Modern Elliot Wave trading using Elwave. - page 22

joe44:
I would like to participate in this thread since it is on Elwave by way of posting Elwave charts for any currency pairs that are displaying Wave 3 formations.

There are 2 currency pairs in Elwave which display tradeable Wave 3 patterns. These are:-

1. EURUSD displaying a Wave 3 Up pattern with 5 Positives from Cycle to Minute Wave Degrees and 5 Up Trends.

2. AUDJPY also displaying a Wave 3 Up pattern with 3 Positives from Cycle to Intermediate and 3 Up Trends.

All the relevant Entry and Exit points are given in the Summary Inspector together with their respective Risk/Reward Ratios.

It is not my intention to make any suggestions/recommendations as I do not think I am ready yet, as I am still in the process of trying to make as much use as possible of both GET and Elwave softwares.

I prefer to post GET charts in Advanced Get thread and Elwave charts in Elwave threads, so as not to confuse readers.

Joe

GreatYves:
Joe! Be welcome and feel free to post whatever you feel related to Elwave, but i also welcome any Elliot Wave or fibonacci related post. I define my self more as a fibonacci position trader, i even have a "phi" sign tatooed on my left arm.

This thread was created in order to "validate" the utility of Elwave as a trading tool.

The main problem or challenge was to find an adequate setting for the analysis options panel. For about a month now i am functioning with these setting:

I found this setup to produce simpler but easier to understand wave form, it is also faster to produce the analysis. I try producing the weekly and daily chart of a basket of pair then produce the 240min analysis of the best looking ones. I also use outsider EW analysis. Specialy for the US$ index.

I then concentrate on the winners for my position trades during the week. I try to make a trade a day after work from sunday to tuesday if i like the setup. I setup trade order on fibs pivots and let it go.

Again, feel free to experiment with elwave setting, but at least let us know the setting you are using whenever you post some elwave stuff or at least whenever you change them!

Good Trading!

Yves

(US$ Bull)

yano125:
For those using Elwave 7.6 and MT4 data:

MT4:

Open a chart of currency pair desired

Switch to timeframe you want to analyze , example 1 hr or 60min

Click on Tools/Options/Server/Enable DDE Server/Ok

Click File/Save as/

To save file, go to Local disk C/Program Files/ELWAVE 7.6/Examples

Type in the file name

then select file type as ASCII

Click Save

Then go to explorer window thru my computer. Or open your Excel and

Search for the .csv file or ascii that you just saved and open it

when in excel and in the folder where you saved the .csv file

set the file type to all files and not just all excel files

mine actually arranged the data with the most recent at the bottom

so i needed this extra step of rearranging the data

i found out that elwave recognizes the data properly if the data was arranged with the most recent data on top or on the 1st row

I fixed my data using the Data /Sort facility of excel

on the far right column type the number 1 on the first row

highlight this box and hold down the shift key while you drag the cursor down to the last box beside the last row containing data.

an easier way of high lighting would be to type in the number 1 first on the first row as above and click ok

then go down to the box beside the last row of data

click on this box

then use the cursor to drag the scroller bar on the right side of the spreadsheet

and drag the scroller up to the top

when you see the row 1 of the spreadsheet,hold down the shift key and put the cursor on top of the box where the number 1 is THEN click on it while holding down the shift key

this procedure should high light the rest of the boxes in the column

click edit/fill series/ step value should be 1 / ok

last column should number all the rows corresponding to those filled with data

then highlight the whole range of data including the number series

click data/sort

on the first selection: refer to the right most column and choose descending as the option

click ok

click file/save/ give it a new name

make sure it is still saved as an ascii file type or .csv

when you exit the csv file there will be a series of 3 windows. just click on the Yes option on these 3 windows

now you can open this file in ELWAVE 7.6

In ELWAVE 7.6

clcik Chart/new chart

then select the csv file you just saved

first column will be the date and you have to select the format type that it represents

then tick the item : first row is most recent data

click ok

I hope these helps those who are just starting out to use ELWAVE.

Next for you to learn is how to maximize the ability of elwave

I just recently found how useful the Batch processing is

But of course it is still best to know the rudiments before moving into the batch processing.

it took elwave almost 35 minutes per file to analyze more than 100,000 combinations, provide a summary inspector, label the chart and even include channels whenever possible then indicate probable fibonacci targets for extention and even retracements I think.

an added feature using another button would be the target zones indicated by shaded colours as you can see in 2 of the charts I posted.

I have been doing EW analysis manually since the beginning and it is only now that I have used a software.

I do not recommend using a software if you still can not do it manually. You need to be able to analyze what the software does or labels and determine if it is acceptable or not.

It is just like letting it do the labelling for the trial and error.

Use this too for determinining a swing as impulsive or corrective.

Then label your own charts

Note too that it may prove useful to use data only from Major swing points

yano125:
GY

When you do not get a clear direction on your EW , do you not use other tools and strategies to evaluate the market?

I suggest you do that. I use EW as the base of my analysis. But I also use other tools to validate my wave counts. although, ew may not show a clear signal on 1 time frame, move to a higher tf or a lower tf and you might just get a clearer direction there.

Remember that bigger waves are made up of smaller waves. Divergence, MACD, RSI, Stochastics and even MA crosses could help.

yano125:
For those using Elwave 7.6 and MT4 data:

MT4:

Open a chart of currency pair desired

Switch to timeframe you want to analyze , example 1 hr or 60min

Click on Tools/Options/Server/Enable DDE Server/Ok

Click File/Save as/

To save file, go to Local disk C/Program Files/ELWAVE 7.6/Examples

Type in the file name

then select file type as ASCII

Click Save

Then go to explorer window thru my computer. Or open your Excel and

Search for the .csv file or ascii that you just saved and open it

when in excel and in the folder where you saved the .csv file

set the file type to all files and not just all excel files

mine actually arranged the data with the most recent at the bottom

so i needed this extra step of rearranging the data

i found out that elwave recognizes the data properly if the data was arranged with the most recent data on top or on the 1st row

I fixed my data using the Data /Sort facility of excel

on the far right column type the number 1 on the first row

highlight this box and hold down the shift key while you drag the cursor down to the last box beside the last row containing data.

an easier way of high lighting would be to type in the number 1 first on the first row as above and click ok

then go down to the box beside the last row of data

click on this box

then use the cursor to drag the scroller bar on the right side of the spreadsheet

and drag the scroller up to the top

when you see the row 1 of the spreadsheet,hold down the shift key and put the cursor on top of the box where the number 1 is THEN click on it while holding down the shift key

this procedure should high light the rest of the boxes in the column

click edit/fill series/ step value should be 1 / ok

last column should number all the rows corresponding to those filled with data

then highlight the whole range of data including the number series

click data/sort

on the first selection: refer to the right most column and choose descending as the option

click ok

click file/save/ give it a new name

make sure it is still saved as an ascii file type or .csv

when you exit the csv file there will be a series of 3 windows. just click on the Yes option on these 3 windows

now you can open this file in ELWAVE 7.6

In ELWAVE 7.6

clcik Chart/new chart

then select the csv file you just saved

first column will be the date and you have to select the format type that it represents

then tick the item : first row is most recent data

click ok

I hope these helps those who are just starting out to use ELWAVE.

Next for you to learn is how to maximize the ability of elwave

I just recently found how useful the Batch processing is

But of course it is still best to know the rudiments before moving into the batch processing.

it took elwave almost 35 minutes per file to analyze more than 100,000 combinations, provide a summary inspector, label the chart and even include channels whenever possible then indicate probable fibonacci targets for extention and even retracements I think.

an added feature using another button would be the target zones indicated by shaded colours as you can see in 2 of the charts I posted.

I have been doing EW analysis manually since the beginning and it is only now that I have used a software.

I do not recommend using a software if you still can not do it manually. You need to be able to analyze what the software does or labels and determine if it is acceptable or not.

It is just like letting it do the labelling for the trial and error.

Use this too for determinining a swing as impulsive or corrective.

Then label your own charts

Note too that it may prove useful to use data only from Major swing points