Expert Advisors: ElliottWaveMaker 3.0 - page 2
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Forum on trading, automated trading systems and testing trading strategies
Discussion of article "The Implementation of Automatic Analysis of the Elliott Waves in MQL5"
newdigital, 2014.03.13 09:39
Keys to Investor Success - Elliott Wave Theory (based on thetechnicaltraders article)
Elliott Wave Theory - Plenty of people will freely offer you advice on how to spend or invest your money. “Buy low and sell high,” they’ll tell you, “that’s really all there is to it!” And while there is a core truth to the statement, the real secret is in knowing how to spot the highs and lows, and thus, when to do your buying and selling. Sadly, that’s the part of the equation that most of the advice givers you’ll run across are content to leave you in the dark about.
The reality is that no matter how many times you are told differently, there is no ‘magic bullet.’ There is no plan, no series of steps you can follow that will, with absolute certainty, bring you wealth. If you happen across anyone who says otherwise, you can rely on the fact that he or she has an agenda, and that at least part of that agenda involves convincing you to open your wallet.
In the place of a surefire way to make profits, what is there? Where can you turn, and what kinds of things should you be looking for?
The answers to those questions aren’t as glamorous sounding as the promises made by those who just want to take your money, but they are much more effective. Things like careful, meticulous research. Market trend analysis. Paying close attention to extrinsic factors that could impact whatever industry you’re planning to invest in, and of course, Elliott wave theory. If you’ve never heard of the Elliott wave, you owe it to yourself to learn more about it.
Postulated by Ralph Nelson Elliott in the late 1930’s, it is essentially a psychological approach to investing that identifies specific stimuli that large groups tend to respond to in the same way. By identifying these stimuli, it then becomes possible to predict which direction the market will likely move, and as he outlined in his book “The Wave Principle,” market prices tend to unfold in specific patterns or ‘waves.’
The fact that many of the most successful Wall Street investors and portfolio managers use this type of trend analysis in their own decision making process should be compelling evidence that you should consider doing the same. No, it’s not perfect, and it is certainly not a guarantee, but it provides a strong framework of probability that, when combined with other research and analysis, can lead to consistently good decisions, and at the end of the day, that’s what investing is all about. Consistently good decision making.
We can use Elliott Wave Theory in real time by looking at the larger patterns of the SP 500 index for example. We can deploy Fibonacci math analysis to prior up and down legs in the markets to determine where we are in an Elliott Wave pattern. This will help us decide if to be aggressive when the markets correct, go short the market, or to do nothing for example. It also prevents from making panic type decisions, whether that be in chasing a hot stock too higher or selling something too low before a reversal. We also can use Elliott Wave Theory to determine when to be aggressive in selling or buying, on either side of a trade.For many, its not practical to employ Elliott Wave analysis with individual stocks and trading, but it can be done with experience.
Knowing when to enter and exit a position whether your time frame is short, intermediate, or longer… can often be identified with good Elliott Wave Theory practices. Your results and your portfolio will appreciate it
Forum on trading, automated trading systems and testing trading strategies
Something Interesting to Read March 2014
newdigital, 2014.03.13 09:30
The Wave Principleby Ralph Nelson Elliott
The Elliott Wave Principle is a form of technical analysis that some traders use to analyze financial market cycles and forecast market trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. Ralph Nelson Elliott, a professional accountant, discovered the underlying social principles and developed the analytical tools. He proposed that market prices unfold in specific patterns, which practitioners today call Elliott waves, or simply waves. Elliott published his theory of market behavior in this book "The Wave Principle". Elliott stated that "because man is subject to rhythmical procedure, calculations having to do with his activities can be projected far into the future with a justification and certainty heretofore unattainable."
Not working with me. i try under Win XP and Win 10, i think i've placed all the file in the right place
Thank you
thanks for your information... add me to your friends
Hi Sergey,
just two days ago I ran into your extremely promising tool. So I read all I could find about it and downloaded. Now my problem was that I couldn't run it. I opened it with the editor and ran it in the debug mode. There I found that it doesn't even initialize. I get following critical error in line 43 in panel.mqh. A step by step run works ok until that point. Some suggestion please ??
I have downloaded and compiled ElliottWaveMaker from Code Base. It didn't automatically compile like I expected, so I compiled it manually. After compiling the EWM source code I placed the EWM.ex5 file in the MQL5/Experts/Advisers directory and then placed the EWM.text file in the files directory. However, after I start the EA it does not display the panel for choosing the labels. The EA's icon is in pinned at the upper right corner of the chart but I can not interact with it. After troubleshooting a bit, I discovered that the levels.txt file that contains the information necessary for the label panel didn't get created and placed in the files folder after compilation as it should be.
I am completely new to MT5 and MQL5. Is there any one here who can provide some assistance or make a recommendation on how to fix this problem?
Hi Sergey,
just two days ago I ran into your extremely promising tool. So I read all I could find about it and downloaded. Now my problem was that I couldn't run it. I opened it with the editor and ran it in the debug mode. There I found that it doesn't even initialize. I get following critical error in line 43 in panel.mqh. A step by step run works ok until that point. Some suggestion please ??
Hi illitteratus,
I also have the some issue with this EWM EA. The critical error in line 43 in panel.mqh is caused by problem with reading file EWM.txt. This can be resolved as follows:
To: handle = FileOpen(NAME_RULES_FILE, FILE_READ | FILE_BIN | FILE_SHARE_READ | FILE_ANSI | FILE_COMMON, '\n');
However the bad news is that after fixing this problem, although the EWM EA would load, it still does not function at all. The only EWM image on the chart is the logo on the top right hand corner. While hovering over the logo, by clicking the right mouse button -> properties of EWM, it is possible to change the input setting. Nothing else seems to work. It is highly probable that the MT5 update has broken this EWM code. If you have more luck, could you please update.