Major And Minor Wave Lines / Price Channel Labels for ThinkorSwim

J007RMC

J007RMC

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I posted an older study using the above techniques so I thought I would throw out an update. I have not used TOS for a while and decided to pick it up again after using trade view... well I'm back toTOS.

Primarily the strategy consists of using a script that will plot market wave highs and lows posting a label at each high and low showing the price change amount this is the core of my strategy.

The lines plotted for major and minor waves continue until the major and minor lines will converge for at some point at a market high/low and when they do these are the best odds for a successful trade, they form triangles at tops and bottoms of price channels.


The indicators I use: market moves 2.0, 8/15 exponential moving averages, Laguerre upper study https://tos.mx/X0hJEUz with a Laguerre MTF lower study https://tos.mx/eTzkKBu, can use harmonic patterns the script https://tos.mx/2LfTtet basically that's it.

 
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J007RMC

J007RMC

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Personally I do not use harmonics but its the closest thing to my script that is not available to share and I trade a 2 min chart I primarily scalp but extend those lines out on higher time frames and follow for gains.

 
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J007RMC

J007RMC

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Can also think of using the wave lines as a heads up to change in price direction and probably the best way to confirm buy sell signals is by using the lower RSI in Laguerre Time MTF Option_v3 script and watch for the cross below 8 and above 2 shown on the 1 hr chart. https://tos.mx/DEBxarm

 
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ronebbay

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@J007RMC Does this shareable link includes all the indicators you mentioned above or we have to add them separately ? I do have market 2.0 at my charts at the moment.

Also can you highlight the major and minor lines convergence in the image for reference please?

Maybe you can combine all the studies in one shareable link except for advance Market Move 2.0 ?

Thank you
 
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J007RMC

J007RMC

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Perhaps the best way to put everything into perspective is to just to chart the major waves from start to completion, This chart shows only the major waves on a 15 min chart a higher time frame can/will stretch out the wave patterns several days. These are the indicators I have available

The indicators I use: the market moves 2.0, 8/15 exponential moving averages, Laguerre upper study https://tos.mx/X0hJEUz with a Laguerre MTF lower study https://tos.mx/eTzkKBu, can use harmonic patterns the script https://tos.mx/2LfTtet basically that's it. The zigzag script may work better than the harmonic patters script. I have nothing to share with regard to the major wave lines.

current set-up minus two scripts I cannot share https://tos.mx/pOaZPe7

My advice is to wait for the end and completion lines to set before entry and exit.

 
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DPM

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@J007RMC I downloaded it and there seem to be several separate indicators. I isolated this one titled "ZIGZAG_ROBERT". Is this part of the set you posted?

 
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ronebbay

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@J007RMC Thank you for the combined link and it looks great.

Just still not sure by your statement, " end and completion lines to set before entry and exit " are you able to plot them on any of your chart to show for my understanding ?
 
J007RMC

J007RMC

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@J007RMC I downloaded it and there seem to be several separate indicators. I isolated this one titled "ZIGZAG_ROBERT". Is this part of the set you posted?

Yes, it is I came across this on his website it was freely posted and not a paid-for indicator. This is the closest I can find that compares with a proprietary indicator I use.
 
J007RMC

J007RMC

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Thank you for the combined link and it looks great.

Just still not sure by your statement, " end and completion lines to set before entry and exit " are you able to plot them on any of your charts to show for my understanding?
Because the market cycles, ABCD it displays waves major and minor patterns THE MINOR WAVES ARE SUBSETS to the major wave lines drawn is my understanding. The chart below shows the minor lines that eventually connect to form triangles that complete the wave/cycle. So the zig-zag should show the completion of a cycle.... That is my entry once the line has set to start a position either calls or shorts. The five-minute chart works best for me


This image shows no minor wave subsets

 
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ronebbay

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@J007RMC That makes sense now. Thank you for your time!
 
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alexR

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@J007RMC I downloaded it and there seem to be several separate indicators. I isolated this one titled "ZIGZAG_ROBERT". Is this part of the set you posted?

so which is the share script for this chart? thanks AR
 
J007RMC

J007RMC

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I've combined some studies that help to validate my wave the wave theory I'm using the CCI/ATR, moving average crossover upper, and a harmonics study I came across. I split the charts so the left chart shows the above cross over and the right shows the below crossover with all else being the same indicators just be sure to change that under the crossover script.



https://tos.mx/Uk9UCNR
 
J007RMC

J007RMC

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I'm posting today's spy short I had two positions. So I closed the 223 short on the 15min chart soon after the price posted at the low of my line but kept my long short open until I see a lower price on my hourly chart which oftentimes carries into the following day depending on the strength of the market.

A short while after taking the first image the hourly chart has yet to draw a line and post a lower price so I will not close the short until I see a lower price label on the chart. And we have not tested the low


For the hourly chart, I see one of two possible scenarios.... The price rises higher to lift the previous price label or price continues down until the hourly post a lower price. But there should a short off the higher extension and price label... ride the wave until you see weakness rather.

 
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