There are a few products which perform automatic Elliott Wave analysis: Advanced Get, Elwave, Alphomega Elliott Wave for metastock, Profit Source (Hubb) and others...
Has anyone found any of them useful or a waste?
Is it better to draw the waves by hand?
thx in advance
By far the best EW/Fibonacci software around though is Dynamic Trader
STONER
Dynamic Trader doesn't find Elliot Wave counts, so would be useless to a beginner.
I really find it difficult to fathom how anyone who doesn't own a software can pass a comment on it to the point of "Steer clear".
On the other hand if you are wanting to find specific EW setups in isolation, as per Robert Miner, then I think MTPredictor is way ahead of the crowd.
The ones that create automated wave counts in my opinion you should keep away from.
STONER
I have used a lot of the aforementioned software over the years but I think it comes down to what you're trading to do. If your looking at using the Theory within in its fill context I think doing it by hand is ultimately the only way to go. It takes time and practice, but is well worth.
Still trying to reconcile the constant references to being a beginner to then stating that this or that is the best, and criticism of others approaches.Fairly new to Elliott Wave Theory, but have used various pieces of softwares.
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By far the best EW/Fibonacci software around though is Dynamic Trader
STONER
I have been using MTPredictor for a few years now just to find setups in isolation as Nick mentioned.
The type of software all depends on what you want to use it for, ie the market, time frame, investing or trading etc etc.
I have the Robert Miner course on CD and constantly go through that for education but the reality is that I just need the immediate what is happening here and now approach on a daily basis and that is where MTPredictor works for me.
A friend of mine has AGET and he swears by it, but it is more suited to his method.
I am currently running a trial on Forex trading with 30min, 60min and 4hr charts from data export on Metatrader4 updating every minute in MTPredictor.
Below is an example of a TS4 signal that came up on the AUDUSD 30min chart this morning.
For me, I just need one of these setups per week to be more than happy. (The 8 lots on the chart is actually .8 of a lot)
That's myworth.
(click to enlarge)
When you say doing it by hand, do you mean using software to plot the swings and then doing the count (and identifying an Elliott Wave Scenario) yourself?
Or do you actually mean plotting the swings and counting the waves manually?
I have been using MTPredictor for a few years now just to find setups in isolation as Nick mentioned.
The type of software all depends on what you want to use it for, ie the market, time frame, investing or trading etc etc.
I have the Robert Miner course on CD and constantly go through that for education but the reality is that I just need the immediate what is happening here and now approach on a daily basis and that is where MTPredictor works for me.
A friend of mine has AGET and he swears by it, but it is more suited to his method.
I am currently running a trial on Forex trading with 30min, 60min and 4hr charts from data export on Metatrader4 updating every minute in MTPredictor.
Below is an example of a TS4 signal that came up on the AUDUSD 30min chart this morning.
For me, I just need one of these setups per week to be more than happy. (The 8 lots on the chart is actually .8 of a lot)
That's myworth.
(click to enlarge)
Boggo, is MT Predictor still your main tool for trading?
How profitable has it been for you when used on Forex?
What degree of discretion is required?
Thanks
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