spauken
47 posts
msg #135653
- Ignore spauken |
4/28/2017 8:58:14 AM
I have studied and followed EW for years and based upon my experience, there is no objective way to identify the beginning of a 3rd wave. My best answer would be for you to first identify a five wave advance (wave 1) and then identify a corrective wave 2. Once you have correctly identified wave 1 and wave 2, wave 3 should then follow. The problem is that if you have not correctly identified the degree of the waves, or the end of wave 2 which can take several different forms, you're in trouble.
To get around these issues, I have become a trend follower. If the short term MA crosses above the long term MA, I buy and hold on as long as the ST MA is above the LT MA. If it crosses back below, I bail on the trade. I have a lot of small losses, but every now and then I catch a whale that more than makes up for the losses.
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