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Allan
Ref:
>However, I put Elliot wave solidly into the 'Gambler' (and
>possibly religious) category
Just to say that you are spot on.
EW is wonderful after the fact, it is not tradable before the fact - that is
why Advanced GET moves as it moves as it moves as it moves. How do you even
start to start to start with that?
The reasons the parameters work so very well with the T-Bonds is because it
is such a huge liquid market. The crowd behaviour works over and over and
over again because it is such a crowd of crowds. You can dip in and out
because the bid/ask spread is a tick. You can really trade that sort of
spread. The
bonds can do in five minutes what the FTSE does in day. In that sort of
environment 10 x 32 is a great deal better than 1 x 320, etcetera, etcetera.
All the indicators that get mentioned here lag. All of them. Some may be
better or worse than others. All of them are useless, compared with price
action actually happening in front of you - within an environment of certain
parameters that can be relied on rather more than all those wretched
indicators.
The answer for the ordinary chap - not the brilliant computer guys who are
always knocking TS or SC as not being up to their scratch or trading
ability - just the guy who would like to trade, starting with not too much
capital and doesn't want to get conned left, right and centre. To that chap
I say:
Day trade. Read the tape. In the right market. Using the correct
parameters. It is what has to be done, if you have an ordinary size of bank
account. If you want to afford to buy the system and afford to run it,
fine - but don't think anyone, but anyone is going to sell you anything, but
anything that will give you a stream of money. It can't happen. Think
about it...
Take the T-Bonds today. Started out with a gap that had to be followed
(standard stuff). Hit the biggest lump of resistance going (great wealds
across the chart!)
and came off for most of the rest of the day (for a whole big point - $1K
per contract!) - till it hit solid support when it went north (for half a
big point). Then it put
in a 'thank you' run at the end, rather than as it had looked as if it was
trying to do, a
doji. It didn't. So what. Tomorrow is tomorrow. When it is Today, we will
deal with it, bearing
in mind Yesterday.
What on earth could an indicator tell you. What?
Hell, it's supper time, here. Well, a good malt first...
Bill Eykyn
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