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The basic idea of the Elliot Wave is that there is a wave pattern that repeats itself. Once the current wave is identified a trader can assume the direction of the trend. The key is to learn how to identify waves correctly a task that is also highly subjective.
Using the Elliot Wave Oscillator requires a little knowledge and there are different analysis theories and techniques. It can be a powerful tool but one needs to spend some time studying and deciding which theory to use.
Bollinger Bands Stop Line. Use this indicator to enter and exit trades. If price moves above the upper stop line enter long and below the bottom one enter a short trade. Then the opposite band is used as trailing stop loss.