The Elliott Wave Theory was originally created by Ralph Elliott in the 1930s when he first proposed that the markets move in specific patterns (or waves) due to human behaviour/psychology. This Theory identifies patterns in the market that keep repeating over and over again, making up what we call trends (and even trends within trends).
The Trading MasterClass strategies were actually created before Irek discovered the Elliott Wave Theory, but once he did discover it, his strategies were further confirmed (as they fit perfectly within the overall characteristics and movements of this theory). You do not have to grasp the Elliott Wave Theory fully to successfully trade the strategies, but it will add to your overall analysis if you do.
As mentioned in the previous lesson, the Elliott Wave Theory identifies trends within the markets, which mimic human psychology. Mass movements or mass swings in human psychology is reflected in repetitive fractal patterns within the charts. Those patterns and trends are called “waves”.
Wave 1 ...
In this lesson, we’ll build on The Elliott Wave Theory and start to use it as a whole package.
Wave 2 and Wave 4 are pullbacks - one can be very simple, and one generally more complex. Complex pullbacks have more of a price action pattern (such as a rising wedge within the pullback itself),
A ...
In this lesson, you’ll see how significant the Fibonacci Retracement and Extension tools are when integrated with the Elliott Wave Theory.
You’ll learn how to utilize Fibonacci in conjunction with the Elliott Wave Theory to create a strong analysis/bias within the market, specifically when plan...
