Elliott Wave Theory and Patterns - MTPredictor | futures io social day trading
futures io futures trading


Elliott Wave Theory and Patterns
Updated: Views / Replies:20,379 / 82
Created: by Fat Tails Attachments:30

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 30  
 
Thread Tools Search this Thread
 

Elliott Wave Theory and Patterns

  #51 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary


trendisyourfriend View Post
How do you know which swing to select for the 1,2,3,4,5 count. You seem to have skipped some swings in your count. There are more than 5 significant swings, no?

Counting is totally subjective and after the fact. Following the basic EWT rules for an impulse wave, pick and choose HHs and LLs that make sense and are within the rules for wave count. For ABC though, all I look at is an impulse wave, if it has a five wave count is even better. For me, for example, a 100 tick move in CL is considered an impulse wave where I look for a retracement and formation of the AB leg and then project the C. The formation is most powerful when B and C are formed on or near S/R levels or fib levels.

ABC works great when confirmed with S/R levels and you don't really need to be an expert in EWT, very close to what MTPredictor does

Reply With Quote
The following 2 users say Thank You to aligator for this post:
 
  #52 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary


aligator View Post
@Big Mike,

Another ABC being developed. 107.40 level is a potential turning point.

Update: Runner at 45 ticks profit, moved stop to 107.18. Expect pause at fib level 78.6% (106.92), is T2 now.


Edit: out at T2 @106.92, Total 58 (10+48) ticks.

Attached Thumbnails
Elliott Wave Theory and Patterns-cl-05-12-6-betterrenko-3_27_2012-3.png  

Last edited by aligator; March 27th, 2012 at 04:50 PM.
Reply With Quote
The following user says Thank You to aligator for this post:
 
  #53 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,233 received



aligator View Post
@Big Mike,

Another ABC being developed. 107.40 level is a potential turning point.

For this chart, isn't wave 3 starting?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #54 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary

Here is another ABC for YM developing now.

Attached Thumbnails
Elliott Wave Theory and Patterns-ym-06-12-6-betterrenko-3_27_2012.png  
Reply With Quote
 
  #55 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,233 received


aligator View Post
Here is another ABC for YM developing now.

For this one, you are talking about an ABC at the end of the wave, yes? Not the ABC after the important low, because there was no important low here, right?

In the last chart I commented on, I took that as an important low followed by ABC, where C is the start of wave 3?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #56 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary


Big Mike View Post
For this chart, isn't wave 3 starting?

Mike

@Big Mike,

Yes, it is quite possible that BC leg continues as the Wave 3, however, if you look at the expanded chart or a HTF chart, the general trend is up with at least 2 complex ABC retracements occurring prioir to the impulse leg "X."

For this, you need to enter on a confirming bar and place your stops not too far from the C to limit risk. ABC needs to be confirmed with S/R levels or whatever other tools you may have.

Unless you swing trade, for day trading all you need a strong impulse wave, it can be Wave 3 or other waves, and formation of the ABC. A 5-count impulse X leg is more powerful.

Reply With Quote
The following user says Thank You to aligator for this post:
 
  #57 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary


Big Mike View Post
For this one, you are talking about an ABC at the end of the wave, yes? Not the ABC after the important low, because there was no important low here, right?

In the last chart I commented on, I took that as an important low followed by ABC, where C is the start of wave 3?

Mike

You are right Mike, the idea is having a strong "Impulse" X leg (0.5 -1.0 times Average Daily Range), then look for the ABC to form. Important highs and lows can be used to project your targets or stops. This is not quite EWT, however, the more common with EWT, the more powerful.

For scalping and daytrading, you can do a full blown EWT count to find perfect ABCs (knowing that EWT is subjective and can not be perfect) but you will miss a lot of good opportunities. All you need is a strong X and the ABC.

Reply With Quote
The following user says Thank You to aligator for this post:
 
  #58 (permalink)
Market Wizard
Las Vegas, NV
 
Futures Experience: Advanced
Platform: Abacus, Slide Rule, HP-65, Metastock, TOS, NT
Favorite Futures: Futures
 
aligator's Avatar
 
Posts: 3,424 since Aug 2010
Thanks: 1,053 given, 5,822 received
Forum Reputation: Legendary

A-B-C's of EW Corrections

Here is a link for a free 1-hour ( March 28, 4:00 - 5:00 PM EDT) seminar by Todd Gordon (one of the few true EWT technicians) on the A_B_C's of Elliot Wave Corrections. Todd is well respected and a frequent commentator on CNN and speaker at trading expos.

I have no relations with his company, Aspen Trading. It should be informative.

https://www3.gotomeeting.com/register/783467126

Reply With Quote
 
  #59 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,352 given, 83,233 received


aligator View Post
You are right Mike, the idea is having a strong "Impulse" X leg (0.5 -1.0 times Average Daily Range), then look for the ABC to form. Important highs and lows can be used to project your targets or stops. This is not quite EWT, however, the more common with EWT, the more powerful.

For scalping and daytrading, you can do a full blown EWT count to find perfect ABCs (knowing that EWT is subjective and can not be perfect) but you will miss a lot of good opportunities. All you need is a strong X and the ABC.

Can you help me understand the impact/importance of selecting an important low or important high, vs selecting an impulsive leg, when defining the start of a brand new wave formation? (also, what is the correct terminology for a "brand new" wave formation?)

I see you've said that an Impulse leg needs to be 50-100% of the average daily range. During the last EWT webinar, Steve never mentioned an impulsive leg (that I recall), instead focusing on an "important" low or high. I'd like to understand the significance of the difference when looking at a new formation, according to the EWT philosophy I of course have my own opinions...

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #60 (permalink)
Elite Member
San Diego, CA USA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: ES
 
GridKing's Avatar
 
Posts: 3,650 since May 2011
Thanks: 588 given, 877 received


Can't vouch for, but lot's of interesting charts ......


***EW Trends and Charts***- Technical Analysis for the SPX - Michael Eckert - Public ChartList - StockCharts.com

alternate link if stockcharts stops working...


http://tinyurl.com/bve3re6

"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Reply With Quote

Reply



futures io > > > > Elliott Wave Theory and Patterns

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Counting Elliott waves Billbb Emini Index Futures Trading 4 October 7th, 2016 06:36 PM
NQ - 3m TS4 Long to play the 15m Wave 4 into Wave 5 sdonahue MTPredictor 8 February 11th, 2014 05:47 PM
Webinar: Elliott Wave Theory and Position Sizing Big Mike The Elite Circle 10 July 5th, 2012 01:47 PM
Simple Draw Tool to Manually Label A-B-Cs and 5 Wave Patterns - Does it Exist? forker NinjaTrader 20 September 1st, 2011 08:58 PM
Free Elliott Wave Software Poocher Off-Topic 0 December 2nd, 2010 10:40 PM


All times are GMT -4. The time now is 06:57 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.13 seconds with 20 queries on phoenix via your IP 54.226.227.175