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Title: Mensaje
Well
after this long discussion my conclusion is that every system is the best if it
works for you.
"We are talking about an art here, not a
science."
"As such I would urge people interested in the
theory..."
Since when is an "art" considered a theory?
And why is
there such an urge for believers in these ethereal
strategies to "convert"
people, as if it was some religious crusade?
When trading is all about having
an edge over the other 95% of traders
biting at your heels, where is the
benefit in the universal preaching
of these nebulous ideas?
This
forum is about MS-programmable strategies, not for the
propagation of art or
unprogrammable subjective theories. Perhaps
these EW posts belong
elsewhere.
jose '-)
--- In equismetastock@xxxxxxxxxxxxxxx,
"MS" <marketstudent@xxxx>
wrote:
>
>
> > E
Waves are great in hindsight.
> >
> > Read: Fooled by
Randomness
>
> Yes, so you keep saying and I agree, but
respectfully submit it is
> you who has the most urgent need for a reread
as you have clearly
> failed to grasp the finer subtleties of Taleb's
message. Perhaps
> taking a stab at some of his philosophical heroes
might prove more
> fruitful?
>
> If I understand your
inferred objection correctly your gripe is that
> Elliott Wave Theory is
not scientifically provable, or more
> precisely disprovable. This
argument is silly; it is a fact that
> both proponents and detractors
should be able to easily agree upon.
> We are talking about an art here,
not a science.
>
> Perhaps a more telling criticism is that all
market behaviour can be
> explained by the theory, for example by the use
of non-standard
> Elliott wave patterns that depart from the commonly
understood 5-3
> impulse/correction structure and consequently you can't
know with
> certainly when to enter and exit trades.
>
>
However, first of all this presupposes the existence of a trading
> holy
grail which I am certain sceptics would in any case tend to
> deny and
secondly ignores the fact that all the major theorists
> strongly
discourage trading corrections or where the pattern is
> uncertain, all of
course depending on your timeframe.
>
> With the benefit of
hindsight the analysis of wave positions allows
> EW students to consider
the possibilities for future market action
> and to discount things which
can not happen; valuable information
> indeed.
> And the rules will
give you a rigid framework for ascertaining when
> you are completely
wrong and by extension the right stop loss
> levels.
>
> At
least equally helpfully and as already mentioned an understanding
> of
Elliott waves allows the selection of trading instrument
> candidates that
conform closely to the theory and are in the fabled
> wave 3 position, all
of course depending on your timeframe. Mmmmmm.
>
> In terms
of providing a strategic right down to a micro level
> insight into market
behaviour the theory is simply unrivalled.
> However, as with all things a
little knowledge can be a very
> dangerous thing.
>
>
As such I would urge people interested in the theory to study and
>
consider the literature carefully then follow market action for an
>
extended period to see whether you can make sense of it, rather than
>
rely on mechanical tools like the AlphaOmega plug-in or AGET.
> If you are
so inclined you may be too much of a left-sider to find
> value in Elliot
waves at all; nothing wrong with that of course ;-)
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, superfragalist
<no_reply@xxxx
> wrote:
>
>
> Jose's code is
exactly the problem with E Waves.
>
> E Waves are great in
hindsight.
>
> Read: Fooled by Randomness
>
> When the market is going up almost anything works (70% of the
>
time).
>
>
> You have to get used to Jose's sense of
humour. This is a perfect
> system in hindsight, but will not give you
trading signals
> real-time.
> The zigzag system will give you a
signal only after the fact, once
> the condition of the reversal change
has been satisfied.
>
>
Dusant
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