Interesting Chart Patterns To Monitor In Coming Days...

[LRath]

After Wave 4: Is It Wave 5 or Wave B?

Hi Guys,

I'm a newcomer to Adv GET (bet you couldn't tell when I started a whole new thread unintentionally), 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 posting the daily chart for ADLR as an example. The 60 min. chart goes back and forth every other day between the two scenarios and is driving me crazy...

Any input from Marc and anyone else would be appreciated as I continue to learn.

Thanks!

[svemuri]

Hi LRath
What I learned over the time from various GET Experts is the trading oppertunity that you entered is not going to change even it the waves are relabled to ABC instead of W3-4-5
All I learned to look for in Type 1 Buy trade is
- Look for Strong Wave 3 with confirmation from OSCillator
- Other Stuff your be already knowing like OSC Pull back,PTI,W4 Channels,FIB Retracement
- you can use MOB to help you in Risk/Reward Calculation

There are few other things like cross reference higher time frames, Etc... for additional clarity of the trade

All these tools help your odds of Successful trade but does not gaurantee it though

Once you enter the trade it may be best to manage your money for stops and profit taking

Sorry if I missed anything, I am sure other GET Experts can add their thoughts

Wish you good Luck?

Regards

[cwrrussell]

ADLR type 1

LRath,

One thing I noticed right away was that the ADLR does not meet all the rules for the Type 1 trade. The Oscillator has retraced more than 140%. So in my eyes this is an invalid Type 1 and those situations usually are long drawn out trades that are painfulll to sit in. This type of thing is one of the reasons we now offer our online mentoring classes and foundation curriculum with the Advanced GET software. Keep up the hard work it will pay off.

Craig Russell

[hugh44]

Craig, could you clarify how you measured the 140 % retracement. It looks to me to be within the retracement rule.

Jim

[cwrrussell]

ADLR retracement.

Indeed I did miss measure my Oscillator retracement. it has not violated! It came pretty close but not quite. I must have started my measurement just off the high before when I wrote the earlier post. I thinK I will go and attend a mentoring sesssion with Ron or Nate to get myself squared away!. My apologies LRath for the hasty error.

Craig

[LRath]

Hi guys,

Thanks for the observations so far ... appreciate the attention to detail Craig; I did use the Elliott Trigger as a 5th criteria to enter into the trade since the OSC got so close to the 140% mark.

Although I haven't gotten stopped out of ADLR yet, I actually got stopped out of another stock, ALXN. The Wave 4 low was 32.81, the four basice criteria were met, then it fell to 32.76 2 days after closing above the DMA for 2 days (Pierson's R was less than .90), stopping me out of my position.

I just wanted to make sure I was not missing anything, since I was stopped out of my position today for the 3rd time - where are those stocks associated with the 94% odds of a 5th wave going up? SV, thanks for the additional input on some other indicators to look into.

Lee (LRath)

[cwrrussell]

ALXN

Only comment I can make on the ALXN is that your stop is awfully tight for a stock like that. Doesn't mean it won't eventually stop out by going lower. but 5 cents is tight. As to the 94% thats a qualifier with the Oscillator pullback for our wave 4 into wave 5, not an absolute 94% of all wave 5's are successful .

Craig

[LRath]

Ok, so I'm an optimist on the 94%

The reason I placed the stop right at the low of what I thought was wave 4 is that if wave 5 were to follow, then wave 2 of wave 5 would not go lower than the start of wave 1 of wave 5 (the wave 4 low)... if you do get stopped out, then one of 3 things comes to mind that have probably taken place: (1) the supposed wave 1 of 5 up really was a wave 4 correction of the wave C of wave 4 down (in which case you would not want your stop so tight); or (2) the supposed wave 1 of 5 up is really a wave B of 4 and wave C of 4 is to follow, where if it's a zigzag, will take it down probably at least the length of wave A of 4; or (3) The initial wave 4 down was really a wave 1 down, then what you thought was a wave 5 starting up was really a wave 2, and the wave 3 to follow would really provide a deep drop where you hopefully get your stop order filled before it drops too deep.

What do yous guys use for determining the initial stop in a Type 1 Trade, to allow for scenario 1 (or even scenario 2) to run it's course without getting stopped out?

[steadyeddienyc]

Elliot wave= HOUSE MONEY

Hi All, Feel free to ck out my blog http://steadyeddienyc.blogspot.com

I have used advanced get along with a few other E-Wave tools for several years and find AGET to be very powerful trading system HOWEVER, The main problem is that rookies have little to no knowledge on how to effectively use it. If you need help with the learning curve in real time let me know.

email me at [email protected]

[cwrrussell]

ALXN

LRath,

Quite honestly I do not take my elliott to that level. I only trade the primary counts and I adjust for the individual stocks volume and volatility. If I get stopped out then I re-evaluate and so long as the setup is still valid I will retake the trade with another valid entry. I have found that over analyzing the minor degree wave structure within the larger wave structure does not make me any money. That is a personal observation.

Craig

[LRath]

ALXN

Thanks for your input Craig. Guess I'm searching for the Holy Grail of detecting Wave 4's at their very bottom... I guess I'll just let the DMA and/or RTC do the work to get me in or out... but as far as stops go, in the training they say to place your stop at the bottom of what looks like wave 4 ... what strategy do you use to place an initial stop when you're trading a Type 1 Buy?

Thanks!

Lee

[MR]

I bought some of TTC today.... Other than the low PTI it looked acceptable to me for a small trade idea. (see attached chart)

[kosmicmisfit]

Marc

Thank you for sharing your experience!

I would like some further assistance.

UBB & BBD were stopped out. PCZ & CNQ were profitable.
For some silly reason I managed to get out of GLD at a very early stage. Thus kicking my self for doing that!!!!

On a daily basis I run the Type 1 search on 7300 stocks. This takes a long time. However after using RAMDRIVE I have been able to do the scan in 30mins.

My search criteria is EW4, PTI > 35, Osc >90 and <=140. In additions I use RTC in the search and look for stocks which have broken the RTC (P, J, I, M).

I have noticed that some of the charts regarding other Type 1 include retracement of atleast 38% and convergence at the ellipse. Is this necessary?

From my methodology what woudl you suggest so that I can improve my trading experience!

Subsequently I have found some other trading opps and I mention the symbols later on.

many thanks

K

Originally posted by MR
To the gentlemen who asked me last month about his 5 stocks... I said UBB and BBD were vulnerable and they did retrace. You might want to watch more closely those two to see if they are now "attempting" to put in longer-term W4 bottoms? Your GLD has to be exceeding your expectations, as it is up over $8 since first discussed and appears to have more room to work higher as the longer-term trend is not over. PCZ and CNQ should be making you a little happier soon, is my guess. Hope this helps, marc

[MR]

Hi K,

Sorry, but I cannot answer well this question. I may not be the best expert here for doing search routines with Advanced GET. I would welcome anyone else here who would like to volunteer this kind of information.

I have not used the end of day search in at least three years. The newer real-time Esignal AGET scanner works better, but again, I have not used that scanner either in a couple years since I left eSignal employment. I no longer have access to it.

Maybe a current employee can comment here better than me?

To answer your retracement question, no, a 38% retracement isn't necessary. It can help in some situations. Sometimes a 50 to 62% retracement can be just as interesting to check for.

I don't quite know what you mean by convergence at the ellipse.

[rwheeler]

Originally posted by kosmicmisfit
Marc

Thank you for sharing your experience!

I would like some further assistance.

UBB & BBD were stopped out. PCZ & CNQ were profitable.
For some silly reason I managed to get out of GLD at a very early stage. Thus kicking my self for doing that!!!!

On a daily basis I run the Type 1 search on 7300 stocks. This takes a long time. However after using RAMDRIVE I have been able to do the scan in 30mins.

My search criteria is EW4, PTI > 35, Osc >90 and <=140. In additions I use RTC in the search and look for stocks which have broken the RTC (P, J, I, M).

I have noticed that some of the charts regarding other Type 1 include retracement of atleast 38% and convergence at the ellipse. Is this necessary?

From my methodology what woudl you suggest so that I can improve my trading experience!

Subsequently I have found some other trading opps and I mention the symbols later on.

many thanks

K

From the scan parameters you show there is not too much more that you can add. You could add XTL... Over the course of the last few years I have been adding XTL to most of my Type One Scans and it seems to narrow down the results to the stronger markets. If you are looking for a Buy setup just add XTL to your scan, uncheck First Breakout and select Up.

As far as the Fibonacci Retracements and the Ellipse, it is not necessary to see those converge, but it is nice. When you see this happen you are seeing a convergence of both Fibonacci Price and Gann Support, so you have a much better level of support in the market.

Ron