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Earl Adamy wrote:
> A few general comments re your questions in both posts. I've never been a
> big fan of EW, largely because I've felt a large part of it was theoretical
> and only a small part was useful for actual trading. What I considered to be
> the useful part (about 10%) seemed to be embodied in the various fib
> retracements and projections which I've used for many years...
Two observations for anyone considering this type of software. First, you have
to figure out whether the majority of traders in the securities you're trading
give EWT any weight at all (if no one in the security follows EWT - then - IMO -
it's relatively worthless - because I believe that certain technical indicators
work in certain markets only because the majority of traders in the market
believe in them). Second - if they do follow any form of EWT - what do they
follow - and what's the easiest and (perhaps) cheapest way to follow it. For
example - when I look at a particular (non-free) news service - Bridge News - it
usually gives the various support/resistance points for bonds on a daily basis -
including the fib retracements and projections. Paying for a reporting service
can be cheaper than buying software - especially if the software costs more than
$2000/year. Robyn
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