FX5_NeelyElliotWave

Emmauk,

Is the a way you can educate me/us on the use of this indicator?

Sent a PM about a couple of months now without response.

Thanks in advanec!

Like what Shillox said in his submission, I would accept and talk on one and leave one. I would not want to talk on the statement on this being 100% accurate as he said. Because, if it is, then it is a Holy Grail. Do I think anything is 100% in reality? I am not sure I ever known or seen such. But I think I would rather say it is the greatest indicator I have ever come across.

On his statement of it being slow, I would beg to disagree because it is never. The ‘daily wave’ closes and projects on the close of the daily candle. The ‘weekly Wave’ closes and project with the close of the weekly candle on Sunday night. So I do not agree and it has never happen that it will or has been slow. No. Also on Balflear saying it plots ‘crazy monowaves’, I think it has to do with his chart loading. It is from his end there. It seems his chart has not fully loaded. He should toggle in between TF so that his chart will load well.

My only fear in using this indicator, is in being able to understand it projections as it gives. I am saying this because FX5_Elliott is but the best and among the fewest good indicators out there. It is in fact. it is correct and accurate almost all the time, only that one needs to understand its projections and readings. It is in fact the main indicator on which all my trade decisions are made, and I always find at the end of the trades that it is but correct, wise and good. It is just simply good. I personally have not gotten to read the main book “Mastering Elliot Wave”, written by Glenn Neely himself, on its principle and usage but I have used this indicator for over a very long period of time. And from the way it worked on my demo, which I am now using on my live account is just amazing and the outcome- lovely.

I can only say that on reading the projection, one need to know and understand that it has “Reversal” and “Extension”. There are the ways it will show, you will understand that is it an Extension arm or a Reversal arm. Like me, I watch it on all my four pair to make up my mind on the actual reading

On the settings, I like to enable the CustomsDailyClose so that it will project on Mondays

All we need to tell the writer- FX5 is that Almighty will bless him beyond BLESSINGS. He has written one of the very few indicators that has the real meaning and interprets that which it is meant to do. I attribute all my winning trades to you and your prowess. Thank you uncountable times.

Hi,

Like Shilox said in his submission, the FX5_Elliott is but the best and among the fewest good indis in this website. It is infant it is almost 100% correct and accurate all the time, only that one needs to understand its projections and readings. It is in fact the main indicator on which my trade decisions are made is it, and i always find at the end of the trades that it is but correct, wise and good. It is just simply good. I personally have not gotten to read the main book written by Neely, on its principle but the way it worked on my demo, which i am now using on my live account is just amazing and the out come- lovely..

All we need to tell the writter- FX5 is that he MUST BE BLESSED by Almighty beyound BLESSINGS. He has written one of the very few indicators that has meaning and interpret that which it is meant to do. Thank you a Million and more. I attribute all my wining trades to you and your prowess. Thank you uncountable times

Great job! this indicator is a very good trading tool.

Lots of things happen when using this tool, first when i used it on strategy tester, it was 100% accurate, but when it came back to the live market it was so slow, doesn't even have an idea what is going on.

only on one occasion did it give me accurate analysis like it does when testing it's strategy and i discovered that it was when i changed server that the accuracy came up. Now the question is how would one get to make sure its up to date in analysis and forecast?

Is there any way to get broker server for more accurate analysis? Is there an updated version of FX5_NellyElliotWave.mq4?

Hi

Could you please modify this indicator so that both low and high of the timeframe t(i) are shown on the t(i) in the order of precedence. That would be better.

Regards

Ive been testing it for a while, Ive notice some bugs or is it?

1. When I scrolled the chart far back, the indicator plot crazy monowave. Here the screeshot:

In order to repair back the plot, ive need to reset back the indicator.

2. When Im testing using only daily monowave, The indicator plot the daily monowave on timeframe h1 and h4 diffrently! (havent compare lower timeframe though).

This is the manually drawn chart on excel as instructed by Gleen Neely as comparison: Note that I havent plot the monowave, the dot represent the price of daily high and low, not the monowave.

Here the h1 and h4 chart:

As you can see, h4 have more monowave than h1 chart but h1 chart is almost similar to the manually drawn chart. This is because on manually drawn ive include the sunday candle/bar else on the h1 chart the sunday and monday the indicator combine them.

But I have no idea why h4 chart plot diffrently.

Using midpoints is a good way to identify Elliot waves, and this approach was advertise by Walker Myles. However Neely's stressed on using a uniform standard method for identifying and numbering the waves; this method depends on the idea of monwaves.

If you want to use midpoint then you are following the conventional classical school of Elliot wave analysis. The school founded by Prechter, Frost, and others. On the other hand if you want a more objective method then you have to stick with Neely's rules.

It doesn't matter which school you follow as long you fully understand the basic principles of Elliot wave analysis.

Good Luck,

Maybe, yet , I try to plot monowaves using (H+L)/2. When so, no any additional indicators are nesessary - simply take SMA with period 1 and price (H+L)/2.

In ideal case, in my opinion, data point should be Tick's price average for chosen period... But, if so, additional preparatory work is needed. Would you like to say something on this ?

Best Regards.

I don't see any contradiction in this part of the book. The figure is illustrating the importance of the High and Low values and how their order should be considerd.

Maybe you are reffering to Fig 2-4a&b on page 2.7 which illustrates the insufficiency of the close prices in descriping the price movement in a specific period.

But see Fig. 2-5, page 2-8 in this book...
Regards...