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Robyn:
Actually, if I thought the majority of traders were using the same thing I
was using for analysis, I'd drop it like a hot potato. It's a road to
ruin. For example, if that were true, why doesn't everyone simply make an
agreement from now on that they will all use a 20 day moving average and get
the same signals all at once? You could clean house if you knew what
everyone else used. The self full filling prophecy stuff works for short
overreactions but then the users get banged hard.
And, using a news service for their opinions of where they believe support
and resistance is? Until you do your own thing and depend upon yourself,
expect to be with the crowd...and you know what that means. Using news
service people for trade recommendations is about like having a jail house
lawyer defend you in court on a false murder charge.
Tom Cathey
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You wrote:
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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