may i know , type gertley indy there.
I've downloaded this indicator, out of curiousity and found it to be utterly useless.
I've looked at many other types of indicators too and always find that they seem to
be coded by people who
1) Don't understand the underlying patterns or
2) Have no idea how to actually put pattern ideas into code .
The very first chart posted in this forum is an *invalid* E.W. the fact that the charts
is also clattered with other patterns doesn't help either.
There is just too much wrong with that chart... but we can't talk about it all until
we fix the fact that the numbering is going in the wrong direction - totally:
Wave 3 is an "impulsive" wave and as such should be in the direction of the "trend",
on that particular chart the short term trend is down and hence wave 3 should also be
Wave 5 should be a "terminal" not a bloody swing high point somewhere *on* the
I beleive that particular part of the EW should look something like this:
If you don't beleive me, just look at the volume at the bottom, volume (often ignored
by many) is important in drawing E.W. and each wave should end with an increased
There are many other rules this indicator break (eg W2 ~ W4 in most cases) also
note that we in fact have an extended W5 - it should never be a "non-terminal!!!"
The second one is equally silly - how can you have W4 below W2 and W5 below W3???
Unfortunately, *most* of the patterns drawn by that indicator are incorrect a very
unreliable piece of ... software!
I wouldn't want that indicator even if it was free - it's utter rubbish.
Last edited by fractal_thoughts; 06-13-2012 at 08:31 AM.
F_T i completely agree, i ve used that indi for a week, than throw it away :P, i was trying to understand how E_W works but that dindt helped at all
I thought it was kidrock who used the Elliottwavespro Indicator to illustrate his point and he referred to it as 1 of the best EW indicators. Im not here to argue the technicalities of the Indicator as Im trying to save time and use other peoples knowledge to help me trade. All Im concerned about is the signals it gives me. Im very happy with it and my confidence in the EWavesPro Indicator is growing.
maybe your analysis is going to deep ft , but if your knowledge is generating good profits then plse share with us
@draugas2: where is a place to read more about this EA? thanks!
draugas, can you attach indicators required with this EA to work? I have put it on chart but no wave lines etc are shown... only EA smiley is there....... can u pls post all indicators in pic you attached