Some of you may have heard of an indicator called the "ZigZag" and a trading theory called "Elliott Wave". The Elliott Wave Theory is named after Ralph Nelson Elliott. Inspired by the Dow Theory and by observations found throughout nature, Elliott concluded that the movement of the stock market could be predicted by observing and identifying a repetitive pattern of waves. In fact, Elliott believed that all of man's activities, not just the stock market, were influenced by these identifiable series of waves.
The Wave Pattern
Elliott's main discovery was that market behavior could be identified and measured through a repeating eight wave sequence, consisting of 5 waves that he called "impulsive," followed by a 3-wave "corrective" sequence. Impulse waves are labeled numerically 1 through 5, corrective waves are labeled A, B and C.
Zigzag: Zigzag patterns are sharp declines (or advances in a bear rally) that substantially correct the price level of the previous impulse sequence. Often wave B (the counter-trend wave of the ABC pattern) is the shortest relative to A and C. In zigzag patterns, the sequence may double or triple up until the price correction target is achieved. Zigzags internally subdivide 5-3-5 as follows: Wave A (5-waves, motive), Wave B (3-waves, corrective), Wave C (5-waves, motive).
So what does this all mean to you? It means, that we've come up with a fully automated expert advisor (Robot) just like the "Steinitz HAS MTF" that performs all the trading for you without human intervention. This method is producing roughly a 2.5:1 profit to loss ratio. It works on any timeframe but we have found that the 30 minutes, 1 hour and 4 hour provides the best risk/reward ratio. This program uses stop losses and take profit targets. On the 1 hour time frame, the average stoploss is approximately 60 pips with the average take profit being 150 pips per trade.
This method picks market tops and market bottoms with amazing accuracy! What makes our programs stand out from any other zigzag method is the ability to filter out false breakouts with uncanny precision. How would you like to commonly get 150 to 500 pips per trade? We'll get used to it since this is what happens on a regular basis.
The program comes with:
1. Steinitz WaveRunner v1.56 EA (Robot)
2. Steinitz WaveRunner owners manual
3. Five (5) indicators
4. Four (4) custom templates
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