Hi, am a newbee to Elliott Theory. I would like to learn Elliott Wave trading but it being so complicated & subjective, I would like to start with an Elliott Wave software that would automatically identify the waves. I have heard of the following software and would like the opinions of people who are or have used them and their feedback. I really would be grateful for your honest opinion and guidance. (1) Refined Elliott Trader V. 1.09 (2) MT Predictor V. 4.0 ( Both RT & EOD versions ) (3) Advanced GET ( Both EOD & RT ) (4) Elliott Wave Analyzer Any others that I Have not mentioned and are easier to use. Thank You in Advance. Greg
Suggest you consider NOT spending time on Elliott.... a. Too subjective... I once used a software package which ran through 94 MILLION possible counts to come up with it's current Primary and Alternate. b. Elliott may not be valid in the "new age" of big money manipulated markets.
elliottwave was complicated for me also, until i watched a video of steve posner and his explanation. then it became crystal clear and easy to understand. it still applies as much today as ever. eg: the OIH is at the end of a very extended wave 5 right now (12 month chart). verify my statement at stockcharts.com using daily charts.
da-net------where can I get Steve posner video on Elliott wave?-----I tied searching---- but nothing. good day
The easiest & least expensive place to get it is from investorflix.com go to website & get the phone number, call them (do not email) and they offer a free two week trial. check out the authors, and order the disc. they let you check out two at a time and two weeks with shipping both ways will consume your free trial. good luck!
Hi Greg, my rt program is MetaStock and I use AG eod as well as having tried the AG rt. I thought the smallest practical timeframe to work with in AG rt was 15min. AG has 3 tools I like to use Gann Box, Ellipse and MOB. While AG eod means it only loads Daily data Iâve converted one set of 60min, 4 and 12H charts to load into AG and find the 60 and 4H work well. I donât like the fibo price levels tool in AG and rely on the one in MS. The software you choose depends to some extent on what product youâre going to trade and whether youâll be Day-to-Days or Intraday trading. EW isnât a trading system but a method of analyzing Price Movement. EW is visual technical analysis not quantitative analysis so if youâre not visually inclined youâre unlikely to âgetâ EW. You have to be able to make use of EW first before an EW charting program may be of use to you, or how will you know itâs interpretation is correct; also the labeling/Wave count will change as the price progresses. THE most useful tool for price projection/targets â and thereby Wave targeting is the fibo tool, plus a channel tool. You can easily EW label charts yourself with the text tool thatâs in every charting program. for fibo instruction sites plus a couple of my fibo/channel chart examples see: http://www.moneytec.com/forums/showthread.php?t=6660&highlight=fibonacci most of the AG tools: http://share.esignal.com/groupcontents.jsp?groupid=20 attached pdf is the AG authorâs âAdvanced GET Mechanical Trading Systemâ â âAbout 65 % of Elliott Wave analysis is made up of complex rules which can be dissected in numerous ways. Ten analysts can easily come up with 10 different answers.â â Tom Joseph. .
There is a plug-in for MetaStock that deals with Elliot Waves. I have not personally tried it, but if you own MetaStock you are able to try any plug-in for a 30 day trial. More info can be found at http://www.equis.com/products/product.aspx?c=2&p=10
I use MTPredictor EOD & RT, ELWave RT, & FibonacciTrader. No one software does all needed analysis. ELWave is great for the big picture: identifying waves for several time-periods. MTPredictor isolates the ABC setups. With fibonaccitrader I check everything manually and add wave symmetry & CCI for confirmation. A good book explaining both Elliott & Fibonacci is Robert Miner's "Dynamic Trading". It takes some work(screen time) & study, but it's definitely worth the effort.