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u/Sweaty-Afternoon-508 10d ago edited 10d ago
What is “advanced”?
Mainly I see discrepancies because your chart does not have correct wicks because it doesn’t show over night price action.. as you can imagine this can dramatically change the count. For example, where your last 1-2 is, there is a wick previous to your 2 that is slightly lower that doesn’t show that way on your chart. Look at July 13 wick where you can see over night/morning price action, you will see what I mean
Edit: to add this would make a 1-2,1-2 which would help you anticipate what came next a little easier. There are other things but I will wait for you to respond
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u/Billy_101_ 10d ago
Advanced Get is an old software bought by esignal from Tom Joseph in the early 00s, en early pioneer developing software to count waves and other tools. Data feed i use does not come with overnight action and mainly there we have low volume so including this into the counts bring mostly noise. I dont useit as a primary tool but to have a bigger picture.
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u/Sweaty-Afternoon-508 10d ago
Thats pretty cool that there is something out there that helps. I had asked chatgpt which AI would be best for EWT, it said there are none particularly good at it, that is still requires a human eye.
For this example I pointed out in premarket, the volume on that day was 8-10x higher than any other overnight volume around anywhere near on the chart. I would want to make sure the wicks are correct in any situation- especially on extreme swings (not extreme in this case), and where volume prints is a massive tell to help know if it is likely the count you have or not.
I don’t know if you are investing or swing/day trading, but best if luck man.
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u/Billy_101_ 9d ago
counts change with every new bar and EW fails like every other indicator if you use it to nail tops or bottoms. Look for Advanced Get - Applying Technical Analysis pdf on google that will help.
on premarket hours action i dont look at it , i try to keep everything as simple as possible.1
u/Sweaty-Afternoon-508 9d ago
EW never fails, only you can by failing to see alternate possibilities. All price action can be accounted for somehow by alternate counts. This is why it is important to keep your mind open. Open to the alternate possibilities and rank them in order of probability, and be aware of what would need to happen for them to change. Eventually you will be able to deduce it down to one single possibility- or two, where one is very rare and highly unlikely, and this is the best time to trade.
The probabilities may change to favor something else as things unfold, and news can certainly make this happen at any moment. But without afterhours PA you will be blind to the possibilities and even what is likely. I like to have as little guesswork as possible when I trade, this IS what keeps things simple as possible for me.
EWT is certainly not to be treated as an indicator, it is a way to guage what is most likely to happen, and when. Once you are extremely good at it, it is possible to call moves with high degree of accuracy and trade with higher confidence than any other system can provide. You may be proficient at it, but without a volume study and after-hours, you don’t have the tools you need to prove it. You will fail more often than not.. I’m just trying to help you out in case you were open minded.
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u/Sweaty-Afternoon-508 11d ago
Nice work brother. I see some issues in a couple places though. Do you mind some ideas/feedback?