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ABC patterns
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jalna View Drop Down
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Joined: 31 Mar 2007
Posts: 95 		Post Options Post Options   Quote jalna Quote  Post ReplyReply Direct Link To This Post Topic: ABC patterns
    Posted: 02 Jul 2009 at 6:06pm
Well done Maximo. I have tried  a few runs 7% and have NUF and MPO that fit the bill and going to keep an eye  on. Not that they fit into EW but have a nice ABC pattern
Thanks again, heaps
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maximo View Drop Down
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Posts: 232 		Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2009 at 9:18pm
Hiya's
 
I think if you go on the last 4 waves of the chart that is a start.   Using zig-zag does require adjustment like many indicators.   For example an ABC on  AED would not be found unless you adjusted the zig-zag retracement to 20%, while many others are found when the setting is just 7%.    A confirmation of a next wave up would be that percentage + Low price of wave C.,  though just because an indicator turns does not mean the stock will.
 
Anyhow I have done a chart to show what I mean.   Further confirmation could be with the use of other indicators.   The indicator I used is here, but not complete.. as brainy said determining waves is subjective.  
 

[target=Price]

lookback:=input("Lookback",50,50);

size := input("Zig zag % change",7,0);

z := zigzag(Close,size,%);

ispeak := z>hist(z,1) and z>future(z,1);

istrough := z<hist(z,1) and z<future(z,1);

start:=barnumber > lastvalue(barnumber) - lookback;

[linestyle=Solid; color=dodger blue; width=2]

if(start,z,undefined);

[color=Blue]

[linestyle=Text; textalign=Above,Center]

if(isPeak and start, "Peak " + z, undefined);

High;

[linestyle=Text; textalign=Below,Center]

if(isTrough and start, "Trough " + z, undefined);

Low;

 



Edited by maximo - 01 Jul 2009 at 9:23pm
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rbbrain View Drop Down
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Joined: 22 Jul 2006
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Posts: 173 		Post Options Post Options   Quote rbbrain Quote  Post ReplyReply Direct Link To This Post Posted: 01 Jul 2009 at 1:47pm
Hi all,

Of course, writing a Scan in BC is usually fairly easy if you can clearly write down the search criteria - then you just need to convert it into the scan criteria.

My experience with Elliott Wave is that wave counting and determination is very subjective.  And two people can easily come up with different results.  That is, it is not easy to write down set criteria that would describe the price pattern we are looking for.  If we could write it down, then the problem might be mostly solved.

On a similar topic - I have already asked the BC staff to create one new Line Study Tool to go on the Line Studies toolbar - Elliott Wave tool - just like a zig zag line (or the existing Swing Trendline tool), but include all relevant Elliott Wave labels as optional labels.  Brendon has noted this and will do one day.  It will certainly help us to label our waves (unless someone already has a very neat tool to do this?) Brendon might schedule this pgming change faster if more people ask for it?

Cheers
Robert Brain (Brainy)
Convenor - Australian BullCharts User Group
Brainy's Share Market Toolbox and BullCharts Tips
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maximo View Drop Down
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Posts: 232 		Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 28 Jun 2009 at 3:32am

It may only allow posting of .GIF type images.   Here's a freebee that converts to practically any format.
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jalna View Drop Down
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Posts: 95 		Post Options Post Options   Quote jalna Quote  Post ReplyReply Direct Link To This Post Posted: 26 Jun 2009 at 2:46pm
Hi maximo, this is the abc paaterns i waas talking about. Usually A and the C are the same length.
I'm trying to upload a chart but not getting anywhere. I saved my chart onto desk top as a jpeg but it tells me its the wrong type when I try and upload it  : (
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maximo View Drop Down
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Posts: 232 		Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 26 Jun 2009 at 2:56am

Significant as in a valid wave C is greater than the 1st wave of  1,2,3,or with(4),or with (5), as is the case with AUS200 at the moment.  Wave C has completed and may now be back to new wave A which could from another ABC in the opposing direction.

Not wanting to get too complicated with this.. I'll have a go at making a basic ABC finder over the next few days.



Edited by maximo - 26 Jun 2009 at 3:01am
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jalna View Drop Down
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Posts: 95 		Post Options Post Options   Quote jalna Quote  Post ReplyReply Direct Link To This Post Posted: 25 Jun 2009 at 8:42am
hmm yes I suppose a significant uptrend, how significant ?
We often get an ABC correction at the end of wave 1  while the correction at the end of wave 3 is often more of a triangle ( wave 4 ). At the end of wave 5 we get a big ABC down.
The wave 1 ABC (wave2) is a good place to get in for the long wave 3.
It is complicated, I will be amazed if its possible to code any ABC patterns
yes there are 5 waves up on the index, some think we are in wave 4 in the down move and others think we have completed the ABC down. It gets even more complicated with running flats and so on
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maximo View Drop Down
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Posts: 232 		Post Options Post Options   Quote maximo Quote  Post ReplyReply Direct Link To This Post Posted: 25 Jun 2009 at 12:12am
Can we define the context as being just a significant uptrend?    I like to make things as simple as possible.
   Here's our index at the moment. It looks elliot wave'ish or contains an ABC pattern, but is it in context?
I counted 5 waves up, but how consistent should it be?
 Anyway hoping these definitions wont give me too much of a headache haha.
 
 
 


Edited by maximo - 25 Jun 2009 at 4:19am
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jalna View Drop Down
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Posts: 95 		Post Options Post Options   Quote jalna Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2009 at 8:11pm
The ABC pattern on the WES chart is not in context of a big EW count, it was  just an example of what an ABC pattern would look like ( i hasten to add )
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jalna View Drop Down
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Posts: 95 		Post Options Post Options   Quote jalna Quote  Post ReplyReply Direct Link To This Post Posted: 24 Jun 2009 at 7:57pm
no those rules are for the waves. We are just looking at the ABC corrections within those waves. Damn all my stuff is on my MAC, not this PC. I will send myself an eamil
Here is a simpler chart link
http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory
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