Does your indicator repaint?

You would not believe just how many times people use the ‘contact us’ form to ask that question about eWaves.

I’m not sure that many understand what ‘repaint’ really means. I believe I understand why they ask the question though: they’ve been scammed by buying useless buy/sell indicators and are only asking about the repaint because they think eWaves might be a buy/sell indicator.  Well, it’s not. If that’s what you’re looking for then carry on buying rubbish from scammers.

eWaves is a very simple approach to Elliott Wave analysis.  Do Elliotticians re-plot their wave counts as new price data comes in? Of course they do. Wave counts are not confirmed until they are completed; and so it is with eWaves.  Where eWaves might see a wave 5, new price data could come in that turns that 5 into a 3.  At some point, what was a wave 5 will disappear off the chart and a new 5 will later appear. Similarly, a wave 4 of an uptrend could turn into a big wave 3 in a down trend. eWaves is constantly looking at the last 140 or so bars. As a new price bar is formed, the oldest bar is ignored, and so on and on. So the answer to the question is:
OF COURSE IT DOES! IT WOULD BE USELESS IF IT DIDN’T.

Like many newbie traders in the early days, I wasted far too much time and money looking for the perfect buy/sell indicator, or combination of indicators, that would elevate my trading success.  Even if there are good buy/sell indicators out there that I don’t know about, they are unlikely to tell you how to manage your trade: where to put your stop loss, where to take profits, how to trail your stops, etc. I will bet my house that even after reading this blog post, newbie traders will still carry on wasting their hard-earned money on scam trading systems; buying buy/sell indies from crooks who not only don’t trade, they don’t know how to. The internet is awash with these scammers who only make their living by selling shit to gullible people looking for a quick route to untold riches. If you're one of those gullible wannabe traders, then feel free to ask the scammers if their indicator repaints - I'd be surprised if they even bothered to answer your question, honestly or otherwise.

More than a decade after discovering Forex, guess what I use for trading? Clean charts and eWaves (apart from my News EA of course).  You do not need a plethora of indicators cluttering your chart to trade successfully; you only need price history.

By the way, I’m really hoping to release the next version of eWaves soon. It has been years in development – with other projects taking priority along the way. A few friends are trying it out for me and I have a few little glitches to fix. A beta version should be available next month, with a limited release initially to my News EA customers.

As a nice little wrap-up, here’s eWaves in action on GBPUSD monthly, showing how you could have made over 4000 pips trading eW4 to the (yet to be hit) automatically plotted TZ1 (first target zone) of eW5. Let’s see if it gets there ...