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Nick,
There is some real true to what you are
saying. In one of the "early" AGET trading tapes I have, Tom Joseph (AGET
originator), drew the waves just as you described, basically he ignored waves 1
and 2 and really analyzed it as a three wave affair. This may be because
the recommended trades at that time were, Type 1 after a wave 4 was over and
Type 2 after a wave 5 was over.
There is a reason though to pay attention to wave
2's. From my experience, is that is the single best entry point due to it's low
risk and defineable stop. This is true for all wave 2's, albeit it a minor
wave 2 of wave 1, a regular wave 2, minor wave 2's of wave 3's and minor
wave 2 of wave 5's. Basically trading the pullback.
don ewers
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Nick
Ali
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, July 11, 2002 12:23
PM
Subject: Re: [RT] Re: forecasting-track
record
I have to say EW always seemed to have too many if this then thats. I
found it confusing so have never really persued his techniques past basic
theory. I recently read a book by Tony Plumber (I think) and it all made
loads more sense. In a nutshell he pointed out that markets move in 3 wave
cycles. If you join together two 3 wave movements (in the same
direction) you get the 'classic' 5 wave with the 1 of the second cycle of
waves joining the 3 of the first (its much much easier when drawn). It all
becomes much easier when you are using the smallest 'building block' to make
up your patterns.
Cheers,
Nick.
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