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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Zilog who wrote (40443)	2/6/2000 5:56:00 PM
From: Temple Williams	Read Replies (2) of 44573

Hi ... you suggested "forget about the Elliot hocus pokus" ... you won't really get much of an argument from me .... But much of my success as a trader has EWave as a foundation. With this caveat: My EWave work offends a lot of strict Ellioticians, because I build it from the ground up (rather than the top down), and I am very influenced by non-Ewave stuff. I am not a purist, and often get flack because of it. I never use EWave for entry or exit (prefer signals from stochastics and Bollinger Bands, combined with a s/t trend analysis I do) ... anyway, what I really try to do, in a nutshell, is follow the traders in the pit. They are the most successful traders ... they have to be to survive ... and they are by and large scalpers (although they successfully swing trade in their own accounts from time to time). The most successful bond trader in the pits averages about .90 a trade ... less than a handle ... and nobody would ever accuse him of undertrading. So I use the charts you saw at the site as a roadmap to scalp within ... never an entry or exit ... just barriers that keep me out of the ditches as I try to mimick what the pit traders are telling me (via the charts). I guess that makes me a tape-reader with EWave tendencies ... but it does drive a lot of Elliot "purists" nuts. On the other hand, it also means that I can listen to your excellent analysis and take advantage of it, should the Alternate series decide to kick my bullish leaning in the teeth. You can lead me to the abattoir, but you'll have a tough time squeezing me through the door. Because I morph pretty easily into a bear if that's what the boyz in the pits are trading. :o)

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