Elliot Wave Counting

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

Thanks.

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.

Hi

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

Kind regards,

-Muhammad Azeem

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.

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Enjoy 8- )

Cheers,

Cyclon

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