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Extra resources for A Mehanical Trading System
The Elliott Oscillator shows clean divergence. A B Previous Wave 4 ÷ New Wave 3 ø Divergence ñ Buy ¤ Buy on the cross of a trend line or DMA (Displaced Moving Average) with a stop under the lows. 00 level. ¤ When prices trade to this level, one can tighten stops and monitor the software gen- erated Elliott Wave counts for a new Wave Three in the same direction. © 1998 41 Type One Buy in August 93 Gold ¤ Chart A shows a completed Wave Four. The Elliott Oscillator confirms this. ¤ The Profit Taking Index is greater than 35 (at 47) which indicates a potential for a rally to new highs.
GET shows a fifth wave rally. When complete and crosses trend line, look for a major reversal. Stop ñ Previous Wave 4 When five waves are complete, the market sells off. ¤ The first target is the previous Wave Four low near 1150. ¤ When prices trade to the previous Wave Four, the stops need to be tightened. © 1998 Type Two Buy in Mar 93 British Pound ¤ The software identifies a Fifth Wave low. ¤ Use the break of a trend line or a Displaced Moving Average (DMA) to enter a long position with a stop below the low.
Sell on the cross of the DMA (Displaced Moving Average) with a stop above the Wave Five High. The first signal was a false one, and the position was stopped. B A 1st Stop 2nd ÷ Sell False Sellø ï Previous Wave 4 Divergence ¤ The second sell signal caught the entire decline. 00 level as the first target. ¤ The first sell signal was a false signal. This was due to a sub-division or extension in the Fifth Wave. ¤ See the next page on how to handle false signals caused by sub-divisions. © 1998 43 Handling False Type Two Signals (Caused by sub-divisions or extension in the Fifth Wave) ¤ The main or normal Elliott Oscillator (Tom's 5-35) provides confirmation on the larger degree Five Waves.
A Mehanical Trading System by T.Joseph.