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eWaves - getting into the big moves early

22/2/2016

3 Comments

 
One of the most asked questions that I receive - understandably so - is: "How do I get into the Wave 3 at the start?".  So I thought I'd take a quick look at last weeks action and the first chart I checked was EU; and what a nice example it was.

I've used my latest version of eWaves for this as it provides back-testing capabilities.  In case you're wondering, I hope to release it sometime this year.

First off, a terrific opportunity presented itself at the bottom of the W4 back on the 8th Feb, to target TZ1 more than 240 pips away.
​
Picture

How could we have got in at the start of W3 at the back end of January / early February?

eWaves provides some clues, supported by one of the most fundamental Elliott Wave rules, with a sprinkling of price action and trend line breaks.  The picture below shows how the W1 and W2 could have been identified to jump in early on W3.
  • Previous resistance areas being taken out by the Wave 1
  • Wave 2 not retracing past the start of W1
  • Hidden divergence on the eWaves histogram
  • The Wave 2 was a simple ABC correction back into the most recent demand zone
  • The down-trend line for the W2 eventually broken, giving a opportunity for traders who missed the demand zone entry to jump in.  (the start of the W2 would have made a nice trade by the way - upside rejection from resistance)​
Picture
There were even some nice clues that would have got you into the start of W1 - just look to the left of it to see how price had moved up from the low - a clear demand zone was formed. A truncated eWaves 5 followed (that new eWaves looks out for), so we had a big move up, that took just 5 bars to complete, followed by a 26 bar retrace - where would you think the interest lies? Admittedly, the previous big bar down was a bit of a worry.

Getting in at the start of a W3 can be relatively easy - price usually gives you ample clues and the most fundamental of Elliott Waves rules provides for logical tight stop loss placement.  
3 Comments
Henry
19/3/2016 05:58:43 am

Pls I need both indicators.

Reply
Henry
19/3/2016 06:18:16 am

Pls send me this indicators

Reply
Steve
19/3/2016 09:24:39 am

eWaves version 1 is available from the indicators page. eWaves harmonics is still in development - we plan to release it later this year.

Reply

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  • Home
  • eWavesHarmonics
  • INDICATORS
    • MT4 Indicators
    • MT4 Free Indicators & Scripts
    • eWaves v1.0 Manual
    • MT5 Indicators
  • Trade Tools
    • Advanced Trade Manager
    • Advanced News Trader
    • Trade Copier
  • Trader Training
  • Harmonics
    • TheHarmonicIndi
    • TheHarmonicIndi Instructions
    • Harmonic Chart Pictures
    • Harmonic Patterns
  • Trading Blog
  • Contact Us
  • Who is Snorm
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  • Trading Services
  • Useful Links
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  • Newsletter
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  • Fibonacci Numbers
  • Privacy Policy
  • Terms of Use and Disclaimer