Novice Traders' Notebook | SEP 2002
Trading The Elliott Wave by Rudy Teseo
Trading The Elliott Wave by Rudy Teseo Setting up Elliott wave projections on a spreadsheet can help you make your trading decisions. So far we have covered wave theory (part I), wave patterns (part II), and channels (part III). It will be helpful to have those previous articles handy for reference. Finally, we will discuss the detailed procedures for trading the wave. Elliott wave (EW) analysis is probably one of the most flexible systems you will find. You can be 100% bullish and only trade the motive waves in uptrends and the corrective waves in downtrends; you can be 100% bearish and only trade the motive waves in downtrends and the corrective waves in uptrends; or you can be neutral and switch your bull/bear hat and trade every reversal in any trend. The primary goal of any system is to identify market lows suitable for buying (or covering short positions) and market highs suitable for selling (or going short). The EW principle is especially well suited to these functions. No system is perfect, and neither is EW analysis. But it does provide an objective means of assessing the relative possibilities of future paths for the stock or index you are following.
by Rudy Teseo
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