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Another funny thing many people fail to grasp is that unlike studying and
reading books on law or engineering helps people become proficient in those
fields, it does not and CANNOT apply to trading.
Imagine if we all took University courses on trading and practiced what we
would be taught. Who then would take the opposite sides of our trades?
Elliott wave is promoted by marketers. It may have *some* value but having
studied it for many years and becoming VERY proficient in it I can tell you
that it may have some limited value in the Dow Jones Index. Nothing else.
It does not work on individual stock, foreign indexes, currencies, TBonds.
Nothing!
Can people make money and attribute it to their knowledge of Elliott wave?
Sure! Just like the guy who takes positions listening to the soda pop can
talking to him. It's their ability to trade and not their knowledge of any
theory that makes them money. Of course they really think otherwise.
Why the Dow Jones, you might ask? Because of many markets I researched it
was the only one for some inexplicable reason that signals were more
discernible.
Only the marketers/scamsters and hucksters insist that it works on
everything and why they want you to buy their book/newsletter/advisory.
Where is THEIR money in?
Mutual Funds and CDs!
----- Original Message -----
From: "Tony" <Sanctuary@xxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Sunday, May 30, 2004 3:31 PM
Subject: Re: Elliott waves
> I never use 'whatever signal' as a the holy grail.
> It's just that I believe that you can do a few things to increase the
change of
> success.
> When an airliner stock is overbought and we have another 9/11 combined
with SEC
> investigation I would be more bearish then bullish on that stock.
> Before entering a trade I like to estimate the R/R ratio.
> So it's just an extra indicator for me...
>
>
> >Elliott as a basis for "predicting" where a market will go is useless.
Waste
> >of time.
> >Elliott, when used within a trading "framework"/plan, may be of use.
> >As a matter of fact, the more you learn of the theory, the less
profitable
> >you'll likely be.
> >Trading does NOT have as much with predicting the market as most
beginners
> >are led to believe.
> >
> >
> >
> >
> >----- Original Message -----
> >From: "Tony" <Sanctuary@xxxxxxxxx>
> >To: <omega-list@xxxxxxxxxx>
> >Sent: Sunday, May 30, 2004 7:28 AM
> >Subject: Elliott waves
> >
> >
> >> Hi list,
> >>
> >> I'm reading about Elliott waves. (EW)
> >> The basics look simple but mastering EW looks very tricky.
> >> EW only calculate price targets but not the time when to expect them.
> >> But still EW has waves of diffrent magnitudes.
> >> And those waves represent time.
> >> So my question is "Is it possible to somehow estimate the date the
price
> >level
> >> will be reached? For example by comparing the 'time length' of waves."
> >>
> >>
> >> Regards,
> >> Tony
> >>
> >>
> >
>
>
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