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What makes Scot's treatise on the subject so very interesting is the fact that he has had such a long period of concentration on EW. If after seven years he can conclude that it was not useful for making trading decisions, then I think many on this list can save themselves a lot of heartache and cost trying to do so.
As I have often thought, EW is marvellous to see with hindsight and has little or no value with foresight. It would seem to be a great comfort tool when it turns out right and must be a real burden when its wrong. The fact that it is right in hindsight is probably the most frustrating feature, because it apparently works. The market does undoubtedly move in waves. Most times it is 5 up and 3 down - but its all the buts that bite in the proverbial and make it useless for trading decisions.
Some of it appears to have some value some times and Miner's Dynamic Trading is about as near as it comes - with all its buts, even if there are less of them. In many, many ways, it would be so much nicer to position trade than day trade, but I have just never seen or heard of a tool with which to do it, affordably and successfully.
That is why I day trade, because - at least for me - there are solid reliable tools available, which are simply not available for position trading. Price action, price patterns, support and resistance, Fibonacci retracements, etc are all decent tools for day trading, when used with proper entry and exit systems within the context of r/r/r. That does not work in longer time frames, within most budgets. It is a great pity, but I believe it to be so.
Thanks Scot and I do hope a lot of people read and take in what you have said. You might just save them the fortune they thought they could take out of the markets with EW.
A good weekend all
Bill Eykyn
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