Alex,
I just plot it out on the chart- I've posted a few of them on this site. When a target is hit I do one of the following: stop & reverse, wait for a trend line break or scale in depending on how confident I am that we have reached the end of a move. Sometimes it helps to use a 15min or even 5min chart to see the fine internal structure & use that to project where a wave might end. With the COMP the first 4 waves will accurately project the end of the 5th & largest unless it is truncated. The long term projection trumps the short term which is what happened in February's correction. Use stops to protect profits. I also like to keep an eye on $Gold, & the 30yr bond $Tyx. Also, USD/JPY & USD/CHF together with the NQ futures can be used to help confirm wave targets on the COMP in real time.
: Gary,
: Do you make your wave calculations manually, or do you use software to figure it out? When you say you "trade the targets", are you automatically putting on a position at a target price, or do you wait for a swing confirmation first? How many markets do you watch/analyze?
: : My best results have come as an intermediate term swing trader in a market where I think I have an edge. Using Fibonacci, Elliott Waves & wave projections, I set targets on the $Compq exclusively. I trade the targets using NQ futures or QLD & QID. Writing down my thoughts on this site has helped my trading considerably.