|
PureBytes Links
Trading Reference Links
|
I'll add my nickel's worth to this string.
Despite many examples in nature and the markets, EW is of more interest as a concept to be taken into account rather than as an active working tool for timing purposes because of the ambiguities of waves within waves and the elaborate efforts of wave theory adherents to regularly re-explain the theory to confirm market action.
>>> "Norman" <nwinski@xxxxxxxxxxxxxxx> 11/17/00 07:48PM >>>
I think the greatest value of Elliott Wave is as a descriptive language.
If you understand EW, in a few words, I can convey to you exactly where I
think the market is and what I think it is doing.
Perhaps this whole debate is a result of misplaced expectations?
Wavingly,
Norman
----- Original Message -----
From: "t-bondtrader" <t-bondtrader@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Friday, November 17, 2000 7:16 PM
Subject: Re: [RT] Elliott Wave
> 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
>
>
>
> To unsubscribe from this group, send an email to:
> realtraders-unsubscribe@xxxxxxxxxxx
>
>
>
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
-------------------------- eGroups Sponsor -------------------------~-~>
eLerts
It's Easy. It's Fun. Best of All, it's Free!
http://click.egroups.com/1/9699/0/_/152424/_/974663028/
---------------------------------------------------------------------_->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxx
|