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At 03:05 PM 3/17/98 EST, G144man wrote:
>historically the only thing elliot wavers ever got was a chance to wave
>goodbye to their money.
>
This is incorrect.
According to Barclay's, one current CTA reported using Elliott Wave in
their trading methods. The returns for this group were in the 35% per year
range for the last five years with drawdowns in the 10-15% range. I do not
have the actual numbers in front of me. The group manages over $80 million.
This is a good example of someone passing a blanket judgement upon a
methodology that they have not tested. I doubt the author of the post
above has done extensive scientifically appropriate testing on the Elliott
Wave Theory. Evidently, someone is using some or all of the EWT quite
successfully and is making over $5 million a year in management and
incentive fees.
If you have actually used EWT to make trading decisions, your input of how
you applied it and what you did or didn't like would be very interesting.
The Prechter book teaches the theory, but it does not offer ANY type of
trading plan around it. Blanket mocking of any trading method without
factual basis is a waste of the writer and the reader's time.
sb
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