If you’re an Elliott wave trader like me then one challenge we face is finding potential wave setups by scanning through dozens of charts one by one. To simplify this, I developed an Elliott wave scanner for my personal use which detects potential motive waves along with identifying setups which might be getting ready to start 3rd waves.
I have been using this for 6 months and it has simplified my workflow significantly and I just need to look at all available setups and shortlist the ones I like. I don’t need to go through 100s stocks looking for a trade setup anymore.
interesting. I genuinely appreciate the effort you haveve put into this. Id love to understand a few things more clearly=
How does this setup work? like what’s the basic idea or framework behind it? maybe an example to illustrate how it works?
You mentioned testing this for 6 months. Would it be possible to share the results? i mean not just the final outcome but some form of a log perhaps a YT video, a tweet, or some “timestamped post” made before taking the positions. a simple X% or Y% in six months doesnt offer much insight without context tbh.
just curious are you registered as a company? If not how are you legally operating the business? like running a website and offering paid subscriptions. Im genuinely asking out of interest, not to pry. Feel free to skip this question if you’d prefer. I am especially keen to understand points 1 and 2. Also (optional) how is your business setup reflected in terms of taxation?
Scanner uses swing highs and lows to determine the wave structures keeping the 3 core EW principles in mind, i.e. 3rd can’t be shortest, 1 & 4 can’t overlap and 2 can’t retrace beyond origin of wave 1. There are 2 background tasks that run, one detects the 5 wave structure and second one validates all existing 5 wave structures on regular intervals. If it finds any structure invalidating any core principle then it marks that structure as invalidated. This is a simplified view of how it works but this is the core idea.
You don’t need to register as a business. You can always start as an individual (freelancer or sole proprietor). If it grows into something decent then you can always take the register route. In terms of taxes, I have been operating as a freelancer and trader since last 6+ years and filing ITR3. This website also comes under the same.
I never said X% or Y% because It’s not a signal generator. It doesn’t give you signals but rather alerts you of potential wave formations that could evolve into tradable setups. Every week it detects on average 15-20 setups out of which I pick 1 or 2 which I like the best.
You can find setups shared on my twitter account. Below are a couple of them, you can find more in my account.
i am sorry but you are missing my point. i’m asking how successful your setup is. for example out of say 100 signals or triggers where you take a position based on this strategy, how many end in profit? the key question is about returns, roi, or success rate or watever you call ut. it needs to beat something as basic as an fd. otherwise its just timepass. a medicine is meant to cure ,its packaging doesn’t matter much if it doesn’t work. scanners or triggers are great, but if a business like yours cant state the success rate its hard to take it seriously especially in trading.
unless you are just vibe trading, you should be tracking success rate and roi closely.
anyway… good luck and wish you the best in your business.
I guess I failed to explain properly. As I mentioned previously, it is not a trading signal system or strategy which can be evaluated using a success rate.
You can provide a success rate, RoI etc for a strategy or a trading sytem. True wave scanner is not a trading strategy or a system. It is meant to help traders who use Elliott waves in identifying potential setups, just like any other scanner.
What you’re essentially asking is equivalent to asking what is the success rate of technical analysis? No one can reasonable answer that, since you can apply technical analysis in 100 different ways. Similarly, one you find a potential setup using True wave scanner then you can trade it many different ways.
Long story short - True wave scanner is a scanner as the name implies which helps you in finding potential trade setups. It’s not a trading setup itself. Hope this clarifies.
right.