Elliott Wave Software?

[drshare]

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

 

[tech/a]

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

I have Aget.
It appears to be expensive at around $3600.R/T is a little more.
This is one of the most powerful pieces of software you will buy.
The features are stunning.
Wave counts are algorithmic and there are 4 main ones giving the possibility of different counts. You can also define your own parameters.
Wave counts can vary between a manual count and that by Aget. Often they will be the same.
There are in built trading methods all excellent.
There are search functions.

All in all very powerful but you should have a sound knowledge of E/W and sound application skills to get the best from it.
Frankly I havent used 70% of the features on mine---just havent had the time to investigate.

Backup is excellent---there are many users and a great deal of educational material all well above novice.

 

[stoner]

Fairly new to Elliott Wave Theory, but have used various pieces of softwares.

The ones that create automated wave counts in my opinion you should keep away from. In particular Advanced Get creates very basic wave counts that don't take into consideration Elliott patterns. The only one that I have used that does do this is the Refined Elliott Wave by Richard Swannell but too inconsistent.

It would have to be a pretty sophisticated piece of software/computer that can recognize such complex patterns that occur in the markets! As far as I am concerned it just can’t be done.


By far the best EW/Fibonacci software around though is Dynamic Trader


STONER

 

[tech/a]

Dynamic Trader is from what I have seen OK.

But don't agree that wave counts are of no value if algorithmic.
Even the best hand counts are subject to interpretation by the analyst.

Few I know of actually apply their analysis to their trading---they are to predisposed trying to validate the "Correctness" of their count. (Not meaning those here on ASF).

Really for me anyway all I want Elliott to tell me is where I am in the life of a chart.Sure the dynamics of the count may alter but that wont alter to a great degree where I'm positioned or about to be positioned.

Not many who are proficient in Elliott use it to trade---more to analyse.
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".

Many counts will of course have classic Elliott patterns within them---simply as they are part of the count.
Id love to see a piece of software that DOESNT use an algorithm. Dont tell me fuzzy logic either.Hence the "inconsistency" seen by ALL software even Dynamic trader!!

 

[Porper]

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.

It does have some excellent scans (I believe), and some neat features.

I haven't tried other software so can't comment, but prefer to do my counts manually.

 

[stoner]

Dynamic Trader doesn't find Elliot Wave counts, so would be useless to a beginner.

My point exactly porper

 

[stoner]

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".

Own it! But don't use it for Elliott Waves. It conflicts too much with EW studying I am currently learning. Put simply: Advanced Get misses out on a ton of Elliott Wave material I have studied so far. Some of the other studies it has are great for application methods other than elliott.

I am by far an expert waver, just stating what I have picked up to date.
Not having a go at you, if it helps you, use it. Manual counts seem to be what makes best in applying what I have learnt so far.

STONER

 

[Nick Radge]

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.

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. I now use it every day because of its scanning ability (8000 US stocks in a minute or two). Personally I do not trade their auto setups, but my specific setups can be identified by their scans. AGET may be similar but my version was quite clunky.

I have also recently obtained Amibroker which scans for other setups.

 

[Boggo]

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.

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 my worth.

(click to enlarge)

 

[Boggo]

The ones that create automated wave counts in my opinion you should keep away from.

STONER

I rely on automated counts as in my post above.

Mike

 

[kazzer]

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.

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?

 

[Sean K]

Fairly new to Elliott Wave Theory, but have used various pieces of softwares.

.....

By far the best EW/Fibonacci software around though is Dynamic Trader

STONER

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.

Bamboozeling.

 

[anthon]

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 my worth.

(click to enlarge)

When you say you use it in isolation, does that mean you use it to call out potential trades (like the screenshot of the chart) before you decide whether or not you make a move?

What is a TS4 signal? Or is that something linked to MTPredictor?

 

[Nick Radge]

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?

Doing it all manually - starting from a blank bar chart and defining impulses and corrections across various degree's. That said, I do have MT Predictor which is a fabulous tool for scanning a few patterns I use, however, I don't use it for EW.

Isolation means defining some part of an EW pattern, such as a zig zag or triangle (i.e. a wave-iv) and trading that as a standalone pattern without regard for the complete Elliott Wave pattern.

 

[RazzaDazzla]

MTPredcitor is one program that I admit is making me consider parting with some of my hard earned money to purchase.

I realise it isn't a golden bullet; but with proper risk management it might be an addition to my slowly building arsenal of trading styles.

Of interest to me may be some day trading of the SPI or other liquid futures market. Perfect situation would be to have MTpredictor sitting in the background and alert me when a certain setup was detected. Or; better yet; put the trade on automatically for me (including stops!)

I'd love to do some backtesting with MTPredictor and see if there are any setups/patterns that give a positive expectancy. Can anyone test this?

Is anyone out there successfully using MTPredictor to give them a positive expectancy?

 

[joea]

Hi.
Is anybody on this forum using Elliott for wave count, or using it in conjunction with another indicator.? i.e. MACD or Fibonacci.
For interest an example will be on a trend up, wave 3 can be confirmed by MACD cross being in the high part of the indicator area.
I only use the basic a,b,c...5 wave and the complex correction of the wave stuctures as a aid.
Cheers

 

[Boggo]

Carolyn Boroden uses the CCI 14 & 50 with the 34 EMA as a type of reversal confirmation.
She was a student of Robert Miner, her site - http://www.fibonacciqueen.com/public/210.cfm
Robert Miner's book 'HIGH PROBABILITY TRADING STRATEGIES FOR ANY MARKET AND ANY TIME FRAME' covers various examples of using indicators with an explanation of the pitfalls associated with indicators.

Look here for best prices on books - http://www.booko.com.au/books

On the short term charts her method is interesting, I have attached a chart of the 15 min GBP/USD with three areas of her procedure highlighted.

(click to expand)

 

[joea]

Boggo
Thanks for reply.
I have both books and use CCI as a trading strategy.
I also use wave count for the buy and sell. i.e. target to buy target to sell.
Why I posted, was confirmation on complex wave correction of XJO.
or known as "broadening wedge".
I think up to around 4700 then back to bottom of channel trend line. "e" down
What say you?
I like copper and looking at entry's on the pullback.
Cheers

 

[Gringotts Bank]

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 my worth.

(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

 

[Porper]

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

Discretion is a big part of any software proving set-ups and MT Predictor is no different. I use it to scan almost everyday, especially for wave-4's as the prior trend should be strong. In other words a continuation set-up.

It would be impossible to backtest as you manually have to disregard the "obvious" incorrect counts. I think you need a good understanding of the Wave Theory to use any software offering wave counts as they can only do this by using algorithms.

I use Dynamic Trader as my main software program but for the E.Wave scans MT is much better i.m.o.