Modern Elliot Wave trading using Elwave. - page 24
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Hi, Volen:
Good to see you in this thread.
For your comparison, I am attaching herewith a doc file showing Elwave 6.2 charts for GBPUSD - (1) Daily, (2) 4 hours chart, (3) 1 hour chart and (4) 30 min chart.
On the left side of the chart is what they call a Wave Tree showing the hierachy of the Wave Degrees.
Below the chart is Summary Inspector where they give all sorts of info about each Wave Degree in terms of Target, Exit, Reward, Risk, etc.
To be frank with you, Volen, I am not good in using Elwave to trade because (1) it has so many alternate wave counts that I am at a loss which one to use - sometimes I discover they can have as much as 11 alternate wave counts, (2) the chart wave counts and the Summary Inspector can be showing 2 different wave counts for the same chart.
But I know in this thread there are at least 3 members who use them - GY, JD and Kenneth. At least JD and Kenneth use them to trade forex. GY, I am not too sure now.
Nevertheless, Elwave is an interesting software. Maybe we all need time to study the software and how to make the best use of it.
Wishing you all a Merry Xmas and Successful Trading in coming 2010
Regards
JoeThe way i am using Elwave is once a week, i am doing a scan of all the pairs in order to find the ones with 3 or 4 consecutive wave degrees on as many consecutive time frame. So far, it only have happen on eurusd where all time frame was showing 4 or even 5 consecutive wave degrees, then i could tell for sure that a strong trend is established.
But to use Elwave for labeling is useless, since labeling is not an exact science. It is only a probability game. There is no "true" labeling of a wave since it is always apart of a bigger wave and could always be subdivided in smaller wave.
The only conviction that i acquired is that Fibonacci retracement/expansion does work more often then not. In 61.8% of times an impulsion should retrace by 38.2%, 50% about 50%, 38.2 about 61.8 ect... than expand by 100% or more. If it fail to do so, we begin to look for a reversal, or maybe we're not looking at the good time frame. In any case that still does not make a trade, Technical analysis still need to be used as confirmation of entry, in the time frame of our fibo analysis. Confluence of fibs retracement/expansion augment the probability of low risk entries and exits, but to use them blindly is somehow gambling.
Anyway, I wish you all have a very merry Christmas, and find your way to successful trading in 2010.
Newbie
Finally , meet the crowd that like the same to me
MT4 FEED FOR ELWAVE (9.2g)
Does any one know how to setup elwave for proper importing of data using the plugin script? I've been toying with a recent version but no success importing data in real time. TIA.
Hello,
Is there any users of ElWave here that can post a few pics of what the program is showing for EURUSD? I would like to compare to my fib work. I am looking to get ElWave but would like to compare a little first.
Thanks in advance!
Does any one know how to setup elwave for proper importing of data using the plugin script? I've been toying with a recent version but no success importing data in real time. TIA.
enable dde server and expert advisor and dll import in metatrader
attach "elwave metatrader plugin script" from scripts to chart
go to elwave and:
from chart select new chart
select symbol and time frame ...
(if have not this script on metatrader go to C:\Program Files\Common Files\PrognosisUDS and copy "ElwaveMetaTraderPluginScript.ex4" to scripts and
"ElwaveMetaTraderPlugin.dll" to libraries...)
Hello,
Is there any users of ElWave here that can post a few pics of what the program is showing for EURUSD? I would like to compare to my fib work. I am looking to get ElWave but would like to compare a little first.
Thanks in advance!in daily time frame is down(first of wave 3)...but you wait for brake resistance.
enable dde server and expert advisor and dll import in metatrader
attach "elwave metatrader plugin script" from scripts to chart
go to elwave and:
from chart select new chart
select symbol and time frame ...
(if have not this script on metatrader go to C:\Program Files\Common Files\PrognosisUDS and copy "ElwaveMetaTraderPluginScript.ex4" to scripts and
"ElwaveMetaTraderPlugin.dll" to libraries...)Thanks, I did all that but haven't figure out how to append to historical data. It open a new chart with real time new data on it but how do i get the old data? It gives the "Couldn't open historical data file" import error. Any help appreciated!
Oups! I found my error, i was putting eur/usd instead of eurusd.. It`s fix now!! Yahooooo! This thread will be living again!
After analysing all of EURUSD time frame, from weekly down to 15 min, or should I say from Primary down to SubMicro, only Minor,Minute and Minuette (4 hrs chart) shows consecutive positive wave degrees.
It is very important to only take in consideration minimally at least 3 consecutive wave degree, preferably 4, ideally 5.
I personnally consider this coming week very volatile because of very thin market where some big player might try to easily manipulate price in there favor.