I want to use this indicator for counting bars to anticipate reversals. This method is taught by Jeff Greenblatt in Breakthrough Strategies for Predicting ANY Market. In that book he covers (brief overview of) Elliott Wave, but more importantly focuses on Lucas numbers (must read!) and Fibonacci. In essence, he is proposing to count bars, as markets tend to reverse on Fibonacci and Lucas numbers. Igorad is introducing an additional dimension of measuring each wave's amplitude.
The book cost more than average ($150), but it is worth every penny! Also, Google Jeff Greenblatt, I saw his presentation some time ago, but it was a little criptic without the insight of the book or his narration.
Thanks for your new indicator. Could you explain how one can use your indicator in a strategy? Unlike Tokarus, I can't seem to grasp the benefits of using zigzag with the existing excellent strategy laid out by linuxser. I understand the period cycles and the pip difference, but just can't seem to properly use this info to my advantage for trading. How can I use it to entry/exit or confirm trend?
Would you please explain the following piece of code:
extern int Risk = 7; //Price Channel narrowing factor (1..10)
Does Risk measure the minimum disctance between pivots (high-low)?
What is Price Channel narrowing factor (1..10)?
Thanks Kris, I'll go see if I can find out more about Jeff Greenblatt. I've not come across anything on Lucas no. but have heard alot of mixed reviews about Elliot Wave which I've read up alot about. On the chart I can't seem to fit the waves sometimes (most times) maybe with Labtrend zz it'll be clearer to observe this.
Probabilities of shorting the Euro.
Somebody see the inverted H&S
Jeff Greenblatt is not proposing EWT, just merely uses it as an intro to explain his own methodology. However, he does a good job in explaining the theory behing EW. He alludes that EWT is more of an art than science as even the experts often don't agree on a count of the current wave (on the hard right edge). Historical analysis are much easier as one has the benefit of the entire picture.
If you are trading market reversals, Jeff's book is a must read! If you are following trends, it might be of interest.
Check his website: Lucas Wave International
Just wanted to thank you for this great system, it really does work on all timeframes.
My current set-up is the LabTrend 1, 2, 3, and ZigZag with the RSI, CMO, Absolute Strength and the Nina StepMA. I am using this on the M15 chart of a currency pair and my own version of the CatFX system on a M30 chart of the same currencypair. When both systems trigger it usually means 60pips minimum, otherwise it allows me to take advantage of the smaller moves also, which I previously could not do with just CatFX. Exiting is also enhanced by the Absolute Strength indicator which signals me a little before the LabTrend does.
All in all, fantastic, THANK-YOU.
I am 100% successful this week because of your wisdom.
Thanks for your kindly words I wish you success for all times.
hello lnx, could you please tell me on what the paint bars of labtrend are based. Looking at the code it seems that it is based on atr like a kind of voltychannel.
Yes, labtrend1 it's related with ATR and price values (high/low) x bars back.
If close > channel we have the dots
If close > or < channel we have painted bars.