If I wanted to learn both, Fibonacci and EW, what do you suggest I learn first? People say it's better to learn fibonacci first. What do you think? Thanks again!
recommending a book, does not infer my beliefs on the subject. within the subject matter, neely's book is head and shoulders(haha) above the rest. surf
you have been here since 02 then you should know very few people can make EW works and if they can they are going to have a debate of which wave is on whenever they run into each others. Think about lost opportunity cost :eek:
there's really not much to learn about applying fibonacci to price charts, most charting software will auto set it up for you, if you want to use such things. surf
yes. dump them both. They don't work. Try studying trends, support and resistance. Learn to read price charts. You have a much better chance of succeeding. Or, spend a considerable amount of time and money to come to that conclusion One example - a study was done with Fib retracements. And the results were they were no more valid than 50% or any other retracement chosen. Elliott is worse. Everyone who examines the chicken entrails and tea leaves comes up with different interpretations. You will look long and hard to find anyone who trades with either, who is also independently monitored, and shows ANY evidence of longterm good profitability due to Fib or Elliott But this will be assailed by the believers and worshippers who think statistical validity and evidence are unimportant. "After all, if Fib #s are in nature, why shouldn't they drive the market??" Stupid, unfounded logic, but it keeps selling books. God help us all...
it seems clear to me that much if not all of this fib/elliott material would not be able to capture traders imaginations today due to the easy testing ability of the PC. entire markets can be tested,quickly and easily, by the everyday trader, whereas when this material was first marketed, very few, if any, possesed the ability to test anything in significance. surf
Kastro 316, 'every' library or via inter library loan has a copy of âElliott Wave Principle: Key to Market Behaviorâ by Frost and Prechter as well as other works, the above re-introduced EW theory when it was first published in 1979 Neely's method is very complex and time consuming 'every' charting program has a fibo tool but you need one that permits many user input fibo lines for fibo projections besides books there's tons of EW/fibo info online as well many charting program sites contain info see for instance: http://www.ensignsoftware.com/tips/newsletter.htm