Type I/II intraday

[bheaps]

I hear a lot about type I/II setups on daily charts, does anyone trade them on 5, 15, or 30 minute charts?

If not, why?

Ben

[DuaneG]

bheaps,

The Type I and Type II trades are evident across all time frames. It would be wise to remember that changing to a smaller time frame is simply a change in perspective. As an example, a Wave 5 on a 10-minute chart may still register as a Wave 3 on a daily chart. These setups are very tradable on shorter time frames as long as one understands that a particular trade will be short lived compared to a trade generated from a daily chart.

Hope this helps.

[bheaps]

Are there generally more whipsaws in hte intraday timeframe?

I realize there are more whipsaws in the intraday timeframe with most technical setups, how do the elliott setups compare?

Also do you have a general probability of sucess for type I/II trades in both the daily timeframe and the intraday timeframe?

[DuaneG]

Hi bheaps,

I thought I would share just a rough example of how the Type I setups occur on a shorter timeframe. Below is an S&P emini chart on a five-minute timeframe. As we can see, the ellipse came in on the beginning of Wave 4; the Get Oscillator did not violate the 140% retracement rule. The mob off of Wave 3 gave us a projection to a possible target for Wave 5. The Get Stochastic did not generate a true false bar, but the rules for the type I do apply for this scenario. As you may also notice, I used the Regression Trend Channel for the trigger. As the Pearsons R is < .90, it would been proper to utilize the 6, 4 moving average.

[bheaps]

cool, but I already knew that.

Do you know about the probability of a sucessful type I/II trade, intraday vs. daily timeframe. Im guessing that the daily would have a higher probability of sucess, but have no clue on how much more sucessful it is, do you know this?

Also, maybe you could sugest another form of technical daytrading patterns that you employ.

[DuaneG]

bheaps,

I included the image of the shorter time frame as an illustration regarding the Type I setup. Most of my posts on the subject tend to focus primarily on daily charts as they can be commented on in a slower fashion.

It's been a while since I've been to an Advanced Get seminar, but the Type I Buy setup has a near 80% or better success ratio when buying the breakout of Wave 4. This ratio is the same for daily charts as compared to intraday charts. The caveat that catches most people off guard is the fact that the intraday setups happen more frequently and move faster. Other than that, the success ratio is the same. Hope this helps.