Type 1 Trade: Wave 5 ... or Wave B?

[LRath]

Hi everyone,

I'm a newcomer to Adv GET, and I'm not sure what to look for when you've entered into a Type 1 Trade and you're trying to determine if Wave 5 has begun, or if it is just Wave B of the current Wave 4.

Are there any studies or indicators I should use to give me a clue? I'm attempting to post a chart of ADLR with this message. The 60 min. chart goes back and forth every other day between the two scenarios and is driving me crazy...

Note: I hope I posted the ADLR chart correctly... got alot to learn, so forgive me if the chart doesn't work out the first time...

Thanks!

[eSignal_JoeB]

Hi LRath,

Below is a link to the Advanced Get video training that will explain the steps on entering a Type 1 trade. When you get to the site, the audio/video training is located to the left pane of the website. Usually the 4 steps are as follows:

1. Elliott Wave4
2. Oscillator Pullback (90% - 140%)
3. PTI > 35 (greater than 35)
4. Wave 4 channels Holding?

Hope this helps.

Introduction to Advanced Get

[LRath]

Wave 5 or Wave B

Thanks JoeB,

Those four criteria plus the Elliott trigger got me into the trade since ADLR closed above both the top regression trend line (as well as the DMA). My question really pertains to the period of time where AFTER the four criteria are met on the daily chart and you enter the trade, are there any studies or indicators that are reliable for confirming that you're truly in the beginning of a wave 5 or if the upward movement is just a wave B of an ABC where wave C could then take you down and take out your stop at the location where you thought Wave 4 started and Wave 1 of Wave 5 was beginning... especially when you watch the 60 minute chart and see the Elliott Wave count change back and forth between those scenarios every other day...

This has actually happened today with another stock, ALXN. The Wave 4 low was 32.81, the four criteria you mentioned was met as the stock increased, then it fell to 32.76, stopping me out of my position. My question is this: is there any way to find clues that the temporary rise is truly the beginning of a wave 5, or if it is going to fall as a wave B and stop you out of your position?

Silly question, I know, since that's why you place the stop at that point, but I've had this happen with 3 stocks in a row and I'm just a little frustrated that I didn't have one winner with any of the 3. Hopefully ADLR doesn't become a 4th stock I get stopped out of! I keep looking for one of those stocks that fall within the 94% odds of the 5th wave taking place...

Lee

[LRath]

ALXN Follow Up

Follow up chart on ALXN...

[LRath]

ALXN as of 05-19

The normal ellipse just confirmed, so there may be a true buy signal on this one within the next few days. Nice profit potential here if it reaches it's target...

Here's a question... Do you ignore False Bar on the Stochastic when you're monitoring the chart for a breakout to trigger a Type 1 trade? My thought would be that the false bar is there because it's a wave 5 up followed by a change in trend most likely, so therefore you ignore false bar stochastics on Type 1 trades.

[LRath]

ALXN Potential

Hmmm... I did just notice that the Red Channel was broken by the time the normal ellipse confirmed the continuation of the trend... so now ALXN only meets 3 out of the 4 desired criteria for a Type 1 trade...