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After using Advanced GET for some time, this has been one of the most helpful tools in my day to day trading. Figuring out where a retracement might end had mostly been hit or miss for me until I started using the TJ Ellipse, a great tool included in Advanced GET. Now I hit more often than missing.
The study takes the move in question and provides a time and price level that the retracement should hold.
How is TJ’s Ellipse Calculated?
The user identifies the swing move (pivot high and pivot low). This is used to determine the strength of the trend. Using that swing, Advanced GET calculates a projected path for the TJ Ellipse to intercept the prices. TJs Ellipse is a dynamic tool and continues to move toward the price action usually until the price meets the Ellipse. When the Ellipse stops moving it provides a solid price and time level.
If the price action of the retracement does not violate the Ellipse, then the original swing should continue.
Let’s look at an example of a trade that one of our students recently placed:
He shorted the EUR/JPY at 135.87 (after that trade he had the opportunity to cover at 134.87). Using the TJ’s Ellipse in combination with one of the core Advanced GET Strategies, ‘No False Bar Stochastic’, he was able to capture a 100 pip move in just two days.
Ernest Osias
eSignal University
Active Daytrader
The study takes the move in question and provides a time and price level that the retracement should hold.
How is TJ’s Ellipse Calculated?
The user identifies the swing move (pivot high and pivot low). This is used to determine the strength of the trend. Using that swing, Advanced GET calculates a projected path for the TJ Ellipse to intercept the prices. TJs Ellipse is a dynamic tool and continues to move toward the price action usually until the price meets the Ellipse. When the Ellipse stops moving it provides a solid price and time level.
If the price action of the retracement does not violate the Ellipse, then the original swing should continue.
Let’s look at an example of a trade that one of our students recently placed:
He shorted the EUR/JPY at 135.87 (after that trade he had the opportunity to cover at 134.87). Using the TJ’s Ellipse in combination with one of the core Advanced GET Strategies, ‘No False Bar Stochastic’, he was able to capture a 100 pip move in just two days.
Ernest Osias
eSignal University
Active Daytrader