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Hi Skip:
Glad you put up this chart so I can point out the falsehoods of these
"Elliott Wave" type programs.
1. The wave 4 upward correction which supposedly started in Jan '98 is
obviusly wrong. In all my years of practicing EW, I've NEVER seen a
legitimate count where wave "C" is smaller than wave "A".
2. Will the program tell you when to get out because the count is wrong?
3. Will it just keep re-drawing the lines, waves, #'s so that it always
appears to be correct, while your account is taking a dive?
4. Oftentimes, the way futures contracts trade, these programs will show a
bullish wave count on the "June" chart and a bearish count on the
"September" chart! Liquidity/volatility factors skew everything out of
proportion.
5. Bottom Line: Unless you want to wind up in the poor house, do NOT use
this stuff for trading.
6. Elliott Wave does NOT work on futures contracts.
7. Unlike what most "letterWRITERS" tell you, EW does NOT work on gold,
silver, soybeans, currencies, etc. Its all BS!!!
8. The only chart I've seen Elliott work on, is the Dow Jones Industrials.
9. Another problem with EW analysis is that it puts you into a state of
"always looking for a top or bottom" or "the CRASH is coming!" or "it's
going to 400". This is not trading.
But I do find people's thoughts on this interesting though, so any other
opinions?
Carlos Lourenco
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> From: James "Skip" Semmons <jsemmons@xxxxxxxxxxxx>
> To: SPDT@xxxxxxxxxxxxxxxxx; omega-list@xxxxxxxxxx;
realtraders@xxxxxxxxxxxxxx; traders@xxxxxxxxxxxx; scilink@xxxxxxxxxx
> Subject: Japanese Yen
> Date: Sunday, April 05, 1998 1:40 PM
>
>
>
> Attached a wave count for the Japanese Yen prepared on Win Wave Plus.
> Please comment on the possible validity. I have just started looking at
> this and I have no opinion, I am interested in yours. I would like for
> someone to share any tick data for the Yen pre JY7U from BMI for use with
> Trade Station.
>
> Skip
>
>
>
> James "Skip" Semmons with Eudora Pro Ver 3.0.5(32) USA
>
> Voice: (573) 874-1822 Fax: (573) 443-7304
>
> E.Mail: jsemmons@xxxxxxxxxxxx
>
>
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