Mastering Elliott Wave: Presenting

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This work presents the first scientific, objective approach to market forecasting with the Elliot Wave Theory. Neely provides a detailed guide for all investors serious about finding accurate solutions to difficult markets.

Mastering Elliott Wave: Presenting Review

Just about 5 years ago, I began seriously studying the markets. I was heavily influenced by many experts that this thing called Tecnical Analysis was a bunch of BS. Five years, and thousands of dollars (in profits) later, I can tell you that technical analysis is a crucial tool in dealing with the fundamental uncertainty we traders deal with every day.Even when I was basing decisions on conventional technical techniques, Elliott Wave Theory seemed like tea-leaf reading. But knowing what I know about the markets, I kept an open mind. I learned how to apply the basic rules, and was amazed at what I saw. There is much more to Elliott than I thought.Neeley gives a thorough method for applying the Wave theory based strictly on price action. He guides you from analysing individual swings, to grouping them correctly into wave patterns. Once you have a workable count, it is possible to place a low risk, high profit trade on. The key value in all of this is that you can see a number of possible scenarios. The one problem with Elliott is the issue of alternate counts. I've found that alternate counts often disagree as to the magnitude of a comming move, and less often on the direction, if you are using multiple timeframes. I've actually worked through most of Neely's rules. I set up a spreadsheet to calculate the retracement levels he indicates in his text. Having said that, Neely omits one crucial bit of info. His method is based on retracement levels. Yet, he never tells you whether to use price levels, or percentages to measure the length of waves. Since he indicates you should use recent data, I've assumed he meant price lengths in dollars (or whateve currency you use).This is a crucial omission, as price targets are determined by the relationships among waves. Sometimes using price lengths, rather than percentages, renders impossible targets. The only way around this is to use percentages for longer longer time periods, and price lengths for shorter ones. Posner covered this in Applying Elliott Wave Theory Profitably.One problem is that Neely gives extensive wiggle room in his use of retracements to define patterns. This means his categories, while appearing rigorously objective, actually overlap to a considerable degree. You will often be left with 2 choices for a label, despite applying the rules consistently. That isn't necessarily Neely's fault--he is being realistic. No one ever said the market was easy.I wouldn't tackle this text if you are unfamilliar with classical technical analysis. Elliott wave can be a frustrating theory. I've gotten headaches trying to count corrective patterns. Despite what Neely says, conventional indicators, candlesticks, and chart patterns can be very helpful when wave counts are not. Classical technicals and Elliott often overlap--suggesting the same conclusion. When they do, then you know you have a potential profit opportunity.But if you are familiar with classical methods, and you are serious about learning Elliott Wave, then I can recommend this book. Help other customers find the most helpful reviews� Was this review helpful to you?�Yes No Report abuse | PermalinkComment�Comment (1)

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