Does anyone here trade the Elliot Wave Type 1 or 2?
Does anyone here trade the Elliot Wave Type 1 or 2?
Am aware of it but don't have the software. I use option gear for the Australian market. I do have advanced get for the american markets but have only used it to find wave 4's and 5's.
I think you can load in the Aust data into AGET... not sure how its done though... i'm getting direct data from esignal for US markets like you... As for OptionGear the market scanners are a bit clunky, but thumbs up for the options analysis.
I've been receiving receiving a newsletter for the past week or so from a gentleman by the name of Nick Radge from MaqBank and ReefCap fame. He certainly seems a fan of Elliot Wave TA and he's sparked an interest with in me to learn more about it.
Here is an portion of one of his emails, with accompanying graph for those unfamiliar with what EW is all about.
Originally Posted by Nick Radge
Doc doing the same and havent had a chance to see how Nicks charts have performed.
He has been studying Elliot intensly since 96 I believe and from what I see very good at labeling the legs.
Elliot is a very good form of analysis I think for shorter term trading but hard for most to get their head around the fact that the leg your trading could go pearshaped and completely bugger up your count.
To be proficient will mean years of study.
Dr Jeff Eiseman(From reefcap) used Advanced Get for many years and found the labelling even by the software to be annoying.Youd be trading a wave 3 when price action indicates that the 3 wave A,B,C correction is infact not over but developing a 4th down leg in perhaps a 5 wave correction.(as an example).He has given up trading with it for consistant profits.
Nicks service will even track an index or individual stocks at $15/chart.
Elliot wave is supposed to be a study of psychology, specifically greed. Therefore it's very subjective. If you could gauge the level of confidence/sentiment, you'd probably do better at labelling the wave counts yourself. I also find using advanced get troublesome and would rarely use it.
I'VE BEEN LOOKING FOR GOLD NUGGETS............... HERES WHAT I FOUND ...........
HOW MUCH MORE FURTHER CAN , 7 CHARTS ............. BELOW...
TMO make that EXPENSIVE black box StarTrader charting software...
They tried to sell it to me.
What a joke.
Check out the Theorist ...
FreeWeek at elliottwave.com ends tomorrow, Wednesday, May 25, at 5 PM Eastern (New York time).
Elliott Wave Theorist, Bob Prechter’s world-famous publication, gives you unique insights into sociological and psychological signals in the marketplace (again, you get the 3 most recent monthly issues. PS – the May 2005 Theorist has just come out!)
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POSSIBLE .........ELLIOTT WAVE-COUNT
TRADE AT YOUR OWN RISK… The purpose of these charts is to point out significant highs and lows based on Fibonacci Retracement lines and Elliot Waves which are highly subjective . This information is for educational purposes and should not be considered trading recommendations . All trading decisions are your own sole responsibility …
I think Radge says he's realeasing a book on how he trades Elliott Wave. This is from his web site "A new book Yes, it had to happen. Nick is in the process of writing a new book which will be released towards the end of the year. The book covers Nick's unique trading philosophy and his approach to trading shares and CFD's using the confluence of Elliott Waves and low risk chart patterns"
Hi reichstag911Originally Posted by reichstag911
What don't you like about StarTrader?
the reason I ask is a friend has recently purchased it and is very impressed..so much so that he is looking to upgrade to thier package that does options as well (I'm a bit concerned as he's never done options before and will be relying solely on this package..however the results he's had over the last few Months with the package has enforced his belief in the system- I told him I'd do a search and see if I could get any feedback about it and this was the first place I've looked).
Anyone esle have any feedback?
The Barbarian Investor
Price is What you pay- Value is what you get!
I'm afraid Reichstag is 'on permanent holiday', he's been banned! He might have made comments about it in other threads so might be worth searching for those as a last resort.Originally Posted by The Barbarian Investor
My posts are not recommendations (even when I rave about something). Always rely on your own research & judgement.
I attended a CFD seminar Sun&Mon in Brisbane with a strong emphasis on trading using Elliot Wave theory, the 'Profit Source' software was promoted, anyone using this software?, any comments, porkpie
I would also appreciate any feedback from anybody who may have any experience / feedback on the following Elliott Wave Metastock Plugin. Is it any good ???
I would be interested on comments regarding the metastock plugin. porkpie
A book I'm reading (Dynamic Trading by Miner) says Elliott Wave is only useful 50% of the time. Or rather Elliott Wave can only be applied about 50% of the time, and pretty much only the basic impulse and ABC correction is useful for trading. The author doesn't recommend EW software since they try to apply an EW count all of the time on anything, when there won't always be one, or one with any practical value.
I've been to a Profit Source seminar BTW, a few years ago. They also advocated EW back then. The strategy they suggested was shorting ABC corrections after the software had counted a five wave impulse.
I have just been onto the CMC forum and the profit stratgies seminars along with the profit source software did'nt get favourable reviews. porkpie
I once saw a demo of the profit source program and the thing that intrigued me was the fact that it was able to automatically label the waves for you, and also provide some form of target pricing. From memory, you were able to scan the stocks that it thought was currently in the wave 3 or wave 5 or whatever.
After having read Nick Radge's book on adaptive analysis (BTW Great book Nick, certainly concur with the positive feedback you have been receiving), whereby he goes in some detail on how fibonacci numbers can used to project where wave 3 and wave 5 are likely to end, and the all important concept of confluence whereby you hit the "sweet spot" all at or around the same level.
Specifically, I am looking for automated way of hitting these sweet spots and I find it totally impractical to "eyeball" charts to first of all label these waves and then to calculate the projection from there. It is for this reason that I am interested in the metastock plugin, to see whether it can in fact label the waves just like profit source. If it can, I am 1/2 way there.