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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Brian Hornby who wrote (9177)	12/1/1998 9:06:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

The best way to learn is to go through the boring task of printing out daily charts over various time frames. 5 minute is probably good. Prior to computers the best chart readers were probably people who drew their own charts, because they knew every bar. It wasn't until the mid-late 70s that the concept of intra-day charts was viable. Even then, it took a flotilla of people typing in data twice a day on 8" floppies, at first, breaking the day up into 2 halves. For my own part I first got the idea from data purchased from Welles Wilder in the early 80s; then through his book on Delta (which most people think is nonsense...even I have some problems with it). But a lot of people look at patterns, just in different ways. Although I don't know how to use E-Wave it certainly appears to be a pattern recognition system to me at first blush. When people look at certain forms of T/A it's really just looking for isolated patterns....H/S tops, for example. E-Wave and what I try to do is just looking for an overall pattern. A tip off that the market, having done this in this fashion will tend to react in that fashion because of typical patterns repeating in the past. I think the philosophical saying is that we walk through life backwards. We look to the Past to foretell the Future. That's why the only way to pick up a knack for it is to spend time reviewing intraday charts to get a feel for the technique. When I first started doing it I think it took several months before I started to feel comfortable. Even now, after several years, I'm only just starting to think I'm getting good at it. Even so, as the day goes on a pre-conceived idea about what pattern should emerge will change because it's certainly not perfect.