System Trading vs Elliott Wave - Part-I
From bwolinsky: Where is the backtest of this nonsense? Elliot Wave is
bunk, because there is no strategy defined by it, making it subjective and
unsystematic. EW is not a strategy until there's a simulation of
it.
bwolinsky - OK I know that you want to know more about EW so much. I don't know a way
to convince you that EW is one of the best approaches to use for trading. Do you
still keep the link of my blog? Please go there, join the blog, and see my
real-time trading for yourself.
From bwolinsky: I can spot unintentional dishonesty from a mile away. If there was a strategy here, the backtest results would already exist in the thread. Since there is no strategy but guessing, ew exists as fantasy with neither rational nor reasonable basis. You can start defining chart patterns according to your parts of the wave...wait, you can't because there has never been a defined strategy. If there was, you'd be able to tell us what part of a wave is more likely from each point of ew with an accurately calculated backtest. Since no such backtest exists every mindless strategists that tells me there is anything to ew is wasting their breath with me, or else they'd be able to say what the expectancy per trade is whenever they're trading based on ew.
bwolinsky - Sorry that you feel that way. Basically, you are looking for a holy
grail that can guarantee you the success of trading. I don't want to disappoint
you, but at least I haven't found one before I started trading with EW. Talking
about backtesting, I remember that I told you that I have done that long time
ago with designing my own trading systems. If you want to pursue that route,
good luck to you my friend! I enjoy playing EW and get much more fun from this
over system trading.
Hi, Snowrider,
ReplyDeleteWhat is the difference between perfect wave (PW) and EW?
Could you give us some link to PW principles?
Thanks.
BTW, Have you ever heard first wave (FW) theory developed by David Elliott? Is PW similar to FW?
Peter - Thanks for reading my posts. Perfect Wave is a name (or a logo) that I create to distinquish my analysis from that of other EW technicians. I coin that logo on all my wave count posts on trading forums. My approach is based solely on the classical Ralph N. Elliott's Elliott Wave Principle with my own labeling convention and intepretation. Please see the Label Convention section from the following link:
Deletehttp://perfectew.blogspot.com/p/color-convention.html
I would say that my Perfect Wave intepretation of the traditional EW Principle is an addendum for the wave theory. However, since my only concern is to make money from trading instead of selling books like others do, I am too lazy to put all my idea together. (I will do that piece by piece later, but it takes time for me to get everything onto my blog.)
No, I've never heard about FW. I would like to take a look their wave count if they are good. Trading is an art, and I believe that trading is more like playing chess, which involves constant thinking on each step. I appreciate your input!