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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: TraderAlan who wrote (2094)	7/26/1999 8:36:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 18137

The subjective aspects of Elliot is the most significant problem with this approach, or so I am told. Some traders I have seen say no two followers of Elliot will interpret the waves the same way. I understand this is an extreme statement, but I suspect there is truth to this statement concerning the problem behind this approach to the markets. An approach that requires a very subjective interpretation is problematic. At least with Fib the subjective part comes from just determining where a rally began and ended for the retrace calculations. With some experience this most of the time does not prove to be a problem and has yielded me many accurate projections. But then I use this method as a supplement to other chart methods. As far as there being a "perfect" trading book, this is not what I am looking for. Heck, a good book on trading does not exist either. What I know I have had to pick up on my own in the market which ultimately may be the only way that works. But there are some good texts that give some concepts and ideas, rules with examples of methodology, and insights into using the prescribed approach to the markets. And these books I find number very few indeed. Bob Graham