Traders, one of the major advantages of Elliott Wave analysis (EW) is the ability to overlay an objective forecast on top of a series of price bars.
Is it foolproof? Of course not, but it does flag potentially lame trading scenarios.
Case in point - USD/JPY.
I Love This Trade....Until It Ticks Against Me
Flipping through Twitter tonight and there seems to be a hot and bothered tone to be a buyer of USD/JPY. While I agree with that view, mine is longer-term in nature, Twitter folks tend to be looking at forecasts that might last an hour or until it ticks against them 
Kidding aside, EW makes it real clear that prices currently have ZERO in terms of a trend - 4th wave triangle in this case.
- In sideways chop how do you determine when/where prices will turn higher?
- With no trend, how can you expect to have an edge?
- Buying/selling support & resistance is arbitrary and one dimensional - no edge doing that.
Now if you are bullish and have no interest in finessing an entry point, you can start building a position but stops will be wide and you might be waiting a few days for the market to prove you right.
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