WaveTracker Elliott AWE Patterns
Elliott AWE Pattens1. The AWEs button: Click on the AWEs button to have the Elliott AWE pattern buttons displayed. There is one button displayed for each Elliott AWE pattern.
2. The AWE Pattern Buttons: Click on an Elliott AWE pattern button to have the Elliott AWE pattern drawn. You should always visually verify an Elliott AWE pattern before using it in trading. Seeing the pattern helps to cement your understanding of why you are placing the trade.
3. The Chevrons: Click on the (top row of ) left or right chevrons (<< >>)to move the column of Elliott AWE pattern buttons left or right.
4. The +11.50 AWE Pattern: In the example chart above, we clicked on the Elliott AWE pattern button at 1239.50. You can see that the resultant AWE pattern was drawn, showing the structure of the pattern. The AWE pattern buttons also shows you the % movement of the current wave towards the target D point. This is useful for tracking alternate wave measurements So, for example, in the Elliott AWE pattern at 1239.50, the market has moved +9.50 towards the +11.50 target point at 1239.50. 9.50/11.50 = .870 which is shown on the right side of the AWE pattern button. If the % movement towards the target D point is a Fibonacci percentage, then WaveTracker will put an asterisk to the right of the percentage value.
5. The AWE Pattern Governor: When the market structure changes, WaveTracker will automatically update AWE patterns. There is a governor on this process that keeps WaveTracker from using too much of the cpu resource. Occasionally, the market structure will change but WaveTracker will hold off on updating the AWE patterns while the governor is in effect. On a 1 minute chart, the wait time is usually no longer than 30 seconds or so. In such cases, WaveTracker will turn the background of the AWEs pattern button red. This is your alert that any AWE patterns displayed will soon be updated. In the meantime, the displayed AWE patterns are not guaranteed to be correct. If you want to force an immediate update of the AWE patterns, then simply click on the AWE button when it has the red background.
6. Removing the AWE Patterns: To remove the AWE pattern buttons from being displayed, simply left double click on any white space to the right of the current bar.
