 5 (usually ends with a distinctive market divergence) and take counter trend ABC waves.

...This is also where all the difficulties seem to begin - many traders just can't figure out how to start and keep the correct Elliott wave count.

There is no secret pass-way to an easy start. The best way to start the count for any novice Elliottician is to use the resent wave count provided by more experienced Elliotticians, and, of course, read more books about Elliott wave trading.


Free Elliott Wave tutorials


Elliott_Waves.pdf - A comprehensive course of Elliott wave principle

The_Basic_Tenets_of_Elliott_Waves.pdf - Basics of Elliott wave Trading

Now all you have to do is get some experience: open charts and start practicing.

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