Well I have read the book a couple of times and find the concepts overly complex... I am not a Elliot theorist, so I stepped out of the discussion. I have no doubt Neely is a very brilliant person. I just found the concepts too esoteric for me to apply. 
Do you have or know any mt4 indicator that create the neowave chart? I only know how to do it in ms excel. 
I'm going to continue to plod through the book, and I agree it's very complex, so complex I'm not even sure how to plot the charts properly!!! I'm not too sure why people keep mentioning the need to use Excel. The way I've read the plotting section, it seems viable to use a 4h chart and simply plot the high and low of the day, in the order they appeared. This would give you two data points for a daily chart. The next part for me seems to be the most tricky. To get the rule of proportion in MT4, could I simply adjust the scale of the chart until the data fits inside a perfect square. But then, is there a way of drawing a perfect square within MT4. On graphics programs I'm used to holding down the shift key to draw a square, but it doesn't work with MT4. Thanks. 
A screenshot would be nice. 
don't waste your time Guys, I read the book 5 times and spent two years studying Neely's Neowave. It's a waste of time. Just pay attention to the different :5 and :3 patterns he depicts near the middle/end of book. Forget chapter 2. After you read the book and try and apply it you will realize how futile it is to count each and every wave. Better to get Mike Jenkins' book, "Chart reading for professional traders". A Gem. Masterpiece. There is ONE page in the book that has 10 patterns which summarizes all the available patterns out there. That is all you need. Al 
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The grey vertical lines are day separators. I've also removed some points to clean up the chart. Thanks. 
I would recommend that you pick up a book about statistical analysis. Try to find something by Thorpe. The Mathematics of Gambling is a good one. I'm not saying this to be mean or insulting. It's not a natural way to think, so if you haven't studied it you won't know how to do it. I actually think this stuff and rigorous logic training would benefit people more than anything else when it comes to trading. 
The method you used on h4 for a daily neowave chart looks ok, but there is no equal distant between time slot and the price since sometime you plotted the high and low in the same time slot. (refer figure 26 and 27) Some comparison I made on GBPUSD daily chart. Your method: http://img368.imageshack.us/img368/5...wavegu1in4.gif Excel: http://img368.imageshack.us/img368/6...owavegutv4.jpg I dont know if this affect the analysis or not, but i prefer on the excel chart. Heck, i read on other forum that by using a bar chart is also can be good. Here some qoute from Neely on his site:

Neely's book is truly fascinating. I'm a firm believer in the idea that a proper understanding of Wave Theory is the so called "nearperfect" indicator. I'm reading the book at the moment, and thus far I can't say that any book I've completed has posed many real challenges in terms of the comprehending the material. In a sense, they've been like your typical Algebra, Geometry or FirstYear College Calculus courses  read through them, do some practise, and you can apply the principles (the more you follow through on the latter, the less errorprone your application becomes). Mastering Elliot Wave I liken to ThirdYear Topology  if you want to go straight into it, and obtain a sufficient level of understanding, it's going to be a long road without the adequate preparation you receive in first and second years. Anywayyyy (sorry for my math analogy...).... Does anyone who has read through the book have a computerised method for creating charts to be analysed. I find the process of putting my data in Excel manually very tedious. I'm also finding that the application of the Rule of Proportionality makes the task just downright annoying. Any ideas? 
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I am a programmer, but haven't had the time to learn mql language yet or else i might reprogram the indi Right now, my Neowave is on hold, Im focusing on my own simple system. After im done, might go back to learn neowave. (It does work sometime, i even can predict tomorrow high low by using the monowave) The indi i get it from here: http://codebase.mql4.com/en/1294 FX5_NeelyElliotWave_v1.2.mq4 
Oh wow, thanks a lot for that (and for the rapid response!). Have you read the book, and if so what are your thoughts on the text, as well as the socalled objective methods it details? 

So you don't find that the MT4 indicator works properly? How do you apply RoP to it? 
I get a headache every time I open that book. It's seems Neely is the only one who can master it. Lots of great info and is worth studying but not worth mastering unless your a math professor with alot of time on their hands. 
Do you recommend any other books for Wave Theory? 
The indicator does work, but sometime you have to check it with your own excel neowave chart. 1 thing to note that, if you used the indicator on timeframe h1 and h4, h4 will have extra monowave which i dont know where it come from. Thats why you have to check it the the excel chart. RoP based on my understanding and observation, its just for you to have the proper scale for you to use the RoN. Since if you change the time scale, the degree for RoN (the 45 degree) will change as well. Hope you understand what im saying, since im suck at explaining and english is not my first language. You can used the indicator, and playing with the zoom and timescale to do the RoP. 
As for EW books, just go to Amazon.com and search for Elliot Wave, theres a lot of EW books you could choose and even read some user reviews/comments. 
Have you read any other books on Wave Theory that you might recommend? 
Here is web page www.neowave.com, I think I would need at least a month of one on one with Neely himself (which is possible) before I can grasp all the rules. 

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