The Elliott Waves theory has fascinated market traders for over a century, promising a deep understanding of market movements before they happen. However, mastering this technique requires more than just theory; it necessitates precise application during live trading. This article explores how integrating Volume Profile with Elliott Wave can transform your trading approach, providing more accurate and profitable market entries.
Elliott Wave
At the beginning of my market analysis career, Elliott Waves promised almost prophetic precision. The reality of real-time trading, however, presented significant challenges. The main challenge was determining the exact point at which to enter the market at the end of a wave. This is where the Volume Profile becomes essential.
Volume profile
Volume Profile is a complementary tool and central to our strategy. This technique highlights institutional value zones, which act like magnets attracting the price. Identifying these points allows us to enter the market at the ideal discount, thus maximizing our chances for success.
Application
In our case study on EUR/USD, we used a Volume Profile to detect the end of a second wave. This approach provides the optimal moment to act and minimizes the distance between the stop loss and the entry price, resulting in an exceptionally favorable risk-reward ratio.
Combining Elliott Wave and Volume Profile creates a robust trading model adaptable to different time frames and financial instruments. Through our experience and detailed analysis, we demonstrate how this methodology is effective in theory and extremely powerful in practice. We invite traders of all levels to explore these techniques and see how they can significantly enhance their trading performance.
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Editors’ Picks
EUR/USD clings to strong daily gains near 1.0900
EUR/USD trades at its strongest level since mid-October near 1.0900 after starting the week with a bullish gap. The uncertainty surrounding the US election outcome weighs on the US Dollar and helps the pair continue to push higher.
GBP/USD holds above 1.2950 as USD stays under pressure
GBP/USD stays in positive territory above 1.2950 after failing to clear 1.3000 earlier in the day. Heading into the US presidential election, the 10-year US Treasury bond yield is down more than 2% on the day, weighing on the USD and allowing the pair to hold its ground.
Gold trades around $2,730
Gold price is on the defensive below $2,750 in European trading on Monday, erasing the early gains. The downside, however, appears elusive amid the US presidential election risks and the ongoing Middle East geopolitical tensions.
Three fundamentals for the week: Toss up US election, BoE and Fed promise a roller coaster week Premium
Harris or Trump? The world is anxious to know the result of the November 5 vote – and may have to wait long hours for the outcome. Markets will also respond to the composition of Congress. The Bank of England and the Federal Reserve will enter the fray afterward.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
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