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"We are talking about an art here, not a science."
"As such I would urge people interested in the theory..."
Since when is an "art" considered a theory?
And why is there such an urge for believers in these ethereal
strategies to "convert" people, as if it was some religious crusade?
When trading is all about having an edge over the other 95% of traders
biting at your heels, where is the benefit in the universal preaching
of these nebulous ideas?
This forum is about MS-programmable strategies, not for the
propagation of art or unprogrammable subjective theories. Perhaps
these EW posts belong elsewhere.
jose '-)
--- In equismetastock@xxxxxxxxxxxxxxx, "MS" <marketstudent@xxxx>
wrote:
>
>
> > E Waves are great in hindsight.
> >
> > Read: Fooled by Randomness
>
> Yes, so you keep saying and I agree, but respectfully submit it is
> you who has the most urgent need for a reread as you have clearly
> failed to grasp the finer subtleties of Taleb's message. Perhaps
> taking a stab at some of his philosophical heroes might prove more
> fruitful?
>
> If I understand your inferred objection correctly your gripe is that
> Elliott Wave Theory is not scientifically provable, or more
> precisely disprovable. This argument is silly; it is a fact that
> both proponents and detractors should be able to easily agree upon.
> We are talking about an art here, not a science.
>
> Perhaps a more telling criticism is that all market behaviour can be
> explained by the theory, for example by the use of non-standard
> Elliott wave patterns that depart from the commonly understood 5-3
> impulse/correction structure and consequently you can't know with
> certainly when to enter and exit trades.
>
> However, first of all this presupposes the existence of a trading
> holy grail which I am certain sceptics would in any case tend to
> deny and secondly ignores the fact that all the major theorists
> strongly discourage trading corrections or where the pattern is
> uncertain, all of course depending on your timeframe.
>
> With the benefit of hindsight the analysis of wave positions allows
> EW students to consider the possibilities for future market action
> and to discount things which can not happen; valuable information
> indeed.
> And the rules will give you a rigid framework for ascertaining when
> you are completely wrong and by extension the right stop loss
> levels.
>
> At least equally helpfully and as already mentioned an understanding
> of Elliott waves allows the selection of trading instrument
> candidates that conform closely to the theory and are in the fabled
> wave 3 position, all of course depending on your timeframe. Mmmmmm.
>
> In terms of providing a strategic right down to a micro level
> insight into market behaviour the theory is simply unrivalled.
> However, as with all things a little knowledge can be a very
> dangerous thing.
>
> As such I would urge people interested in the theory to study and
> consider the literature carefully then follow market action for an
> extended period to see whether you can make sense of it, rather than
> rely on mechanical tools like the AlphaOmega plug-in or AGET.
> If you are so inclined you may be too much of a left-sider to find
> value in Elliot waves at all; nothing wrong with that of course ;-)
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, superfragalist <no_reply@xxxx
> wrote:
>
>
> Jose's code is exactly the problem with E Waves.
>
> E Waves are great in hindsight.
>
> Read: Fooled by Randomness
>
> When the market is going up almost anything works (70% of the
> time).
>
>
> You have to get used to Jose's sense of humour. This is a perfect
> system in hindsight, but will not give you trading signals
> real-time.
> The zigzag system will give you a signal only after the fact, once
> the condition of the reversal change has been satisfied.
>
> Dusant
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