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Elliot wave provides a great way to add to a position and one just need to recognize the correct 1-5 marking on the wave.
Using a simplified Elliott Wave count, one can add to the positions at the end of waves 2 and 4. These points can be also called as corrections or consolidations.
One has to practice to identify the point 2 and 4 in the Elliott Wave and once a person is able to identify the same on the chart, than it is awesome to trade the waves. Once a Wave 2 or 4 is recognized, just go down to a 4 times lower timeframe and draw trend lines over the tops/under the bottoms of a wave 2 or 4. Once both the trend line gets broken and the latest swing high/low are exceeded one can add to the position. Stop losses are to be put a few ticks below/above the before mentioned wave 2 or 4. One just needs to practice and one will be able to enter in most promising trade.
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