Breakthrough Strategies for Predicting any Market: Charting Elliott Wave, Lucas, Fibonacci and Time for Profit
Breakthrough Strategies for Predicting Any Market is sure to be considered one of the great trading books of the 21rst century. In this landmark work, Jeff Greenblatt will teach you how to understand the time dimension of the market and take your technical analysis to the next level. With extensive case studies and charts, Jeff will reveal his highprobability pattern recognition system; one that will give you a deeper understanding of how the markets really work and will make whatever metho
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Fibonacci time anyone?,
Mr Greenblatt is an experienced trader and he believes that he is adding value to Fibonacci ratio analysis by adding “Lucas numbers” same idea as Fibonacci but starting with 2 plus 1 instead. He then shows charts where turning points correlate with Fibonacci or Lucas numbers, the trouble being that there are so many of these possibilities that just about anywhere might do it.
He then picks selective charts to emphasise the accuracy of this technique but shows no statistical evidence that it is practically useful.
I found the psychological aspects covered in the last few chapters the most useful. His ideas on counting Elliot waves are great in retrospect. They are always much more evident in a chart in the rear view mirror.
I don’t share Ms BoltonSmith’s raving support for this alleged breakthrough in trading. I must admit I was expecting much more than adding Fibonacci times to Fibonacci price ratios.
Also charting programmes like Ensign have studies to measure this in time and why isn’t everyone using them because much of the time they are of no use.
A good book, with a clear technique that suits Mr Greenblatt and it may help me occassionally when there is a clear Elliot series of impulse waves appearing but otherwise of limited benefit.
The charts are in black and white and although large unclear. The writing of the bar numbers on the charts is often magnifying glass effort to read. How is the reader to know when to use any particular Fib or Lucas number when there are so many never explained although some mutterings about Candle formations.
I do think that one point that he makes is useful, namely don’t trade mediocre patterns, patiently wait for the best to risk your money.
Overall an average book, in a field littered with many below average offerings.
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Nothing Original or Breakthrough About It,
First of all Jeff Greenblatt talks nothing new that ain’t covered in the following three books which were published much earlier –
1) Elliott Wave Principle – Prechter / Frost
2) Dynamic Trading – Robert Miner
3) Dynamic Time and Price Analysis – Bryce Gilmore.
What’s more, the author claims this to be his orginal work.
Further, the author recommends one to watch out for the following numbers – Fibonacci, Lucan, Gann, square of 144, derivatives of these numbers, squares / square roots of these numbers, these numbers +/ 1, and their interrelationships. I would like to know how many numbers does this leave out. Anybody would guess then that an important reversal would happen on one of these numbers.
Even if the price of this book were to be 150 cents, I would be hard pressed to think of a reason to recommend this book. The above three books are much more original.
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This book is a revelation,
I have been a trader for 12 years and was introduced to this authors work several months ago when I subscribed to his newsletter. One of the claims made in this book is that you will never view a chart in the same way again. This is a fact, that I witnessed a few weeks ago when I gained first hand knowledge of exactly what that meant. The light just switched on in my brain. I watched and traded the Dow EMini as it fell 180 points into price and time support, as taught in this book. Most importantly, I had the confidence to hold my shorts and cover my position at the most advantages price. It was incredible to then see the market reverse as if spring loaded from such a bearish position and exactly on cue in the 61st hour off its high.
Emotionally, I wanted to hold onto that short position as I’ve done before and give back hard earned winnings until my stop took me out. This time I was able to control emotions as I was expecting this reversal and to see it occur in real time has forever changed the way I will view a chart. This work has transformed me into being a more consistent and profitable trader. My trades are far more selective and with risk/reward ratios I always aspired too.
Bottom line is that I am in the market far less than I used to be, and more alert and aware to take advantage of the trades that I deem profitable. I must say this did not just happen for me overnight but took some study, but if you persevere the rewards are well worth it.
The author also identifies some prudent aspects of Elliott Wave theory that I found very useful in defining market shape and position.
Finally, I found the no nonsense approach of the author very encouraging; no hype just a passion to share his knowledge that I for one am extremely grateful for.
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