Monday, February 2, 2009

EW Books

Mastering Elliott Wave: Presenting the Neely Method
By Glenn Neely

This book is actually for those who want to "master" the Elliott wave theory. Though Mr Neeley explains his method from the scratch, you have to spend a great amount of time to understand how to identify the waves and how you should apply the rules and guidelines even if you know the theory. After long hours of studying the book and applying the techniques on the price charts, you will surprisingly find out that your view on the technical analysis and Elliott wave theory changed.

"A large portion of market technicians spend their time trying to manipulate price data to find that "magical" key-indicator. How can a transformation of price data be better than the original data?" says Mr Neeley. If you're in the search of the "magical" key indicator(s), this book is not for you, since there's not even a word about the technical indicators, but when you finish studying the book, you will see that you don't need to look for an indicator.

Since Fibonacci numbers and golden ratio are the most important parts of the wave theory, you have to know how to apply them on the charts. This book is the best one I've ever read about how to apply Fibonacci techniques on a price chart. Not only the price distance, but the time elapsed to form the waves are dependant with the Fibonacci numbers and this book teaches you how to use them.

Author also defines clearly how to apply the Rule of Alternation, Rule of equality and Rule of Complexity. Further you read, you learn how to analyse complex wave structures and what to expect when the waves are advancing to form larger waves.

I have to warn those who want to learn some trading techniques using the Elliott Theory or Neeley Method, since there's nothing in this book about trading, but do not forget that this book is mastering the the Elliott Wave. Do you think you still need a pre-made trading technique after mastering the theory? I don't think so. Reviewed By Tuncer Sengoz "tuncers" at Amazon.com

Links to the Book:

  1. Amazon.com
  2. Google Books
  3. Buy.com

1 comments:

Blue Bottle said...

This book is not for bigger i think. Its for advance Elliott Wave learners. If u just started to learn Elliott Wave, then i recommend you to read Robert Prechter Book first.