JoseLeon

What do you think about Elliot Waves applied to trade forex?

Thanks

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Jude

Haven't exactly been using Elliot at all. Have you been applying Elliot Jose?

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JoseLeon

Yes, with an automatic program (elwave) until now very surprised but it´s very soon to give a reliable answer.

If so I will share with you this program

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Jude

Thanks Jose. How's FXPool going btw?

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JoseLeon

Almost finished the legalization, we are going to send the money and the papers notarized in Uruguay's Consulate (USA) to the company in Uruguay yet, and then in some days the SAFI will be ready to operate. This office will make the accounting, audits to Uruguay Government, etc.

After that we only need to open an online bank account sending the papers requested (it will take time too). We are not sure yet about the online bank account (perhaps nordea.pl)...

About this program, you can see it in Prognosis Software Development : it makes fast calculations recognizing elliot waves and giving you a possible target price with certain reliability. I save a chart from mt4 (4h and daily) in .prn extension, then I load this data with elwave and after some fast calculations it tell you if it's positive or negative the trend at short or long term. If you see a percentage higher than 2 in R/R and more than 2 positive results then it's great, for example.
But you know... nothing is 100% sure, I use it with my strategy to confirm my entries, I must see that both agree or I don't open that position.
This last month of June my profit was 53% (you know: the power of jpy pairs), from yesterday it's 4% yet.

I am using EMA,s, macd, pivots, elliot waves with this program, candlesticks and reading news daily. 1h-4h-daily charts.

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Jude

It all sounds really good. I'll contact you to learn on the procedures on legalising your program.

On the other hand, let me know how the results are like with elliotwaves. Currently I'm using EMA (200), MACD, Fibo and Bolllinger Bands on my trades.

Price action on reading candlesticks is a must and definitely confirmation to make sure there's no economical news release before I open any positions.

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JoseLeon

Well, I use EMA 200 with macd in 1 h (thanks Dan), emas 4,13,50 in 4 h, elliot waves & fibo with elwave, stop loss: 100 in jpy pairs, the rest: 50, a lot of patience, intuition and also some candlesticks (newbie yet). About the news... trading medium-term they don't affect too much but it can be a possible change in the trend, I also see the changes when certain markets open/close.
I wait 1 or 2 days to see many positions in green without touching my stop loss.

The results with elwave are good until now after 1 or 2 days but not 100% of course

I hope you enjoy the program

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Jude

You're using a demo of elwave or a purchased version Jose?

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JoseLeon

He he Jude... if you download it you will see
I answer you by PM.

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Maes

Hi Jose,

So will it be ready (operational) by the end of this month, or it may take longer than that? About bank account. Try to open one in the Channel Islands, or Isle of Man. Many banks to choose from and you can open an account remotely without visiting the branch (by post). You get online banking with most of the banks. Everyone’s welcome, but some banks do not accept US citizens/residents.

Thanks,
Maes