That was with loading 250 day of data.
Just analysed 250 weeks of data and here is the Chart with different results. BHP hitting $68 around August 2014.
Elliott Wave Software?
- Thread starter drshare
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That was with loading 250 day of data.
Just analysed 250 weeks of data and here is the Chart with different results. BHP hitting $68 around August 2014.
tech/a
No Ordinary Duck
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If the triangle plays out interestingly the high of the triangle measured move is $70.
Porper
Ralph Nelson Elliott
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Metabe, you have just said you're "not into" Elliott Wave and yet you are making projections/targets using the theory. This will not end well. You may well be correct in this instance but it will be down to pure luck and not the skill of the software.
Just looking at your charts instantly shows that the software doesn't adhere to core rules.
As Tech A said wave 4 cannot enter the price territory of wave 1 yet the software ignores this rule. That's just 1 example. If you use this software you need to have an understanding of the core rules and guidelines. Then you can correct the count yourself. Almost all software makes swings at varying degrees which is just as useful as the software you are using...at least in terms of looking for the swings themselves.
It all comes down to whether you are willing to learn Elliott Wave. There's loads of free education out there, just Google.
Robert Miner uses the theory in its simplest form which is great as it means you don't force a count on a chart for the sake of it...a waste of time and effort. Just concentrate on the best patterns.
I emailed MotiveWave about this and here is reply from email I sent to sales at MotiveWave.
25% off this weekend.
"What you are seeing in this analysis is a leading diagonal, not an Impulse Wave. This is why wave 4 is below wave 1.
You can do manual analysis as well in MotiveWave. Auto analysis can be useful, but in my opinion it will never replace manual analysis. Elliott Wave is a very interpretive theory and experienced Elliott Wave analysts often account for information that is outside of the price action (such as correlated markets, recent news etc).
All of the rules of Elliott Wave are programmed into MotiveWave. We have lots of Elliott Wave experts using this product and incorporate their feedback when appropriate."
25% off this weekend.
"What you are seeing in this analysis is a leading diagonal, not an Impulse Wave. This is why wave 4 is below wave 1.
You can do manual analysis as well in MotiveWave. Auto analysis can be useful, but in my opinion it will never replace manual analysis. Elliott Wave is a very interpretive theory and experienced Elliott Wave analysts often account for information that is outside of the price action (such as correlated markets, recent news etc).
All of the rules of Elliott Wave are programmed into MotiveWave. We have lots of Elliott Wave experts using this product and incorporate their feedback when appropriate."
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You're welcome.
http://www.tradinganalysis.com/public/FreeDailyVideos.cfm?affID=motivewave
Analysis videos using MotiveWave
Porper
Ralph Nelson Elliott
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A leading diagonal triangle is the only time that wave-4 can enter the price territory of wave-1 though many Elliott analysts will briefly allow this in volatile futures markets.
So they are basically saying that their software can recognise a leading diagonal. Knowing nothing about the software I can't dispute this fact although I find it hard to believe. I'm not sure that even Advanced Get does that although Tech may be able to enlighten us. Just as a side note, a leading diagonal is an impulse wave (not corrective as they suggest) though it has corrective characteristics, however it must subdivide into a 5 wave movement.
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i studied the art of RNE for several years and still, rare occasions, defer to it in a i've-seen-that-before kinda way
the best any auto system can do is be like a parrot yelling it's going down, going down, going down!! while you are busy doing other stuff.....so, it's a beacon at best and i say at best because, essentially, you need to be "better" than the system youre running and if youre better you dont really need to use an auto system as you are ratifying every "call" presented to you, frankly, youre going to work even harder instead of using your own analysys you'll spend more time checking someone elses work and you still have to make the trade...circumventing....
never understood a programme, that is so good, needs to be discounted to be sold.....
the best any auto system can do is be like a parrot yelling it's going down, going down, going down!! while you are busy doing other stuff.....so, it's a beacon at best and i say at best because, essentially, you need to be "better" than the system youre running and if youre better you dont really need to use an auto system as you are ratifying every "call" presented to you, frankly, youre going to work even harder instead of using your own analysys you'll spend more time checking someone elses work and you still have to make the trade...circumventing....
never understood a programme, that is so good, needs to be discounted to be sold.....
tech/a
No Ordinary Duck
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i studied the art of RNE for several years and still, rare occasions, defer to it in a i've-seen-that-before kinda way
the best any auto system can do is be like a parrot yelling it's going down, going down, going down!! while you are busy doing other stuff.....so, it's a beacon at best and i say at best because, essentially, you need to be "better" than the system youre running and if youre better you dont really need to use an auto system as you are ratifying every "call" presented to you, frankly, youre going to work even harder instead of using your own analysys you'll spend more time checking someone elses work and you still have to make the trade...circumventing....
never understood a programme, that is so good, needs to be discounted to be sold.....
OK Ill Bite
What's RNE?
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Away from home on the iPad this week so no chart examples.
On the topic of W.4 overlapping W.1 I use the Robert Miner approach of W.4 must not CLOSE within the closing range of W.1.
Without a chart at hand the best way of looking at what I mean would be to change the chart to line chart and see if the overlap still exists; this approach eliminates the trade or enter overlap issue.
Below is a pic extract from Miner's trading course which does contradict some of the statements in his book.
On the topic of W.4 overlapping W.1 I use the Robert Miner approach of W.4 must not CLOSE within the closing range of W.1.
Without a chart at hand the best way of looking at what I mean would be to change the chart to line chart and see if the overlap still exists; this approach eliminates the trade or enter overlap issue.
Below is a pic extract from Miner's trading course which does contradict some of the statements in his book.
Porper
Ralph Nelson Elliott
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I prefer Miner to Prechter as he sees it how it is. He isn't as nasal about the patterns either. I personally choose to not allow wave-4 to enter wave-1 but just a personal choice. Prechter will never admit he is wrong so just changes the count for his ego. Don't know how he still has a following to be honest. A shame because he brought Elliott Wave back to life years ago which was great. Sad really.
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I agree Porper, have books etc by both and what I like about Miner is that he just cuts out all the variables and sticks to the basics.
Miner also seems to use the variables to question his initial assessment rather than using it to justify it and has no hesitation calling it off when it gets erratic.
Miner also seems to use the variables to question his initial assessment rather than using it to justify it and has no hesitation calling it off when it gets erratic.
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I didn't know either but googled it. Looks like it's Ralph Nelson Elliott.
http://www.investopedia.com/terms/e/elliottwavetheory.asp
