I have been testing a software called MT predictor owned by Steve Griffiths who has been on CNBC in the past when his software nailed the actual market low in march 4th 03 (S&P Futures live on TV).

The software is based on Elliott Wave which only concentrates on. Ideal trade set-upsA powerful scanner finds the waves meeting exceptional criteria. Ideal trades A Risk/Reward module that analyses potential gain/risk of loss BEFORE you enter the trade. Ideal trade size: Initial Risk module determines position size. Ideal trade management Display modules that show exit/stop strategy: Systematic Elliott Wave patterns: Show Elliott Waves module finds only the valid patterns. Advanced strategies.

Excellent additional trading opportunities and trade management plans.



Included with the software is a nearly 500 page course (which is now downloadable in two parts) which covers everything you will need to know about how to trade Elliott Wave profitably, right from identifying the trades and key set-ups right through the trade to the end. The software is $1795 and if you purchase the software the course is free. You also have a 60 day money back guarantee or you can buy the course for $95 on it's own. The course covers the basics on Elliott Wave theory, right through to actually trading Elliott with advanced trading techniques in different time frames etc. The course has brought home a few facts that I didn't know/forgot along my journey of trading. I can see the detail of information which is in this course in seminar form costing over $2000 a time. You also get a free daily report with trading opportunities, and access to a private members only club, Hotcomm real trading room, etc. Also what I like about this company is the friendlyness. Tony the sales Director, has been really helpful (the same goes for Steve) and always replies through email swiftly.

I am testing the EOD version at the moment, then I will be testing the RT version. So far I have been pleasantly surprised with the accuracy of the software and scanner.
The software only concentrates on the most profitable of the Elliott Waves, the five impulsive and the three A,B,C simple correction waves. It doesn't get caught up in all the complex corrections etc.

My stress levels have reduced as I now at close of market download the data (through Q-Data.co.uk) and then just scan for the three key set-ups, ABC corrections and type one and two set ups. It displays your trade trigger point, where to set your stop, the 100% initial risk point, and all the targets based on Elliott and Fibonacci all on the chart with a click of a mouse.

The only thing it doesn't do is put the trade on for you!

As Forex has large intraday swings, I click the 'Show Elliott Waves' button and it shows me any valid Elliott Waves so you then just trade with the trend intraday, easy.

Initial Risk/Reward is the real holy grail.

I have relearned that the real holy grail is all about Risk/Reward and preserving ones trading capital as most of us know the market is not there to give us profit, we must take it with the minimal Risk as possible to our trading account. This software displays the Risk/Reward on every trade BEFORE you enter it, you ideally want to take trades with a Risk/Reward of 2:1 at the FIRST trade target. If it's lower, just go on to the next potential trade.

The course covers all this and more.

Forget all those $79 downloadable cheap courses you see advertised all over the net, been there, done that, and wasted my time and money along the way.
Where they are helpful for the absolute beginner to just get a grasp on the market place, a lot of the information is freely avaliable on the net if you don't mind searching.
You won't get the information for free that is included in this course imho. This information is what successful traders keep to themselves for obvious reasons!

To all those who are starting out trading: If you think $1795 is a tad too expensive, come back to this thread and read it again when the market has taken every penny off you, because without the right training I can assure you, it will, as 95% of traders fail in the first two years.

Why not try out the Course first as a taster?

Are you not sure how to trade using a computer, or find it hard to find your way around a computer?

Fear not as Steve has started a help service to members which will help you get rid of the computer anxiety to aid you with your trading. Another comittment to his members.

Why not try out the Course first as a taster?

Here's some free training video links:

EOD software:

http://www.mtpredictor.com/SlideShows/Scan-701/Scan-701a.html

http://www.mtpredictor.com/SlideShows/Scan-702/Scan-702a.html

http://www.mtpredictor.com/SlideShows/Scan-703/Scan-703a.html

http://www.mtpredictor.com/SlideShows/Scan-705/Scan-705a.html

RT software:

http://www.mtpredictor.com/SlideShowsRT/RealTick4/RealTick4a.html

http://www.mtpredictor.com/SlideShowsRT/RealTick3/Realtick3a.html

http://www.mtpredictor.com/SlideShowsRT/ReaTime51/RealTime51a.html

http://www.mtpredictor.com/SlideShowsRT/RealTime57/Realtime57a.html


BR>


**UPDATE**

Now you can get access to a FREE WEB DEMO and FREE PART ONE of the training course!

Web Demo link:

http://www.mtpredictor.com/support/Seminars.html

Training course (Part one)

http://www.mtpredictor.com/training/index.html
Here's a link to the homepage:Have a look - click here

*UPDATE*
BAY and CORUS still in profit and now EMG has been triggered.

*UPDATE*
BAY and CORUS still in profit and EMG has dipped a bit but not stopped out.
I have been playing around with the scanner again and if you want to get a lot more trading possibilities there is a wide selection of options to choose from, ie, 'pulback' this is where you get pullbacks in a trend. Gann always liked to wait for a pullback before joining a trend as he said it's the safest way.

*UPDATE*
BAY and CORUS still in profit and EMG has dipped a bit but not stopped out.

BAY and Corus still in profit. Corus has hit the 100% Initial risk level so one has the choice to move stop loss up to entry price. EMG still not sure on direction but has not been stopped out.

**UPDATE**

Now you can get access to a FREE WEB DEMO and FREE PART ONE of the training course.

Web Demo link:

http://www.mtpredictor.com/support/Seminars.html

Training course (Part one)

http://www.mtpredictor.com/training/index.html

Thanks IT.

*UPDATE*
BAY and CORUS both stopped out no loss. EMG is still active. Will do a new scan tomorrow.

*Three new set ups found by the scanner:

GPOR
Min Wave C is
315.42 to 311.66
a risk/reward of 2.1:1

Typ Wave C is
300.53 to 304.16
a risk/reward of 3.6:1

Typ Wave 3 is
277.55 to 280.90
a risk/reward of 6.6:1

Max Wave 3 is
247.36 to 250.34
a risk/reward of 10.5:1

BSET:
Has a low R/R of:

Min Wave C is
108.68 to 108.03
a risk/reward of .8:1

Typ Wave C is
106.15 to 106.78
a risk/reward of 1.7:1

Typ Wave 3 is
102.28 to 102.89
a risk/reward of 3.4:1

Max Wave 3 is
97.17 to 97.75
a risk/reward of 5.7:1
But will follow it anyway.

PHY:

Typ Wave C is
80.34 to 81.12
a risk/reward of 2.4:1

Typ Wave 3 is
76.59 to 77.34
a risk/reward of 3.9:1

Max Wave 3 is
68.87 to 69.55
a risk/reward of 7:1

*UPDATE*
BSET triggered and in profit.
GPOR triggered.
PHY not yet triggered.

I have been discussing ways of improving my trade entries with Tony of MTPredictor and he has mentioned applying a series of filters.

The first being if you get a red sell bar after a blue set up bar, exit the trade.

Use a 20 EMA on the weekly chart to help you gauge the trend direction for the longer period. Example: If you get a buy set up on a stock, simply switch over to the weekly chart to see what the 20 EMA line and chart is doing, is it moving up or down? If it's moving in the same direction of the buy set up, go for the trade, if not, dont take it and wait for another opportunity.

He also mentioned taking partial profits in the 2/3 profit targets, which would make sense when you think about it, and to let the rest run on and move your stop up close to the market when you are near the furthest targets so you let the market take you out, so the market decides not you, as there can't be anything worse than taking all profits at the first target only to see the market continue to ride in to the sunset!

*UPDATE*

PHY is flat. BSET in profit and has hit 2/3profit target zone, so the idea now would be to take partial profits and trail stop loss.
GPOR is also in profit and just gone past the 100 % initial risk so the thing to do now is to move stop up to entry price to protect capital.

*UPDATE*

All in profit!

*Update*

GPOR still in profit. I have taken profits on BSET +4. BHY is flat.

What do you all think of this? Is the Dow in a uptrend or just correcting?

What the scanner looks like on chart. Would you take this trade?

*UPDATE*

Looking back over my trades and reflecting back to the course material, I never should have taqken the PHY tradweas the 20ema was pointing the wrong direction notifying me that the trade would be against the trend.
GPOR was stopped out for no loss so no worries there.
I have been keeping an eye on Griffin:

IT - I notice that on ADV there is an Elliott wave guru (Hatman) who has been unerringly accurate on PRO. Any views as to whether wave 5 has been completed>

Pachandl

Can you give me a link? I'm not sure whether the wave 5 is already in or not. It depends what way you look at it. It is possible the recent high on the Dow was a wave 5 as it was 127% of the swing previous. Longer term view is that we are just still in a series of ABC correction waves and are ready to fall again soon. But I'm no E/W guru by a long way, I like to play the smaller term swing set ups rather than continually counting (yep, I have been caught up with that before like many others).

Here's a EZJ chart:

Oh you mean PRO.
I cant even see a valid E/W count on the chart, but looking at the swings and bar, the last bar you had was a doji right on the smaller swing 1.618 fib ext support.

IT - thanks for your input - I must admit that I also find difficulty detecting a clear E/W count although, intuitively, I see 4.49 as the end of wave 5. Cheers.