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Home > Learning > Learning Center Resources > Tom Joseph
Tom Joseph*
Founder of Advanced GET Focus: Elliott Wave Trading
* Not employed by or affiliated with Interactive Data
Advanced GET has also developed a study called the Make or Break (MOB). The MOB is activated from the Wave 3
high and provides a potential target for the upcoming Wave 5 rally. A projection is very important because it allows
you to calculate your potential return compared to your initial risk. The risk-to-reward ratio has to be greater than 2 to
initiate the trade.
The Ellipse is a Time/Price tool that provides the right time and price for the end of a Wave 4. Typically, we look for
the Ellipse to provide support both in respect to time and price. In the case of the OXY chart, the retracement tested
the Ellipse support and held very well.
Now, it is time to enter the trade. To confirm the validity of an entry point, we developed the regression trend
channel, which contains prices within a set of statistical boundaries. These statistical boundaries are calculated
using a standard deviation of 2, which, in essence, means that the area between these boundaries contains
approximately 94 percent of the prices. When prices break out of these boundaries, this confirms a change in trend.
Now, let's take a look at the actual trade
As you can see in Chart 2, the actual trade is taken on the cross above the regression trend channels. A protective
stop is placed below the previous Wave 4 low. As the prices rally in Wave 5 toward the projected MOB, you can trail
standard stops. The trade is exited when the profit target is met.
All of the studies (Elliott Wave, Elliott Oscillator, Wave 4 Channels, Ellipse, PTI and MOB) mentioned in this article
(along with others not mentioned here) are available as a version of eSignal called "Advanced GET Edition".
For further information on other add-on formula studies, please visit the eSignal Formula Studies Partner page.
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