Question on GetElliottStudy.

[demarcog]

The XTL has quickly become one of my favorite indicators for "trend" detection as it is the most effective I've found so far (and I've done alot of looking!)

I wanted to experiment with using XTL in combination with impulse waves 1,3,5 and needed to determine the wave number at any given point in time.

I ran across the GetElliottStudy object that is used in the autoelipse.efs but seems to be returning null. If anyone has any idea how I can determine the wave ideitification that would be greatly appreciated.

If anyone also knows if there is a way to determine if price is above a regression channel trendline that would also be appreciated.

Thanks,

Glen

[jstahl]

Hi Glen,

Wave counts are dynamic. When taking a type I trade, you will often be triggering into the trade during red bars. However, as the trade moves in your direction, you will see blue bars. I will cite AMZN as an example. The stochastic trigger took place 8-21-07. If you did not take the stochastic trade, you could wait for the blue bar breakout that took place 9-4-07 and set stop and trigger from that bar.

No matter what strategy you trigger with, the point is to find low risk entry points into strongly trending markets. The most important thing is not the strategy or the trigger, but adhering to your stops.

Hope this helps.

Joel

[demarcog]

Originally posted by jstahl
Hi Glen,

Wave counts are dynamic. When taking a type I trade, you will often be triggering into the trade during red bars. However, as the trade moves in your direction, you will see blue bars. I will cite AMZN as an example. The stochastic trigger took place 8-21-07. If you did not take the stochastic trade, you could wait for the blue bar breakout that took place 9-4-07 and set stop and trigger from that bar.

No matter what strategy you trigger with, the point is to find low risk entry points into strongly trending markets. The most important thing is not the strategy or the trigger, but adhering to your stops.

Hope this helps.

Joel

Joel,

After years and years doing this those last two sentences you mentioned are the single most important thing I've learned and still I forget about that occasionally. Thanks for the reminder. Thing can get so clouded sometimes and it's amazing how those two statements are probably all you ever need to adhere to in this business.

Low risk entry into a trending market, which means buying after a pullback. When all is said and done, wave counts aside, the type 1 and 2 essentially are buying on reaction moves and using the nearest pivot which is usually a very tight stop providing a nice risk reward.

If you think about it and I'd like to test this out myself, if you knew zero about the market, you could probably loose alot less money then some of us more knowledgable have by flipping a coin and risking 20 points to make 50.

John Henry one of the most successful money managers ever who owns some nameless American League Eastern Division winning baseball team said in an interview his entire trading strategy could be written write on the back of a napkin.

Thanks again,

Glen