A lot of talks about this old-new method. Is this stuff actually work? Has anyone tried it yet? What books would you recommend to find more specific about this stuff. Thanks.
Lots of methods work in a sense. It's just a matter of being lucky in cherry picking the best signals.
"Why People Believe Weird Things" by Michael Shermer. Seriously - not joking or trying to be sarcastic. From the perspective of what to look at and what to spend time on, to help me to trade, it's been one of the most useful books I've ever read. By the time you allow for "extensions", "alterations", "truncations" and the interpretation of all of this stuff that Elliott adherents have dreamed up to be able to justify their perspectives, there isn't a single chart in the world that an Elliott Wave enthusiast can't fit in with his existing preconceptions. (But are they making any money from it, apart from by trying to teach it to other people???) (Nassim Nicholas Taleb's "Fooled by Randomness" is also strongly insightful and helpful, in these and similar contexts.)
This method is not actually perfect, there are some cases where it does not work. But, I've been using EW for a while and I'm very pleased. First of all, you need to master it. There are tons of webinars/ books out there - just google it. My favorite is "Elliott Wave Principle: Key to Market Behavior". It's quite difficult to read, but it's totally worth it. It took me two months to read, understand and apply this book in my day-trading. Also, there are some youtube videos to get the basics. Good luck.
There is only one problem - it's software. I've used motiwave software and it's not good enough. I'm looking for reliable soft right now. Any recommendations, folks?
May I ask why you dont like the Elliot Wave in Motivewave? There are two versions, manual and auto-which one do you have? Have you tried using the scanner? Do you have full version-reason Im asking is Im thinking about purchasing...thx
I didn't say that I don't like Motivewave. I just said that it's not good enough for me. I'm just looking for something better but I'm not sure if I can find it. I used automated EW to get a quick plotted wave count and then I had to adjust the points for my own analysis. But overall, they have really nice instructional videos that explain key features and really nice support. And many people really like their soft. Maybe you'll like it too. p.s. the auto wave counter is really a waste of time
"I'm just looking for something better but I'm not sure if I can find it."...You'll find the Holy Grail someday