Modern Elliot Wave trading using Elwave. - page 23
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If your day trading or even position trading for 2-3 days you may want to use less data to receive real time signals quicker..
This is my chart for yesterday morning, you can see it hit the retracement target 1.6357-1.6403, with down targets 1.6049 and some are even lower..
This is today's chart..
Chart with fib extensions which tie in with chart above..
This is where for the traders trying to follow Elwave becomes more complex..
These two charts were from this morning and take a closer more detailed look at the correction wave 2(post 224) that's unfolding consisting of smaller wave degrees..It shows a break to the up side forming..
For those using Elwave 7.6 and MT4 data:
MT4:
Open a chart of currency pair desired
Switch to timeframe you want to analyze , example 1 hr or 60min
Click on Tools/Options/Server/Enable DDE Server/Ok
Click File/Save as/
To save file, go to Local disk C/Program Files/ELWAVE 7.6/Examples
Type in the file name
then select file type as ASCII
Click Save
Then go to explorer window thru my computer. Or open your Excel and
Search for the .csv file or ascii that you just saved and open it
when in excel and in the folder where you saved the .csv file
set the file type to all files and not just all excel files
mine actually arranged the data with the most recent at the bottom
so i needed this extra step of rearranging the data
i found out that elwave recognizes the data properly if the data was arranged with the most recent data on top or on the 1st row
I fixed my data using the Data /Sort facility of excel
on the far right column type the number 1 on the first row
highlight this box and hold down the shift key while you drag the cursor down to the last box beside the last row containing data.
an easier way of high lighting would be to type in the number 1 first on the first row as above and click ok
then go down to the box beside the last row of data
click on this box
then use the cursor to drag the scroller bar on the right side of the spreadsheet
and drag the scroller up to the top
when you see the row 1 of the spreadsheet,hold down the shift key and put the cursor on top of the box where the number 1 is THEN click on it while holding down the shift key
this procedure should high light the rest of the boxes in the column
click edit/fill series/ step value should be 1 / ok
last column should number all the rows corresponding to those filled with data
then highlight the whole range of data including the number series
click data/sort
on the first selection: refer to the right most column and choose descending as the option
click ok
click file/save/ give it a new name
make sure it is still saved as an ascii file type or .csv
when you exit the csv file there will be a series of 3 windows. just click on the Yes option on these 3 windows
now you can open this file in ELWAVE 7.6
In ELWAVE 7.6
clcik Chart/new chart
then select the csv file you just saved
first column will be the date and you have to select the format type that it represents
then tick the item : first row is most recent data
click ok
I hope these helps those who are just starting out to use ELWAVE.
Next for you to learn is how to maximize the ability of elwave
I just recently found how useful the Batch processing is
But of course it is still best to know the rudiments before moving into the batch processing.
it took elwave almost 35 minutes per file to analyze more than 100,000 combinations, provide a summary inspector, label the chart and even include channels whenever possible then indicate probable fibonacci targets for extention and even retracements I think.
an added feature using another button would be the target zones indicated by shaded colours as you can see in 2 of the charts I posted.
I have been doing EW analysis manually since the beginning and it is only now that I have used a software.
I do not recommend using a software if you still can not do it manually. You need to be able to analyze what the software does or labels and determine if it is acceptable or not.
It is just like letting it do the labelling for the trial and error.
Use this too for determinining a swing as impulsive or corrective.
Then label your own charts
Note too that it may prove useful to use data only from Major swing pointsnice read
found it
yano, i am unsure why you telling us this, as Elwave makes the reformat of the .csv file on opening after you select it. You simply have to define the column content as you can see here:
GY...
My apologies GY.
I only described how I was able to make the software work for me as I could not make it work based on the instructions that were first layed out.
I tried letting ELWAVE do the sorting for me by just retrieving the csv file I save from MT4 and I always received an error. Then I tried each option on the menu for the data format, still I got an error.
This was the way I was able to make it work for me.
I was just presenting another option to make the program work just incase someone else encountered the same problem I did.
Yano
GY...
My apologies GY.
I only described how I was able to make the software work for me as I could not make it work based on the instructions that were first layed out.
I tried letting ELWAVE do the sorting for me by just retrieving the csv file I save from MT4 and I always received an error. Then I tried each option on the menu for the data format, still I got an error.
This was the way I was able to make it work for me.
I was just presenting another option to make the program work just incase someone else encountered the same problem I did.
YanoDon,t apologize, i am sorry for you that it does not work easily. Maybe it have to do with the version your using. I use 7.6 it it works ok.
Hi from the Balkans
This is my own Elwave labeling. I'm thinging that way. Please comment or attach your way charts to compare and coment together. Look and attached eBook I think it is useful. At last sorry for my bad english
Best wishes, Volen from Bulgaria
Elwave 6.2 charts for GBPUSD
This is my own Elwave labeling. I'm thinging that way. Please comment or attach your way charts to compare and coment together. Look and attached eBook I think it is useful. At last sorry for my bad english
Hi, Volen:
Good to see you in this thread.
For your comparison, I am attaching herewith a doc file showing Elwave 6.2 charts for GBPUSD - (1) Daily, (2) 4 hours chart, (3) 1 hour chart and (4) 30 min chart.
On the left side of the chart is what they call a Wave Tree showing the hierachy of the Wave Degrees.
Below the chart is Summary Inspector where they give all sorts of info about each Wave Degree in terms of Target, Exit, Reward, Risk, etc.
To be frank with you, Volen, I am not good in using Elwave to trade because (1) it has so many alternate wave counts that I am at a loss which one to use - sometimes I discover they can have as much as 11 alternate wave counts, (2) the chart wave counts and the Summary Inspector can be showing 2 different wave counts for the same chart.
But I know in this thread there are at least 3 members who use them - GY, JD and Kenneth. At least JD and Kenneth use them to trade forex. GY, I am not too sure now.
Nevertheless, Elwave is an interesting software. Maybe we all need time to study the software and how to make the best use of it.
Wishing you all a Merry Xmas and Successful Trading in coming 2010
Regards
Joe