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Anyone use Elliott Wave ?
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Anyone use Elliott Wave ?

  #61 (permalink)
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Thank You


Larry View Post
I have been too busy lately to post any charts, I will just show that if you have a good system that can indicate where the trend is, you can make low risk trades without the need of having a perfect wave count.

On the YM once we had confirmation of trend being up we had 2 opportunities to be long as we were above opening, ATR was up so the MACD on the 10 min and we tested the SMA twice this trade was a steal as I was able to stay long (ATR) until we reached the 162% area(17672). Even if there is no labeling on the chart we can count the opening leg as leg 1A the retest of that low leg 2B and of course the big leg up as being the wave 3C the one that is usually the most rewarding one.

Have a great weekend

Larry

Good stuff Larry.

I've got some work to do on the other indicators. Thanks for these posts. They were extremely helpful. The last few days the wave counts were very complex. I did see a potential ending diagonal on the NQ but it got violated right at the end. Looks like the ES may have done so. This was a sloppy and choppy wave count on the way down. I need a lot of work on contributing indicators and my system will be more solid. I didn't trade any since the other day. I didn't feel comfortable with any of the wave counts and the price action was just too slow and choppy for me

Have a great weekend and thanks again

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  #62 (permalink)
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wave count bigger time frame

Last chart this one is on the 30 min that seems to match the daily but there is still an alternate one that I don't want to talk about for now.

We can clearly see that we had 5 waves down with wave 5 subdividing in 5 waves with the particularity of overlapping so usually this is a sign that the end is very near, reason why we had a good leg up today and why I was expecting a big C leg up on 3 min.


Larry

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  #63 (permalink)
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Overlapping



Larry View Post
Last chart this one is on the 30 min that seems to match the daily but there is still an alternate one that I don't want to talk about for now.

We can clearly see that we had 5 waves down with wave 5 subdividing in 5 waves with the particularity of overlapping so usually this is a sign that the end is very near, reason why we had a good leg up today and why I was expecting a big C leg up on 3 min.


Larry

I noticed the overlapping as well and thought it might be and ending diagonal which it looks like it very well could be. It looks like we may get a long rally from here.

Great charts.
Thanks again Lar

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  #64 (permalink)
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smb2222 View Post
Good stuff Larry.

I've got some work to do on the other indicators. Thanks for these posts. They were extremely helpful. The last few days the wave counts were very complex. I did see a potential ending diagonal on the NQ but it got violated right at the end. Looks like the ES may have done so. This was a sloppy and choppy wave count on the way down. I need a lot of work on contributing indicators and my system will be more solid. I didn't trade any since the other day. I didn't feel comfortable with any of the wave counts and the price action was just too slow and choppy for me

Have a great weekend and thanks again

I hope these charts can help you see more clearly at least on the YM as it is very correlated with ES but I prefer YM as it seems to print nicer waves.

P.S Even if I don't mention it, I also use other charts based on the 24 hour session but for now I don't feel like posting them here.


Larry

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  #65 (permalink)
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Larry View Post
Last chart this one is on the 30 min that seems to match the daily but there is still an alternate one that I don't want to talk about for now.

We can clearly see that we had 5 waves down with wave 5 subdividing in 5 waves with the particularity of overlapping so usually this is a sign that the end is very near, reason why we had a good leg up today and why I was expecting a big C leg up on 3 min.


Larry

@Larry, just wondering, do you manually mark those waves or are you using some software that identifies the wave counts? Thanks

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  #66 (permalink)
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Sk8ter View Post
@Larry, just wondering, do you manually mark those waves or are you using some software that identifies the wave counts? Thanks

I manually mark these waves and I only do it when I need to post a chart here as I can easily see the count just by looking at a chart. (years of experience)

I haven't found a software that could count waves the way I see them and the way big hands seems to perceive them and let's not forget your count needs to match with the daily picture. A good clue to know if your count is valid is if the Fib ratio correlate with previous and subsequent waves even then you need other tools to help you validate if the market is ready to reverse count.

Text book wave counts are not as common as we could think, most of the time market is in correction so you have more ABC's patterns that can be a bit more complex, still you can make good trades by spotting the end of the B wave as most of the time the C leg will at least equal the A leg.


Larry


Last edited by Larry; May 7th, 2016 at 08:42 PM. Reason: forgot something
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  #67 (permalink)
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An updated count on the YM with the last leg up (62% last big leg down) we could clearly see 5 waves in the 3C leg so a good correction had to be expected it wasn't the time to buy a small pullback.



Larry

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Anyone use Elliott Wave ?-ym-06-16-10-min-09_05_2016.jpg  
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  #68 (permalink)
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Great Chart


Larry View Post
An updated count on the YM with the last leg up (62% last big leg down) we could clearly see 5 waves in the 3C leg so a good correction had to be expected it wasn't the time to buy a small pullback.



Larry

Thanks for the posts Larry.

I just thought I would post my current count up to date. Very complex structure right now. In the last 6 months the waves were much clearer and cleaner. Maybe this has a correlation to the confusing readings we are getting from Economic figures, oil and geopolitical news and just plain month of may snoozability. Human complacency definately shows in the counts and it's fascinating

Not sure if this count stands but I was able to make some small gains. I trailed my stops tight since I didn't have as much conviction on my wave counts

I'd love to see other readers wave counts as well.

All the best guys and gals

Attached Thumbnails
Anyone use Elliott Wave ?-ymm6-futures-io-count-05-09-16-5-min-.png   Anyone use Elliott Wave ?-ymm6-futures-io-count-05-09-16-15-min-.png   Anyone use Elliott Wave ?-ymm6-futures-io-count-05-09-16-1-hour-.png   Anyone use Elliott Wave ?-ymm6-futures-io-count-05-09-16-1-day-.png   Anyone use Elliott Wave ?-nqm6-futures-io-count-5-min-.png   Anyone use Elliott Wave ?-nqm6-futures-io-count-30-min-.png   Anyone use Elliott Wave ?-nqm6-futures-io-count-6-hour-.png  
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  #69 (permalink)
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Motive Wave


Sk8ter View Post
@Larry, just wondering, do you manually mark those waves or are you using some software that identifies the wave counts? Thanks

Sk8ter,

Motive Wave was brought to my attention from Matt Z at Optimus futures and it's a god send for me. It saves me hours of manually adding counts. I like it because I can have alternate wave counts tabbed on the same page so I can just click through them quickly and easily. It's the best charting software I've tried anywhere. It's not only used by EW traders either. It also tells you whether a wave count has been violated especially when they are very close. My eyes arent the best anymore but it save me time having to zoom in and check the levels.

The software designers have really made a great product. I don't use the Auto wave count package, just the charts and EW module. You can also watch Todd Gordon's videos on youtube and you will see the true value of this software. It's helped me create wave projection clusters so I can have an idea of where a wave count will terminate. Larry is correct in my opinion. I've found that waves will genrally push slightly past fib poins by a few ticks or points some times, so these clusters are priceless.

Hope that helps

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  #70 (permalink)
Trading for Fun
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smb2222 View Post
Sk8ter,

Motive Wave was brought to my attention from Matt Z at Optimus futures and it's a god send for me. It saves me hours of manually adding counts. I like it because I can have alternate wave counts tabbed on the same page so I can just click through them quickly and easily. It's the best charting software I've tried anywhere. It's not only used by EW traders either. It also tells you whether a wave count has been violated especially when they are very close. My eyes arent the best anymore but it save me time having to zoom in and check the levels.

The software designers have really made a great product. I don't use the Auto wave count package, just the charts and EW module. You can also watch Todd Gordon's videos on youtube and you will see the true value of this software. It's helped me create wave projection clusters so I can have an idea of where a wave count will terminate. Larry is correct in my opinion. I've found that waves will genrally push slightly past fib poins by a few ticks or points some times, so these clusters are priceless.

Hope that helps

Looks like a good software, it sure did not existed when I started trading as it was more then 20 years ago.

What I did was a painful work of analyzing wave patterns and finding Fib relationships, the ones that seems to work the most and also simplifying the waves structures. Fib clusters are very important like you mentioned.

I also would like to see more people posting charts with wave counts in here don't be shy.

Larry

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