MT4-Elliott Wave Trading
7-19-2010 EURUSD Trade
Hello everyone,
So here is the trade that I took with my usual average cost entry. I expanded the wave labeling to 3 degrees of waves. Yellow is the largest degree, followed by the green, then magenta for the smallest degree cycle.
Based on my analysis I see the market is in the process of completing wave 5 of the larger degree, wave 3 of the intermediate degree and wave 3 of the lesser degree. So the consensus is for a long position.
Note how I have a ? next to wave 2 of the lesser degree since it is still not confirmed (and technically wave 2 of the intermediate degree is not confirmed either). They would both be confirmed with they take out the extreme point of wave 1 for their respective degree). My assumption here is that both corrective waves will exhibit an ABC corrective pattern, although it is possible for both waves to exhibit a complex corrective pattern instead similar to what happened between waves 1 and 2 of the larger degree wave
I would be highly interested in others evaluation of the market
Cheers,
Ok! So apparently I have my count way off. The market has broken through the extreme of point 4, so this invalidates point 4 and I would have to re-evaluate my count.
Anybody has any thoughts on a plausible count?
Cheers,
metatrader ellott wave
dear bro,
i download our ellott wave mt4, put in indicator. but nothing to show chart.
tq. you can guideliness me
from kuan
malaysia
Hi senior Pip, i also tested ur provided elliot_waves.mql4 however it does not display any indicators on my screen even after i tried re-compiling them,
would u kindly please check on your side and re post the working files so that we can analyze and learn together.
Hope to hear from u soon
Thanks a trillion
Iho
How to use
Hello Kuan and Humbleone,
The Elliot Wave indicator that i provided does not auto plot. In order for it to plot anything you will need to identify the first swing (1-2 swing). To do so you will need to do the following:
1) Attach native Fractal indicator to chart
2) Attach the Elliot Wave indicator to chart
3) Visually identify which swing points you believe compose wave 1
4) Draw a trend line between pivot 1 and pivot 2
2) Edit properties for the trend line and change its name to "1 wave" (without the quotations)
Voila! Pivot 3 will then display as a rectangle. If the predicted Pivot 3 is not where the market has moved and you still believe it is valid, simply move the bottom left corner of the box to the correct Pivot 3 and the indicator will plot Pivot 4, and so on.
I hope this helps.
Note: for a more detailed explanation please visit the MQL4 Code Base.
Cheers,
How to help verify a wave count
Dear Pip,
Try using Bill Williams Awesome Oscillator to verify your wave counts,
he developed the 5/34 AO just for that purpose, so read up on it and how
he uses it.
Also be aware that sometimes Wave 5's can fail.
One other point is that news releases can have a big effect.
Thanks for pointing out the Wave indicator, looks promising!
Dear Pip,
Try using Bill Williams Awesome Oscillator to verify your wave counts,
he developed the 5/34 AO just for that purpose, so read up on it and how
he uses it.
Also be aware that sometimes Wave 5's can fail.
One other point is that news releases can have a big effect.
Thanks for pointing out the Wave indicator, looks promising!Thanks for the help, I will look it up!
Cheers,
Hi Juanfeli,
I have not used it since my last post, I have been pre-occupied with my other thread "No Name Trading System". I am still a student in regards to Elliott Wave Theory so if you have knowledge to share, please do.
Cheers,
I took a serious look at elliott wave theory today and enjoy it's setups. I think I'll take a long position on monday at 1.36 with a tp of 1.42 and an sl of 1.30 (roughly). Here's my reasoning, but still want to confirm with my other indicators. My main concern is that it looks like it's losing momentum, but we'll see.
Link to image as I can't post it (replace the xx with pp): hxxp://i.imgur.com/ptfEf.gif
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Hello everyone,
In addition to being a big fan of Fibonacci price projections, I am also a huge fan of Elliott Wave analysis. Why? Because one will tell you potential reversal points, while the other will tell you the position of the market. Combining the two is a killer combination.
But, as we all know, MT4 does not come with an EW indicators and it will most likely will not, but that should not be a problem. You really don't need a super indicator to do the count for you since having a specific count isn't really the issue. You can do well with simply understanding the basics of the Elliott Wave principal and just trade when the count is clearly visible, other wise just stay out of the market.
To that end, I have found an indicator on the MQL code base that is just fantastic (thanks to whomever created it). I am experimenting with it right now and would like to open this thread for discussion on currently forecasting using that indicator. I have attached the indicator to this thread for other to use.
So, attached it to your favorite instrument and let us discuss our forecasts to the market.
Here is mine:
In the figure below you will see two degrees of forecasts, the larger degree shows waves 3 and 4, with a projection for wave 5. In addition, you will see the projection of the lesser degree for waves 1 and 2 of wave 5. So, my analysis is forecasting a continued uptrend to the 1.31000 range. So, I took a long trade at 1.29804 with a stop loss set at the low of wave 4 pivot. I used this point since if my count is correct, price should advance beyond wave 1 of the lesser degree. I set my profit target at 1.30790, which slightly lower than than the target area (to be conservative).
Now, even though I am bullish on the EURUSD cross, I do realize that we are nearing the end of the bullish trend, since wave 5 of the larger degree is commencing and it will be followed by a corrective move higher in magnitude in time and price than all previous corrections in the bullish trend preceding the correction. That is also why my profit target is lower than the anticipated price target for the larger and lesser wave 5 and wave 3, respectively.
Also, please note that I have take this trade relying solely on EW analysis and with no supporting indicator because I want to sharpen my skills with EW analysis without influence of any other indicators. I am in practice mode right now.
I would really love it if other Elliott Wave enthusiasts to join me in using this indicator and participate with me in forecasting the markets.
Cheers,