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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (7920)	1/21/1998 11:54:00 AM
From: gbr	Read Replies (1) \| Respond to of 12039

I'm thinking about buying Cooper's Book "hit and run". Do you think the book is worth $100.00? Give us your impression with this book. I use MSWIN6.5 I know the book recommends using Trade Station. Would I have problems using his indicators with MSWIN? thanks gary

To: Richard Estes who wrote (7920)	1/21/1998 12:31:00 PM
From: Robert Graham	Read Replies (1) \| Respond to of 12039

Thanks for your input on the books that I mentioned in my previous post. I have a couple followup questions, and an observation to make. >>> About the book "Fibonacci Applications and Strategies for Traders": Richard, how was this book when it comes to a good, practical coverage of the use of Fib and Elliot in trading? Does it remove allot of the subjectivity with regards to the use and interpetation of Elliot waves? ***************************************************************** Subjectivity exist in E-waves. Get automates counts in an objective if not perfect manner.Fib predicts the extent of moves. ***************************************************************** <<< Yes, I understand what you are saying here. Now, did you find this book on Fib and Elliot a worthwhile book in introducing the reader to the practical application of both predictave techniques on stock prices? Also, there is a book out by Robert Pardo called "The Design, Testing, and Optimization of Trading Systems". Have you come across this book? What are your thoughts on this book? From what I understand, the book is specifically about trading systems for stocks instead of futures which has an advantage over many of the other books on developing a system. Is the new Chande book that you have mentioned also focused on stocks? I understand that your orientation to the market is as objective and mechanical as you can make it. I can also see the benefits with such an approach. Is this why you tend to descriminate against anything that may introduce a subjective slant to one's trading approach, like monitoring market sentiment, or for instance the response you gave about that "West of Wall Street" book in its applicability to a trader's success? But then as you mentioned before, your system is 80% mechanical (not 100%). This makes sense since all a scan can do is prvide a form of filtering which will not be 100% accurate since the conditions that is being scanned for cannot be completely described by the scanning language available with this type of software. Perhaps some of what you look for in a chart cannot be desribed in any formula? Surely this introduces the possibility of a subjective (biased) read of stock and the markets? How do you in this respect combat the type of subjective judgements that can be the result of looking for in the chart what you want to see? I suspect this is where concrete, strictly adhered to rules are helpful. But then where do these rules come from other than your own experiences in trading, where other traders' experiences can help shorten the learning curve? There is always the interpetation aspect of trading from the technicals to consider. Bob Graham