Elliot Wave Detector

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Jul 10, 2003
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#1
Looking at Elliot wave structure, it seems possible that it could be encoded into a systematic procedure for detecting in any price series.

Is there any commercial product available that does this or has any t2w member written anything along these lines for any charting product?

I'm sure the purists will suggest Elliot is more an art more than a science, and they may well be right, but for me it just stands out as quite systemisable.
 

DaveJB

Well-known member
Dec 15, 2002
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#4
Advanced GET is another that has a bit of a following, you can rent it as an add on to esignal, and probably buy it outright still I guess. (Not sure, I think esignal bought them out, so buying might not be an option)... esignal plus GET isn't exactly cheap, however. Elwave has a demo doesn't it? They seem to be one of the more persistent EW types around, general concensus seems to be that it's okay... TASC reviews DO seem to be a bit disinclined to ruffle feathers, don't they?
Shame, imo, I think the mag is going through a bit of a dip at the moment, some recent articles have seemed a touch odd. (Anyone notice Pring discussing one H&S and ignoring the following inverse one recently? Might have been inverse then normal way up... seemed a bit odd considering it was a made up chart he'd presumably drawn himself!)
Dave
 

LevII

Active member
Jan 4, 2004
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#6
Bramble,

Elliot wave analyser 3 gets excellent write ups from its promoters. It's a quite elegant bit of software. They claim 85% accuracy. It's Australian and expensive.

LII
 

DaveJB

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#7
Well,
it's still pretty much 'the' TA mag, it's just a bit odd when somebody famous seems to be seeing something different to yourself... personally I start to wonder if I've got it all wrong! April issue p32 fig 2, for example - I'd tend to call that an inverse H&S followed by an H&S, it's on a bit of a tilt but TASC themselves published an article a year or so back (from memory) where some guy was showing how H&S worked regardless of the angle it was skewed by. Fig 3 is also mislabelled, just for fun - the text says arrow B goes to 400% when it's arrow A. (A bit more of a no brainer that one <g>)
Some recent new inventions, I swear, are the result of either a random indicator builder routine or a heavy session on the Wincarnis....!
 
Jan 9, 2004
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Skaro
#9
TheBramble said:
Looking at Elliot wave structure, it seems possible that it could be encoded into a systematic procedure for detecting in any price series.

Is there any commercial product available that does this or has any t2w member written anything along these lines for any charting product?

I'm sure the purists will suggest Elliot is more an art more than a science, and they may well be right, but for me it just stands out as quite systemisable.
Save your money - if you can't see the wave structure - don't trade it. Also don't get tangled up in all the "X" wave mumbo jumbo.
 
Jan 28, 2003
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#11
DaveJB said:
Advanced GET is another that has a bit of a following, you can rent it as an add on to esignal, and probably buy it outright still I guess. (Not sure, I think esignal bought them out, so buying might not be an option)... esignal plus GET isn't exactly cheap, however. Dave
I spend several weeks watching this combination last year. I came away with the feeling that eSignal wasn't for me (see T2W review if you want to know why). The advanced GET version of Eliott Wave Theory seemed to me a Grade A example of a complex trivial theory with no content. There was such a choice of signals, whether the waves were counted with large numerals, small numerals, letters...... You could always find some phase of Wave Development at some fractal scale that validated any trade, after the event. But for the same reason, there was not much sense in using it to obtain guidance when to buy and sell. Others will no doubt disagree.....
 

DaveJB

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Dec 15, 2002
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#13
GT,
yep - I've not used this software, I looked at ElliotWave Analyser a year or so back, I also have a cheapish add on to Metastock (which would be of more use if I used Metastock ;) ) and some other stuff that looks really good on Chinese stock charts... you know, the sort you read right to left?
Much of this software is, I'd say, more a triumph of programming than of trading - things are a lot easier to see afterwards, and EW is ripe for realising after the event how obvious it all was. It's more an art than a science.
A read of Frost and Prechter convinced me that it would be really good to program a good EW program, and far too open to interpretation to make a sensible project. (My opinion only, others have obviously taken a different view!)
If your trading style bends towards EW then one of the biggies makes a lot of sense in my view, but then you'll be well versed in the subject and using the program to make analysis easier - not to totally automate it. Very much how I see my own chosen area of TA, there is nothing to beat the intelligent human brain - programs can (and should) help maximise your own talent, not replace it.
 
Jul 10, 2003
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#14
DaveJB said:
A read of Frost and Prechter convinced me that it would be really good to program a good EW program, and far too open to interpretation to make a sensible project. (My opinion only, others have obviously taken a different view!).
Dave, I reserve the right to change my mind on "quite systemisable".
 

DaveJB

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Dec 15, 2002
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#15
Arf!
No, it's certainly doable, but I'd suggest it's quite a difficult task - one of those things where inspiration strikes and you're off and running, but how long inspiration takes is another question.
I really think that any decent EW program is itself a work of art, this is not a simple thing to run up and the authors deserve their pay for managing it - it's just that there is so much leeway in interpretation that I wonder if it's really going to be as automatic a system as is sometimes suggested. A bit like earlier versions of Omnitrader, where you'd see buy signals for a week back one day, and wonder why last Tuesday's buy signal had turned into a sell on Thursday - I don't like programs that change past signals, yet you can't ignore new information in an EW analysis.... better (IMO) to use such a program to reinforce and check your own analysis, or to locate likely trades that you apply the old fizzog to, than to press 'Enter' and install a box by the letterbox for the money to drop into.
I remain suitably awed by screenshots of EW programs!
 

Rognvald

Active member
Feb 12, 2003
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#16
DJB
"the result of either a random indicator builder routine or a heavy session on the Wincarnis....!"
But the pics are so nice - we could of course start to read the Grauniad
! idea for competition - find amusing anagrams for Stocks and Commodities!
any wordsmith takers?
 

BBB

Member
Dec 7, 2003
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#17
Elliot Wave is a joke. I've NEVER heard of anyone make any money out of it. When do you know when one wave has ended and the other has begun until its too late? Its theory, not fact. Great for those who like to think in the past and look at what could of happened.

Save your time and money.
 
#19
Elliott Wave for traders

dick_dastardly said:
BBB. You've won your bet.
The Bramble, Bigbusiness, BBB, Rognvald, DaveJB, Dick_Dastardly, growltiger, Levll, Davros

Paul has kindly authorised me to reply on this thread started by The Bramble.

MTPredictor uses its Isolation Approach to Elliott Wave to avoid all of these typical EW pitfalls, enabling Risk/Reward trading.

The software scans for 3 variants of a key trade set-up which must be at a critical price and showing signs of price reversal.
If found, it 'isolates' it from interference from other EW patterns and timeframes, bigger and smaller.
It evaluates the R/R outlook based on given initial stops and unmovable profit targets ('decision points', if you prefer) determined by the 'degree' of the set-up.
The EW count/labelling does not change mid-trade.
In this way, the entry trigger, initial stop loss, minimum reward are known in advance and the trade is managed accordingly.

Another good thread on T2W!

hornet
Tony Beckwith
MTPredictor Ltd.
 
May 13, 2004
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#20
Bigbusiness said:
There are lots:-

http://www.dogpile.com/info.dogpl/search/web/elliott+wave+automatic+software

The only one I have heard of is this one:-

http://www.esignal.com/advancedget/

Would be interesting to hear from anyone who uses it.
I used AdvancedGET for a year about 18 months ago. It was very good in my opinion, but unfortunately I messed it up. Not enough comittment on my part. I left the markets alone for a year, and have returned to them within the past couple of weeks. I will be using GET again for sure!