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Hi Guys
A month ago today, I posted a Sugar chart asking for any comments from those
who practice EW, but sadly I never got any response at all - and none that
I saw posted on RT either.
Well, this morning's post (Royal Mail, not Internet!) reminded me of this
chart, because I had a solicitation from Akron, Ohio, USA, telling me I
could purchase a copy of Advanced GET for a miserly few thousand dollars and
that, according to the June US Bond 5 minute chart example, I would have
made a ton of money buying an XTL Wave 3, taking profits on the cross of
Auto Channels and then going long again with an Elliot Type ONE BUY, with
Ellipse support - whatever all that means.
Well, as you know I am into Bonds a bit, so I dug around my system and
brought up my 5 minute chart for the period in question. It was, indeed,
very interesting to see when my methodology put up a bird and when GET fired
it short. What I called a retracement, GET called the end of a Wave 2 -
but with the entry point being much further down the Wave 3, for reasons
which I couldn't make out. Where I would have to part company, in any
case, was on the fact that this Wave 3 went overnight and into the next day.
Me, I sleep nights and being long just because the Pitchfork-like lines
pointed north, would not be good enough for me.
Anyway, I don't want to ramble on, but I would be very interested to hear
from any users of this system, for day trading. I can see that looking
back just how perfect it is, but what is it like on the leading edge? When
do these lines come into play? When does it say that a wave has ended and
another begun? Is it really usable for trading on an intraday basis? I am
just
fascinated to know because it is a lot money.
It does seem to me that one would need to use the system for some time
before it would show its true colours. By then, Mr Joseph would be much
richer, but the purchaser may only be poorer. Without raking over the coals
too much, while I am not interested in lagging indicators, I can see certain
benefits in determining which wave one is in as an adjunct to reading the
tape in the usual way. But it would have to be accurate and timely for it
to be worth
anything, let alone the figure canvassed. In fact, if it doesn't perform
too well on an intraday basis it could end up costing you money, when
relying on it.
However, it appears that this program has a means of measuring the momentum
and size of a swing and what they call a 'make or break' study to show if
the market will reverse or not. Does anyone know if it is based on
Fibonacci? If not, what? And, bottom line, does it work? SuperCharts
provides what I need as part of the charting package - but let's keep an
open mind, for something better. For obvious reasons I need to hear the
answers from the forum, rather than the company.
Being fair, the program looks as if it is partly a tool and partly a
system with buy and sell signals (to justify the cost?). Anyway, further
comments on that would be good, too.
Our sudden summer seems to be holding up. But then again, our weather men
are forecasters and we know just how reliable all that is...
Bill Eykyn
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