Modern Elliot Wave trading using Elwave. - page 7
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Ok, i notice your chart start on 1-1-2009. I prefer longest possible history. In Elwave they say to put a number of record in case history file get too long for analysis. In Advance get they recommand 300-600 bars...
This is my major issue with EW analysis software. None seems to agree on how long history to compute.
I think it's important to start with the beginning, in case of forex, would be from 1971 with the collapse of the Bretton Woods whereby the United States dollar became the reserve currency.
So i am looking for history .csv files that cover that whole period.
Attached is 1H, 4H and Daily chart for GBP/USD.
Date range from 1/1/1971 till today.
Could you please let me know the best settings?
Please can you show me the eur-jpy pictures?
Thank you for your great work.
Please can you show me the eur-jpy pictures? Thank you for your great work.
I can show the eur/jpy and gbp/jpy but not sure whether I'm using the correct settings. we need kenneth and greatyves to assist us with that.
I can show the eur/jpy and gbp/jpy but not sure whether I'm using the correct settings. we need kenneth and greatyves to assist us with that.
My recent setting for eurusd analysis was this for hourly chart.
My recent setting for eurusd analysis was this for hourly chart.
Thanks GreatYves. Attached is 1H GBP/JPY chart based on settings from greatyves screenshot. I will attach latest GBP/USD and EUR/USD.
I hate it!!! My Elwave Summary inspector is not even close to you for gbpjpy mine show a mixed outlook, only 2 trends are down. And since you have the most recent version, i tend to believe your more . I hope you'll keep us updated for the your whole trial month.
Also, FormulaOneMan, what MT4 feed are you using? They have hourly history from at least 71.. Not mine!
Gbp/Usd
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wave-count .............
Although I do not use Elwave nowadays (not because I do not want to) but because I have not been able to load my Elwave 6.2 into my laptop (which I have changed the o/s over to XP), and my Elwave 7.6 still shows it has Trojan Horse, from time to time I still read over its manual to make sure what I have learned is retained.
Like many of Elwave users, I was experimenting with (1) Detail Level ie the number of lower levels of wave labels to display, (2) Scan Inspector re Conditions ie Scanning for Trading Setups, (3) Batch Processsor – whether to have Entire Analysis or Update Analysis for the Last 100 days (default), (4) Analyse – Analyze Entire Chart, Analyze Selected Wave Level (1 or 2 levels down). And (5) Options Analysis.
I shall now deal with each of the above items and what I end up with finally:-
Detail Level: I have tried both 1 and 2 levels but finally I went for 1 Level as it takes lesser time to process and sufficient for my trading purposes and unless I want further analysis I then switch over to 2 levels.
Scan Inspector Conditions: My first preference is for 4 “straights” ie either 4 Positive Ups OR 4 Negative Downs. This type of situations does not occur very often in our Malaysian stock market and when it does, it means the stock market is very bullish.
At the same time, I am also interested to enter at the bottom of Wave 2 and Wave 4 – so I select Waves 2 and 4 to search for these patterns.
Finally, I want to close my positions when it is near the top of Wave 3 and Wave 5 – so I select Waves 3 and 5 for their patterns.
Our memory is short. So I printed hard copies for my reference and as follow-ups to see how well Reality and Elwave Predictions fit.
Batch Processor: The first time you use this item, you have to do an Entire Analysis. After that, I did the Update Analysis for the last 100 days (default). I left it as it is, as my trading was focused on the most recent bars. (The Entire Analysis handles the longer-term view of the market.)
For new Elwave users, you have to do an Entire Analysis from time to time.
With experience, one look at the chart I know it needs to do an Entire Analysis.
Analysis Options – Method: GreatYves did exactly what I did years ago. After experimenting, I concluded it was sufficient for me to just check box – indicate reversed on >50% retrace and Analyze last 300 days. My focus was on short-term trading (1-14 days), as my stockbroker gave me 14 days credit without charging interest.
(Where I wanted to do some specific research, then I used 20,000 days or more to stretch back to the 1980s to look at the history of Financial Crises, starting with Black Monday) and Complex Patterns and Extra Wave Degrees.
General: I had easily spent 1-2 years playing with Elwave before I finally understood it well. And this was after I had spent 1-2 years earlier using Advanced Get. To do a MBA does not even take that long.
The reason why I used two EW softwares was I needed a second opinion to confirm with one another. Martin Pring always says “weight of evidence” must be there. And if I intend to trade seriously, it was well worth my time having to go through all these experiments and experiences.
And today after several years I am very comfortable using either one of them or both of them to focus my investment or trading activities.
I am also very happy to note many readers/users of Elwave have come forward with their Elliott Wave charts and analysis. It adds variety and spice to this thread.
The thread on Advanced Get is rather more by myself. Hardly a handful of Aget users come forward. And I dislike monologues. hehehe
Kenneth