ArchAngel, onewaypockets, gnome This is an interesting thread! Your objections to traditional EW analysis are ours too. Hence the development of MTPredictor - for trading not forecasting. We are not interested in the vast majority of EW analysis, because it can't be traded - the software scans primarily only for corrections-to-trend, mostly 3 variants of the simplest ABC correction. The Isolation Approach means an identified correction as of the last bar does not have to be fitted inside any possible larger pattern, have any possible smaller pattern fit inside it or link with any possible earlier patterns. That's important for trading. No interference from conventional EW concerns means the decision points for the exit strategy are the price (mainly Fibonacci) targets for this ABC trade set-up. We don't treat them as forecasts - they are simply prices which, if reached, will deserve stop movement. They are unmovable because the set-up is treated for trading 'in isolation'. This means the Risk/Reward outlook can be calculated in advance (vital), and if the R/R at the nearest price target is adequate, the set-up is a good risk. If entered, the trade will either move to the targets (producing a good R/R trade) or fail and breach the initial stop (straight loss). A separate module from the trading routines is the 'Show Elliott Waves'. It will place an automatic count on a chart only if there is one (maybe only 1/2 the time). But is not for trading off because we, as traders, are only ever interested in getting into low risk/high return trade setups with a small initial money risk. And then managing the trades without interference, consistently and moving to the next set-up whatever the outcome. In a way, the conventional EW programs have so many outcomes/count changes that they ought to be 'right' in hindsight! That is not what we do. I'm very happy to post 'before' and 'after' charts, but as it's 9pm here in the UK, please give it a day or two. I'm also limited in what to say because of the perfectly right restrictions on posting. So thanks to Baron again. Best regards. hornet Tony Beckwith MTPredictor Ltd.
Is that really Elliott Waves? Sounds a lot like more conventional methods of trend channel trading involving normal retracement, reversal, and price projection - i.e., prices move to the top of the trend channel and start to lose momentum, you either anticipate or wait for the retracement to start with the expected retracement to be governed by some combination of the trend channel boundaries, key SRs, or one of the standard Fibo retracement %s based on the last high/low move. After the retracement bottoms, you look for a continuation of the trend and project a target for the next move - also based on the trend channel, key SRs, and/or a Fib projection. Maybe if you're trading a universe of securities there's some use in a pattern scanner, but for those primarily trading maybe only 1-3 securities (e.g., ES, NQ, YM), there's not much to "scan" and trend channels, Fibs, etc. should be found in most charting software.
ArchAngel, onewaypockets and group Yes, this is our approach to trading Elliott Waves consisently with defined Risk/Reward. Clearly, there's no single way to trade, and if the type of trend channel trading you (ArchAngel) describe has the key components of small, controlled initial (money) risk, no mid-trade interference, defined exit levels, Risk/Reward outlook known in advance, that's great. But, you're right, a scanning facility is definitely needed if trading more than a few securities or, as our software process does, trading with very tight rules which means set-ups may not unfold all the time. So, it's better to apply the same Risk/Reward guidelines and process to a larger number of markets than relax the guidelines to take 'worse' trades on a small group of markets. R/R analysis is also automated in the software, saving time. Risk management, automated R/R analysis, multiple security scanning, time-saving...important attributes! onewaypockets on chart request - 1. 'before' chart attached is Friday 23 Apr long set-up 5min. NQ as labelled and found exactly at the time, either manually if following this market alone or automatically by the Scanner if many markets. 2. 'after' chart in following post - the outcome. Regards to all and thanks to Baron hornet Tony Beckwith MTPredictor Ltd.
.gif chart didn't attach to previous post...can anyone advise?! Thanks hornet Tony Beckwith MTPredictor Ltd.