Motive Wave Pattern in an Uptrend In a broader uptrend, the first wave of a motive pattern consists of a weak rally with only a small percentage of traders participating. Once wave one is over, the market retraces in wave two.
Typically, the sell-off in wave two is vicious but does not take out the previous low, allowing the start of a turnaround and another rally. This rally begins wave three which starts off slow, but after breaking the high of wave one, the rally picks up momentum with traders adding positions to 'not miss the move'. Wave four consists of traders profit taking from the move higher causing a pullback in price, which is usually more orderly than the pullback in wave two.
As some traders would have missed the whole move higher, a few remaining buyers step in at the end of wave four to start another rally at the beginning of wave five. However, this rally lacks enthusiasm and eventually tops out. Motive Wave Pattern in a Downtrend In a broader downtrend, the first wave of a motive pattern consists of a weak sell off with only a small percentage of traders participating.
Typically, the rally higher in wave two is vicious but does not take out the previous high, allowing the start of a turnaround and another sell-off. This sell-off begins wave three, which starts off slow, but after breaking the low of wave one the sell-off picks up momentum with traders adding short positions to 'not miss the move', or traders exiting long positions to get out while they can.
Wave four consists of traders profit taking from the move lower causing a pullback in prices, which is usually more orderly than the pullback in wave two. As some traders would have missed the whole move lower, a few remaining short sellers step in at the end of wave four to start another sell-off at the beginning of wave five. However, this sell-off lacks enthusiasm and eventually bottoms out.
Corrective Waves Corrective waves can be a bit more difficult to master than motive waves. ABC Correctives Wave in an Uptrend In a broader uptrend, wave A consists of a small decline in price as traders bank their profits and exit the market.
As the broader trend is up, some buyers step into the market at the beginning of Wave B, in a weak rally higher.
At the beginning of Wave C, more buyers exit the market after seeing the original decline in Wave A. This also attracts the interest of short sellers who also join in, pressurising the market lower. ABC Corrective Waves in a Downtrend In a broader downtrend, wave A consists of a small rally in price as traders bank their profits and exit the market on their short trades.
As the broader trend is down, some sellers step into the market at the beginning of Wave B, in a weak move lower. At the beginning of Wave C, sellers are quick to exit the market after seeing the original push higher in Wave A. This also attracts the interest of buyers who also join in, forcing the market higher. Here are a few more additional benefits: Trade CFD's on multiple assets like foreign exchange, stocks, indices and commodities Trade multiple products such as CFDs, shares, ETFs, futures and forex Available on Windows, Mac, Android and iOS Trade directly from the chart with an all-in-one platform Learn how to use the platform with a risk-free demo practice account Access the world's number one forex trading software Access Elliott Wave charting software completely free Once you have opened an Admiral Markets live trading account , or a demo trading account , download the MetaTrader 5 platform to access the Elliott Wave tools as we discuss next.
Only after five clicks used to plot the beginning of each wave, will the wave series be drawn and a pop-up box appears, as shown below: Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admiral Markets CFDs, ETFs, Shares.
The pop-up box allows traders to adjust the design and parameters of the Elliott Wave series: The Common tab allows you to adjust the size and colouring of the Elliott Wave numbering series.
The Refined Elliot Trader software uses real historical market data to generate highly accurate forecasts. Our proprietary stock market forecasting technology is based on the Elliott Wave Theory of price pattern analysis that results from the human herd instinct. You can even create your own wave count either from scratch or using the automatically generated wave count as a basis and let ELWAVE check your count for mistakes or inconsistencies. Again, this is for experts with a keen interest in Elliott Wave Theory only; if you don't want to know how the engine works, just leave the hood closed!
Scanning and real-time alerts. For traders looking to do stock picking selecting stocks that are read to explode from a large universe of symbols , the Scan Inspector offers a unique way to filter out those symbols be it actual stocks, curreny pairs or any other type of security.
Because scanning in ELWAVE is based on the trading signals as displayed in the Summary Inspector window, you can scan for fully customizable criteria such as trend, reward, risk, riskreward etc. By scanning for criteria on multiple time frames wave degrees you can scan for, say, a 'wave 3 in a wave 3 in a wave 3', or simply for an uptrend in 3 consecutive time frames.
Apply your own criteria for reward, risk and riskreward and you will have your own tailor-made trading setup scanner. For real-time traders we've taken the concept of scanning to the next level. Nobody enjoys watching their screen all day waiting for a possible trade.
Our Realtime Alerts allow you to lean back and let your computer do the hard work. Simply setup the criteria and let ELWAVE monitor the market for you, alerting you only when an interesting trade comes along based on your own, fully customizable criteria for such things as reward, risk, riskreward etc. In fact, you can use the exact same 'scan conditions' from the Scanning module to define your Realtime Alerts.
The actual alert method can be a simple message box or audible signal on your PC or it can be an email that is sent to your mobile phone or PDA, complete with attached screenshot of the chart that triggered the signal. You can even run an external program to respond to the Alert for you automatically. In addition, it offers everything you might want in end-of-day or real-time technical analysis charting software.
A wide range of charting options and standard technical analysis techniques is available. For example you can easily draw Trend lines, Trend channels, Speed lines, Logarithmic Spirals, Trigger lines, Fibonacci time projections, Fibonacci extension and retracement, Gann Fans and Comment boxes to annotate your chart.
For Trend lines and channels and trigger lines you can define Alerts similar to what was shown in the section on real-time monitoring. If that's not enought you can easily roll your own indicators in either C or Visual Basic.
When it comes to charting and other basic functionality, ELWAVE offers everything you would expect from a professional charting application.
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