Elliot Wave Detector

TheBramble

Legendary member
8,394 1,170
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

Experienced member
1,159 42
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
 

Rognvald

Established member
916 15
DJB
OOh you are aawwffuull - but I like it!!
 

LevII

Established member
579 16
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

Experienced member
1,159 42
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....!
 

TheBramble

Legendary member
8,394 1,170
LevII said:
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

LII - Can't find that on Google. Any pointers?
 

Davros

Junior member
38 1
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.
 

growltiger

Member
91 0
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

Experienced member
1,159 42
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.
 

TheBramble

Legendary member
8,394 1,170
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

Experienced member
1,159 42
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!
 
 
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