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I've been using Elwave end of day (EOD) with Metastock since Jan/99. I still
rely on Metastock trading systems for B/S signals. But when I'm sorting
through securities for buy signals (Metastock), I use Elwave for determining,
where in the Elliot Wave, is each buy candidate. Sometimes, I can determine
from Elwave that I'm in a wave 5 when a buy signal occurs, which tells me to
avoid or buy with the notion of taking a very quick profit. Elwave EOD
frequently gives you several alternatives from which to analyze. The correct
one always seems to be forming, but it may not be obvious which alternative
is the correct one. You can look at the alternatives for several stocks in
the same industry or the industry itself, and see which ones appear to be
common with each other.
You could perform the analysis by hand. But it would be extremely time
consuming for 30+ securities. The EOD version of Elwave is really more
geared for the higher wave degrees. I think the approach of Robert Miner
(Dynamic Trader) is more appropriate for daily analysis.
If you are a competent Elliot waver, then when you are confused, Elwave will
be confused. But it will show you the possibilities very quickly. I think
Prognosis would be very smart to set up an Internet mail list for Elwave
users. I suspect that group of users, would be able to share knowledge about
both the program and the Elliot wave that would profit the mail list group.
(I've suggested this several times to them)
The bottom line, I'm satisfied with it, but I still rely on Metastock/trading
systems as my primary analysis tool. My skills with Elwave are still
improving....
Why Elwave over some of the others.... Price. In addition, you can set up a
manual count in Elwave which I somtimes do. (Much better than paper graphs)
As far as using Metastock for identifying waves, use a 5/34 histogram for
finding wave 4, the end of wave 3 and help with identifying wave 1/2 which
apparently Advanced Get uses extensively. You can write
explorations/templates/experts, etc. with this indicator. (e.g. explorations
to find the peaks and troughs of the 5/34 histogram).
The version of the indicator I use in Metastock 6.52 is:
Mov(OscP(5,34,E,$),5,S)
-150 days minimum of data.
The peaks of the histogram help identify wave 1, 3 and 5 and troughs for wave
2,4. Use Metastock line studies (both trendlines, channels and fib
retracements) for additional wave identification/analysis.
Of course you can label the waves with the text box
Good Luck
Kevin Campbell
In a message dated 5/26/99 5:07:00 AM Central Daylight Time,
sayhow@xxxxxxxxxxxxxx writes:
> Hi,
>
> Anyone here uses Elliot Waves in addition to Metastock?
>
> If you do, which Elliot Waves software do you use, and your reason
> for selecting this over some other software.
>
> I am now looking at WINWAVES and ELWAVES, and I am incline
> towards ELWAVES. I understand that there are other software as
> good if not better than ELWAVES out-there.
>
> I would be interested to know what you use Elliot waves for. I use
> it to pick stocks. I have talked to others who only use it to buy
> index. Others only use Elliott Waves to buy stocks at its low.
>
> Currently I run ELWAVES overs about 350 stocks (it took hours)
> and select those show both POSITIVE INDCATORS and
> UPTREND for further analysis. This is not an elegant ways, though
> it get the job done. If you have routine that you use within
> Metastock to elimates those stock that would most likey fail the
> Elliot waves test .. I do hope that you can share that with me.
>
> If you have not try Elliott Waves yet, you should have a good look
> at it. The software are not cheap. It can range from US$1100 to
> US$2700. Hence I want to be certain that I am buying the right
> software. You input is important to me.
>
> Thanks for reading. I hope to here from you soon.
>
>
> FOO Say How
> Singapore
>
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