DislikedBut in your diagram m1 is 7 segments???Ignored
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FX5 Neely Elliott Wave Indicator 0 replies
Neely River Theory indicators/EA 2 replies
DislikedErmm, that is m-1, not m1. My m1,m2,m3,m4 seems to be cut off. I already saved it using metatrader, but somehow it didnt show the full screen.Ignored
DislikedIt is a common mistake by wave practioners to attempt analysis using a daily chart covering years and years. Accurate analysis requires attention to detail. The more detail a chart contains (that is, the more monowaves present), the more difficult detailed analysis becomes.
For accurate wave analysis, you want to limit the complexity visible on a chart to between a Fibonacci 34 and 89 monowaves, with the ideal being around 55. Charts that contain 100`s of monowaves will cause one to miss the subtleties required for good analysis and charts with less than 34 monowaves may not contain enough information for a reliable conclusion.
DislikedOkay. I comprehend you.
Where does he state that 44 points should be used??? Surely the number of points/waves on a chart, as well as the point m1 is taken from doesn't affect our ability to apply the theory?Ignored
DislikedFrom the NEoWave websiteIgnored
DislikedThis is a "complexity related" question sent in by a client in South Africa. Ideally, all charts used for forecasting are constructed with cash data and plotted in NEoWave fashion (i.e., with the high and low in the order they occurred). Outside of the stock market, most bar charts are futures based or have expiration dates (i.e., they are not cash based). If a bar chart is all you have to work with, the time frame you are following (whether hourly, daily, weekly, etc.) is not what determines the number of bars that should be visible. As always, the focus should be on the complexity of the chart (i.e., the number of monowaves visible).
When working with a high/low NEoWave chart, the ideal number of monowaves visible should be about 44. To see 44 monowaves on a NEoWave chart requires from 22 to 33 groups of high/low data (i.e., the highs and lows extracted from 22-33 bars). When you use bars instead of a NEoWave plot, the complexity of the chart is cut in half (since the high and low occupy the same space). Therefore, to create the same complexity on a bar chart as on a NEoWave chart, you need twice as many bars. Consequently, instead of needing 22 to 33 bars, you need about 44 to 66 bars of data visible to do accurate wave analysis on a bar chart.
DislikedOk, you guys are NEVER going to understand NEoWave or Elliott Wave for that matter if you continue trying to learn the way you are.
1.) You will not be able to predict 100% what the market is going to do.
2.) The wave indicator you are using is off and counts some monowaves improperly, misses some, and sometimes breaks a single monowave into multiple monowaves.
3.) You are suppose to skim through the book the first time. In fact, I would skip chapter 3 completely and read the rest of the chapters first. I have pages tabbed and labeled to revert back to.
4.) Chapter 3 to me, only helps me get out of very very sticky situations.
5.) Candles can be used because, in Forex, they show all price data. You don't have to draw lines if you are labeling your chart. You know that from the termination of wave-c, to the termination of wave-1..there is an imaginary line.
6.) I think those trying to use Neely should learn the basics from another book. I use Neely to confirm patterns and get an idea of what is going to happen by the different ratios he gives for each pattern. There's an important lesson on channeling
I've got more advice, but everyone in here seems like they know more than meIgnored
Dislikedjust my 2 cts... you will likely only be able to use his theory if you manual trade or skip it. Its a time consuming read and I think although the classifications of waves
are good, ---the time factor both in learning his classification system and using in the markets is extraordinary high. Also, I believe this type of trading fails in that it doesnt really factor market times in any real manner. A dead spot is not a wave! .Read it all,,, and ditched it.Ignored
Looks like they have an indicator which they using since 2006 to map elliotwaves. Tons of examples. Hope this helps. Regards, Roger.
DislikedHello everyone, I'm studying Neely's book "Mastering Elliott Waves" for almost 2 months, this is my first approach to EW and the first book I study about EW. I stopped my advance...Ignored
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