I'm checking out this Elliot Wave Analyzerweb-site the other day. It is charting software. And I figure 'what the heck' I will sign up for there news letter. Bad choice. Now they are sending me like 5 emails a day tring to get me to pay like 1000 dollars for this software. I'm a day trader only, mostly momentum. I don't really see how it would be useful to be. Does anyone use this program? Is it helpful? Was it worth the price?
Does anyone use this Elliot Wave Analyzer
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And have you heard the new version, EWIII, will be out end of June, and will cost $1995? They say it works "in all time frames". I've tested EWII for months on various lengh bars (on indexes, not individual stocks). If you forward test it on archived data, it tests poorly. (That's not any great surprise, as eWave seems especially difficult to get right in a timely fashion.)
A FEW of its signals are quite good. Some are really lousy, and most are not close enough to risk capital upon... jmo. They claim the EWIII version will be "80% more accurate". In my eyes, that should make it about 18% correct!
I'm consulting (on the side) for a very wealthy doctor who wants to create his own hedge fund, and he has totally bought into this crap.
Every day I tell him what trades he needs to be thinking about, and then he tells me that those trades don't make since according to the oh so great Elliot Wave Theory. People think this crap is the Gospel.
We're really in the wrong business.
Every day I tell him what trades he needs to be thinking about, and then he tells me that those trades don't make since according to the oh so great Elliot Wave Theory. People think this crap is the Gospel.
We're really in the wrong business.
You should see this EWII in action. At one point, analyzing the wave count since the 3/00 top, you could get as many as 90 MILLION possible count tries... which the software rates, ranks, and highlites the preferred count + about 10 alternates. The appeal of EWave apparently, at least in my case, is that you can see how the count fits once the market has turned for certain. Too bad it's not so clear at a time when it might do a trader some good.
They've since streamlined the process and it's now much faster. Apparently not any more accurate or timely, just faster.
I've tried a number of different EW analyzers just to see if any were worth a darn and have found Elliott waves in general to be a terrific HINDSIGHT tool.
Every EW enthusiast I've ever heard or read will simply say that "they had the wrong wave count" when their EW prediction turns out wrong. But ultimately they zero in on the correct wave count - after the fact (you can find a way to fit almost any scheme to historical price data).
Since EW doesn't really embody any mechanical way of knowing in advance what the "correct wave count" is until after it's all done (as demonstrated by software coming up with millions of potential wave counts to compare) - it's primarily trial and error and a whole lot of guess work.
If an EW counter happens upon a count that turns out ultimately to be correct BEFORE it's completed, it seems to be pretty much pure luck.
Underlying high level hypothesis seems like it probably has some merit, but without a structured systemactic way of applying it (i.e., so that there aren't thousands or even millions of possible wave counts) - it's pretty worthless.
Personally, I'd sooner buy Wizetrade than an EW-based program. And since I'd NEVER buy a POS like Wizetrade - you can draw the appropriate conclusion.
Every EW enthusiast I've ever heard or read will simply say that "they had the wrong wave count" when their EW prediction turns out wrong. But ultimately they zero in on the correct wave count - after the fact (you can find a way to fit almost any scheme to historical price data).
Since EW doesn't really embody any mechanical way of knowing in advance what the "correct wave count" is until after it's all done (as demonstrated by software coming up with millions of potential wave counts to compare) - it's primarily trial and error and a whole lot of guess work.
If an EW counter happens upon a count that turns out ultimately to be correct BEFORE it's completed, it seems to be pretty much pure luck.
Underlying high level hypothesis seems like it probably has some merit, but without a structured systemactic way of applying it (i.e., so that there aren't thousands or even millions of possible wave counts) - it's pretty worthless.
Personally, I'd sooner buy Wizetrade than an EW-based program. And since I'd NEVER buy a POS like Wizetrade - you can draw the appropriate conclusion.
Bought it, tested it, buried it . . .
I get the multiple emails too - probably due to existing customer. I checked the posted charts on their site a few times . . . noticed they were showing an upward market direction. Market then turned down strongly . . . charts disappeared from their site. I think that speaks volumes about the product and company.
This product is a dog with fleas!
I use Advanced Get but mostly for its auto-Gann feature. Although it is not perfect at calling E-waves, it is a lot better than EWA.
I get the multiple emails too - probably due to existing customer. I checked the posted charts on their site a few times . . . noticed they were showing an upward market direction. Market then turned down strongly . . . charts disappeared from their site. I think that speaks volumes about the product and company.
This product is a dog with fleas!
I use Advanced Get but mostly for its auto-Gann feature. Although it is not perfect at calling E-waves, it is a lot better than EWA.
I have used The Elliottican software for about one year. It does no better than a coin toss. The problem with them is their customer service is horrible. They are on the west coast of Australia which is 16 hours ahead of me in California. They are impossible to get on the phone. Their voice mail is always on. They will not return phone calls. They are very fustrating to deal with. Also it does not work that great with qfeed. Generally speaking I have to try 2 to 3 times to get online with quote.com. I keep getting that connected disconnected routine.
John
John