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In a message dated 97-11-02 01:29:59 EST, you write:
<< I would be interested to know if GET forecast the recent collapse and what
the wave count was. >>
Hi, Clive!
Advanced GET is not a "black box" that spits out buy and sell signals,
just as MetaStock, SuperCharts, TradeStation and many others do not, unless
the operator sets it up a certain way. No TA software program is going to be
a magic box that churns out money; the user of the program has conduct
analysis and take actions to insure a profitable result. An analogy that I
use is to ask the question: "Do guns kill people?" I contend that criminals
with guns kill people; guns are just a tool. (This analogy is not intended
to start a debate about guns, please.) Likewise, TA software programs are
not going to forecast market turns, but a skilled technican with the proper
TA tools (and some luck) can make a pretty good forecast about an impending
market turn.
Tony Harring posted a chart from GET from which he concluded that a
downturn was imminent, primarily based on the seasonal pattern, wave count
and Bollinger Bands (at least that's my interpretation of Tony's chart). GET
did not spit out a warning to "Sell Everything! Huge Downturn Ahead!"
Tony, you and I and many others on this list server concluded the same thing
based on tools and techniques we use with GET or MetaStock or whatever.
As for traditional chart patterns versus new oscillators and indicators, I
have nothing against using traditional chart patterns, if that's what works
for you and what you are used to. For myself, I side with Richard in
deciding to use the new tools that are now available to make life easier. A
heavy, canvas oil slicker keeps the rain off, but why not use a lightweight,
breathable, Gortex rain jacket?
Rex
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