Book Review: Visual Guide to Elliott Waves Trading

A great book to practice the theory behind Elliott Waves

Have you read Elliott Waves Principles? If you do, perhaps a lot of things are not clear to you. That was my case. Indeed, Elliott Waves' theory is hard to understand, making it nearly impossible to apply directly after learning the theory. As with everything, you must practice to become good in one field. Elliott Waves are no exception.

Gratefully, Visual Guide to Elliott Waves trading helps you to understand how to use Elliott Waves in the market with a lot of examples. For each pattern, there are a few examples explaining all the analysis before taking a position. There is even a part talking about how to combine Elliott Waves analysis with more classical indicators such as RSI or MACD to maximize your edge.

It also talks about an important market concept which is that anything in the market follows probability and not certitude. Elliott Waves are not an exception. You can’t forecast the market, you can just maximize your chances to get the market going towards the side you expect it.

I also liked the end of the book, more precisely appendix 1. It was a quick summary of the whole Elliott Waves theory. It was very clear and understandable (much more than Elliott Waves Principle). I was sad to discover this appendix only at the end as it explained nearly everything you need to understand the book (perhaps it was referenced a bit earlier in the book, but I probably read too fast to see it).

For now, everything seems good about this book. But I found it a little bit hard to read, as some examples are very complex and use tons of things for the analysis. I don’t think it’s such a bad thing because it explains the whole process of the Elliott Waves analysis, but you will probably have to read some examples several times to understand them.

Another thing to know is that it isn’t a book for notes. You can’t extract knowledge from it as it is just a compilation of examples. That’s another form of learning, not learning from the theory but learning from the application, the “real world”. I liked it but it forces you to keep the book open while practicing your trading with Elliott Waves as you can’t have the whole book in your mind and I don’t think it’s worth taking notes for examples.

Final Thought

Overall, this book is very good. I think it’s not necessary to read Elliott Waves Principles to understand it thanks to appendix 1 at the end (even if there are a lot of references to Elliott Waves Principles). Sometimes it was a bit hard to read, but I would recommend it to everyone wanting to implement Elliott Waves analysis to his trading.

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