Elliott Wave Indicator YouTube
We present the YouTube video for Elliott Wave Indicator usable for Forex and Stock market. Before watching Elliott Wave Indicator Youtube video, let us cover some basics of Elliott Wave Theory for Forex Trading. In the past, Elliott Wave theory received good attention from many traders and investors for several decades. Elliott Wave theory is a useful technique to deal with the financial market with the dominating Equilibrium Fractal-Wave process. For the financial market with strong Equilibrium Wave process (2nd, 3rd and 4th columns in the Price Pattern Table), traders must use alternative methodology over Elliott Wave techniques because Elliott Wave Theory is not meant to deal with Wave process. Seasonality or other cyclic fluctuations can be dealt better with other techniques. For example, Seasonal Exponential Smoothing, Fourier Transform, Principal Component Analysis or Wavelet Transformation might do better job for such a case. Some literature review and empirical research can yield helpful insight on which market trader can trade better with Elliott Wave Theory. In our Book, we will introduce the fundamentals of the Wave Principle. At the same time, we will introduce the template and pattern approach towards more scientific wave counting for traders.
The Wave Principle states that the crowd or social behaviour follows a certain wave patterns repeating themselves. The Wave Principle identifies two wave patterns. They are impulse and corrective wave. Often, the term impulse wave is interchangeably used with the motive wave. Two terms are identical. Both motive and impulse wave progress during the main trend phase whereas the corrective wave progress during the corrective phase against the main trend. In general, the Impulse Wave has a five-wave structure, while the Corrective Wave have a three-wave structure. It is important to understand that these wave structures can override on smaller wave structure to form greater wave cycle. Elliott Wave theory is useful in identifying both trend market and correction market. As the Elliott Wave Theory already assumes that price progresses in the Fractal-Wave form, they do not suffer from lagging of price like the smoothing algorithm based technical indicators do.
Elliott Wave could be complex trading solution in its original form. For example, identifying motive wave and corrective wave in chart can be hard in general. However, it can be simplified with Pattern and Template approach typically used in Artificial intelligence and data mining approach. Based on this idea, we have created a powerful Elliott Wave indicator.
This Elliott Wave Indicator YouTube video can help you to understand how Elliott Wave indicator can help you with your trading with the implemented Pattern and Template Approach for Forex Trading. Check out the video link below.
YouTube Video: https://www.youtube.com/watch?v=Oftml-JKyKM
Here is an article you can read in addition to the YouTube video.
https://algotrading-investment.com/2018/10/25/how-elliott-wave-can-improve-your-trading-performance/
Elliott Wave Trend is available in both MetaTrader 4 and MetaTrader 5 version. Elliott Wave Trend was designed for the scientific wave counting. This tool focuses to get rid of the vagueness of the classic Elliott Wave Counting using the guideline from the template and pattern approach. In doing so, firstly Elliott Wave Trend offers the template for your wave counting. Secondly, it offers Wave Structural Score to assist to identify accurate wave formation. It offers both impulse wave Structural Score and corrective wave Structure Score. Structural Score is the rating to show how good your Elliott Wave pattern is. 100% means that it is good wave pattern. The score below 80% or negative values means that you might have some mistakes in your analysis. Elliott Wave Trend will correct some obvious mistake in your wave counting if the counting goes against the three Wave rules proposed by Ralph Elliott. With Wave structural score, you can turn your Elliott Wave counting into Elliott Wave Pattern. To use Elliott Wave Trend, it is better to have some basic knowledge of using Elliott Wave Theory. The good news is that Elliott Wave Trend is the exclusive Elliott Wave tool for Forex trading.
https://algotrading-investment.com/portfolio-item/elliott-wave-trend/
https://www.mql5.com/en/market/product/16472
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