Wave59 Review : The Ultimate Software for Serious Traders
Wave59 is a very extensive day trading software, offering a large number of innovative and unique analysis tools. It is designed completely by traders - for traders.
To succeed in todays zero-sum game of day trading, you really need something more advanced than old-school indicators such as the RSI and moving averages - indicators that every single trader out there knows about.
This is where the guys at Wave59 Technologies have stepped in to help out, offering us tools previously available only to a handful of floor traders and CTA's. In the words of Earik Beann, the creator of Wave59:
"Wave59 was initially intended to be a secret program, for use by myself and a few other professional and institutional traders, but one thing lead to another and eventually there was a public release..."
Wave59 Software Review
The integrated programming environment Qscript, provides tools for creating new ideas, as well as testing and applying them. Wave59 comes equipped with about 40 indicators and functions plus additional indicators are available via download.
Wave59 also offers the ability to create and store geometric patterns for use in analyzing price action, such as ellipses, curved trend lines circles or for that matter any shape the trader imagines.
My favourite feature however is the time and price pattern function. Generally, with similar types of trading software that try to identify repeating patterns in a chart, the user has no influence on the type of patterns the applications recognise as they are usually pre programmed.By contrast, Wave59 provides you with a simple to use pattern builder allowing the creation/definition of customised patterns which can be inserted in the chart or the program can search for a similar pattern in prices.
Wave 59 is best suited for day traders or investors trading a limited number of securities. For forex traders there is also a special bonus on the Wave59 website.
Lagging Indicators - Useful or Useless?
How To Pinpoint Market Turns Using Wave 59
With surgical precision...
Using only two of the techniques in the Wave59 charting package, I was able to pinpoint all of the turning points in the mini S&P with high accuracy. The red and blue dots appeared in real time, telling me when a particular swing had exhausted itself, and the blue forecast told me exactly what the price swings would look like. This blue forecast line was plotted before the opening bell, providing me with a road map for the entire day.
As you can see on the chart above, it says the market will drop for an hour, then rally into the close.
If you are trading using the same moving averages and stochastics indicators as everyone else, maybe it's time to take a look at some of the revolutionary tools in Wave59. The one's which I have chosen are listed below.
Wave 59 - Advanced Day Trading Technical Indicators
- The 9-5 Count - tracks price cycles (not time cycles) to determine future turning points. When a price cycle ends, the market makes a turning point. Very powerful tool.
- Smart Money Index - there are always two groups of traders in the markets at all times, the professional (or "smart") money, and the amateur (or "dumb") money. Nine times out of ten, when the smart money is buying and the dumb money is selling the market will go up. Or, if the smart money is selling and the dumb money buying, the market will go down. Using a proprietary algorithm, Wave 59 can actually measure and compare what these two groups are doing at any given moment. Needless to say, if you want trading profits - follow the smart money...
- Fractal Trend Index - based on ideas developed in Chaos Theory, the Fractal Trend Index (FTI) can measure trend fractals, minute patterns that determine the power behind a move. The more trend fractals there are in the market structure, the stronger the trend. But watch out when those patterns disappear! That's when you get major turning points and reversals. If you've ever lost money selling into a strong uptrend too early, or missed catching a major spike high because the market just looked too strong, you owe it to yourself to learn more about this tool.
- The Fibonacci Vortex - the mother of all support and resistance tools. This is the geometric pattern behind 80% of all price swings found in freely traded markets. Simply place it on your chart, line it up against recent price action, then watch as the market bounces off predetermined turning points in both time and price. See it in action once and the true power of Fibonacci numbers will be revealed.
Try Wave59 Risk Free for 30 Days
Download Full Version
The Wave59 Day Trader Software is available in its full version Free to Download for a 30 day trial and evaluation period.Within this time frame, you should be able to discover the enormous power of some of the tools it has to offer and realize that without them you were most likely trading blind.
Wave59 Forum - Your Feedback & Opinions
You can also rate this review at the top of this page
Post your own review, comments or opinions on the Wave59 day trading software. Lets share our opinions with others interested in seeing how it works.
margin-strategies wrote
Hi Phil,
I know what you mean, you do need some time to get your head around all the tools and functions available, although I've found their email support to be OK. I agree with you about the indicators.
All the best,
Posted June 05, 2007
rdmorilla wrote
Nice lens !!! Looks like your born to do such things marge !!! Rated it 5*... Keep it up!!!
Posted May 25, 2007
Phil Howarth wrote
I love this software - had the real time version for some months now - but the customer service for follow on is pretty bad - they take ages to get back to emails. I live in UK and would rather e than phone them. Seems a great pity as the indicators are amazing
Posted May 25, 2007
wrote
Looks pretty good to me! Keep it up!
Gave you five stars!
Thom
Posted May 24, 2007
Books on Technical Analysis and Day Trading
Here are my picks from the best-sellers on Amazon
Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications (New York Institute of Finance)
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Come Into My Trading Room: A Complete Guide to Trading
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The Complete Trading for a Living: The Legendary Approach to Trading with the Companion Study Guide
Amazon Price: (as of 07/06/2009)
List Price: $80.00
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