How to use TJ's Ellipse

[jkeech]

Hi, I've read with interest and looked at examples where TJ's Ellipse is used extensively. I've read up on it in the manual (quite a few times) but unfortunately do not feel up to speed or in total comprehension of how to use it.

Could someone please walk me through its features and how to use it?

Much appreciated, John.

[fabrizio]

Jay

I'm going to support you in couple of posts one without chart the other with, just for a matter of time.

A) Consider Ellipse a Fibo retracement with the "Time Dimension in it" or quoting MDC " THE MAXIMUM RETRACEMENT THAT A PRICE CAN MAKE WITHOUT CHANGING IT'S ORIGINAL TREND"

B) You got 3 type of ellipse : normal, long, short. Let's consider for simplicity just the normal.

C) Ellipse has two different aspects:
* Closed ellipse ( a circle) or an ellipse that has "realized it's condition of price and time" Often you'll see price react -rebound- against those ellipse that became really Support or resistance. Sometimes you see prices perforating the ellipse.
* Shadowed ellipse : it is "the projection for the price of where and when it is supposed to retrace or end it's reatracement movement" It is composed by two ellipses (one of which "shadowed") linked by a line with at the middle a price. As long as the price move and the time goes by, according to the last bar volatility the ellipse gets closer and closer..... eevntually CLOSING COMPLETELY, becoming therefore just ONE .
Why the price in the middle of the two ellipsis? For -statistically the retracements GOES right there , in between.

D) Tracing an ellipse:
Click ellipse on tool bar..
Click on a relevant low ( just be On the bar or on line with the bar
Click on a relevant high

There you got the ellipse ( indeed the reversal: Relevant High, Relevant Low)

OUTCOME: you can have either
* a close ellipse at the base/top of a bar or in the middle of a group of bars
* a projection of Ellipse.

* An ellipse "floating" away from the bars

One more thing : when I say RELEVANT IS JUST FOR THE BEGINNING. You can point any low or high you want. The bigger the difference the more evident the ellipses in an example.

Today I'll post you some Charts.

Hope I've been clear.

Cordially

[mhamric]

Actually, you're in luck. I just did a very quick overview on TJ's Ellipse, you can find it and more information on other tools and items in eSignal at:

https://esignaltraining.webex.com/esignaltraining/onstage/mainframe.php?Rnd0877=0.7444477386376449

Once you're at the site just click on Recorded Events on the right side of the screen; as of this morning it's the first one.

[jkeech]

Thanks guys - this gives some more study here.

Regards, John.