Realizing that, and the fact that automatic analysis on its own is not really suitable for practical use, it was decided to develop a semi-automatic wave labeling tool that would offer a number of advantages: Human-controlled labeling; High speed of the analysis due to the fact that only the user-specified part of the chart is analyzed. This program was called AutoElliottWaveMaker and will be introduced in this article. Program Objects The main objects of the program are labels and the labels panel Fig. The labels panel The labels panel represents a sequence of labels of one wave level situated in the top left part of the chart. The position of the panel and the distance between the labels are customized by the user in the program input parameters Fig.
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Ignored As someone studying mathematics at university, there is little I understand beyond what is logical. Thanks for your input though. I use it for precise entries, but on pairs that I have already analyzed and are ready to trade anyway.
For example, new traders, sometimes find out about this tool, and then proceed to place it on the charts, wherever and randomly. Once learned to use in conjunction with the technical analysis that fall in line with the fundamentals at the time, then place the Fib tool, and use for entry. For example: If I missed an excellent set up for a double top trade, I will use the I still get into an axcellent trade, but at a little worse price.
I find the SL though is usually smaller entering that way than right at the top of the double top. NO - You most certainly cannot win every trade this way of course but when you get a runner the profits far outweigh what the losses would be. In the correct scenario. Exactly the same as , and 50 simple moving averages.
There is no magic behind it, just buy and sell orders concentrated around those levels. Feb 4, pm Feb 4, pm.
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AutoElliottWaveMaker - MetaTrader 5 Tool for Semi-Automatic Analysis of Elliott Waves
The Magic & Logic Of Elliot Waves (English) 1st Edition