Re: Fw: [RT] Re: Dynamic Gann Levels,Pitchfork,Elliott Wave,Fibo Clusters

["Prosper" <brente@xxxxxxxxxxxx>]

I agree that they can be very similar and oft times the pitchfork comes
close to the correct standard deviations, but not always. I looked at an
automatically drawn pitchfork once and it depended on whether you
selected the first occurrence of the pivot or 2nd and so on, and then
you could set it to a percentage of the price for the strength of pivot.
That was no better than picking out the points by eye and usually worse.

The LR channels on the other hand are statistically derived but they
depend on what length is chosen for setting how many days back. Again
our friends that firmly believe in random walk are going to say it is
happenstance. Happenstance or not, if the tool fits nicely in your hand
and hits the nail often enough it's not all bad.

Prosper




> Actually, I think in many instances a properly drawn major ML set [the
> whole pitchfork] works very much like a linear regression channel.

Tim Morge


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