I'm new here... Thanks for all the helpful posts!
Can anyone help with Elliot Wave Counting code for MT4?- not the oscillator.
or wave abc
I doubt that there is a Wave Counting code for MT4. Wave Counting is highly subjective and is not a consistent thing. There is also that famous joke about Ellliot Wave Traders..
Anyway I don't know that MQ4.
I am using Elliott wave analysis from past 7-8 years now.
I have done a lot of research on chart patterns/price patterns
and Elliott wave price formations. I have published many Elliott wave
forecasts on spot forex currency pairs and Gold etc...
Not to mentioned that I have invested both Time and Money to educate
my self in this trading business.
It does not surprise me to see that a new trader is asking and searching
for an indicator that show CORRECT Elliott wave count which is by the
way okay to expect from a beginner.
So, far I have seen many companies with high priced softwares,
offering big claims and empty promises, vanished from the face of the
world wide web in last few years.
Some of them just keep bringing out new versions of their software
with so called improvements. To pull out more money from trader's
pockets most of these companies sell different plug ins for spot
forex currency pairs and different plugins for commodity market.
I do not want to name or blame any company but the truth is that
"Trading is an ART not a rocket science"
Difference of opinion is always present in market.
Like I am selling and expecting an impulsive wave down.
Some one may have a different opinion about same market and
instead of selling he may be looking to buy and expect an impulsive
wave up in a same / different time frame. This is what makes market.
In my opinion, so far all Elliott wave counting indicators and
softwares failed to count correct waves. Even, a single software
from a single company show different market forecast in 1 hour time
frame with different wave count. Same software show completely
different market forecast and wave count in 4 hour time frame
of same currency/commodity.
So, my suggestion is to forget about Elliott wave indicator or software
for a wave counting purpose. You can do this by hand, using your very
own super computer [brain] that resides in your own head
Learn Forex Trading and Forex Managed Account Program
I have used Elliott Wave for years as well (with much success) and I agree wholeheartedly that it is not the job of a computer. Study it yourself and find the clear and obvious patterns and ignore the mushy market times.
Sometimes when the marked is channeling I just wait till it gives me a motive wave and then I know where to start counting from. Anyway, good job on the explanation above Readyforex.
This is about to change (with time of course)...
Just wrote a new book.
It brings the First New Rule for Elliott Wave in 70 Years
The New Elliott Wave Rule is being Distributed free online.
This is a Free downloadable 40 Page PDF Book.
The New Elliott Wave Rule
It's free no strings or emails.
This is literally the New Elliott Wave because
it brings it back to what Elliott wanted,
accurate and definite.
If you're into EW you will love it.
Enjoy 8- )
The Elliott Wave Theory is a method of analysis developed by Ralph Nelson Elliott (1871-1948) that is based on the theory that, in nature, many things happen in a five-wave pattern. As applied to the financial markets, the assumption is that a given market will advance in a pattern of five waves – three up waves, numbered 1, 3 and 5 - which are separated by two down waves, number 2 and number 4. The theory further holds that each five-wave up-move will be followed by a down-move also consisting of five waves – this time, three down waves, numbered 1, 3 and 5, separated by two up waves numbered two and four.
this is high theory about technical analysis. it is not suit case with all trader. we do not need find difficult indicator. we shoudl make systerm for us it base on the some indicator and your knowledge about it