I am reading Nick Radge's book "Adaptive Analysis of Australian Stocks" and finding it a great read, with some really useful stuff. His suggestion of using EW for trading, along with hearing about it from a few other sources, really has me itching to (back)test this strategy.
EW seems however, to be quite 'subjective' - the 'rules' can (I think?) be quantified but the 'guidelines' I think may be a different story. Also, simply deciding WHEN to start Wave 1 for example, seems to be quite subjective.
I was wondering if anyone's come across a programmed indicator (open source) for EW. I have once seen it being used on this plotting package called Profit Source I think, it had some pretty good analysis (charting and whatnot) of EW.
If anyone has thoughts on my (perhaps futile?) attempt at backtesting this rather complex strategy, would love to hear it ...
yours in scientific backtesting of trading strategies :-)