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I don't know what is going on with Yahoogroups, but I sent this out at
about 6:30 this morning and it never got posted. Here is the second
try. Ira.
I read all this ridicule of Hurst and his channels and wonder if anyone
actually bothered to read the book, do the homework, and study the
results or if they just like
to draw lines and channels and postulate. He did not use the channels
to project price, he used tangential extensions off of offset moving
averages to project price
and time. So anyone who is using the channels to project price or
direction is going to be in a lot of trouble. You don't need a formula
to draw the channels, you
can get the same effect with a series of straight lines connecting the
lows and parallels for the highs. It is not the lines, the extensions,
or the ability to count that will
make Hurst's system work for you, it is understanding what he is trying
to prove and how it works and what its limitations are. If I am not
mistaken, and I would
have to go back to the book to confirm this, that time impacts price
less then 30% of the time. That leaves you over 70% of the time blowing
in the wind. It is the
understanding of what is being used and its limitations and advantages
that will help you in your trading and not guess work based upon what
someone else says it is
supposed to do. So if you believe that understanding times function in
price action will help your trading by the book and study it. Try to
understand what he has
written not just read the words and look at the charts. Ira.
Adrian Pitt wrote:
Metatrader,Can you please define what you mean by 90% accurate.
Please don't quote about past prices because every graph of Clyde's work
from
www.theswingmachine.com (as you have shown us...) are all curved
fitted and rightly so..that's what Hurst bands do. So the only relevant
statistic here is how accurate
they are into the future. So you would have to do extensive walk
forward testing. I'm assuming you have bought Clydes work and done this
extensive testing to derive
your 90% figure?? Assuming you have, I would love to hear a little
more detail. Regards,Adrian Pitt
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