Customer Reviews

Elliott Wave Simplified

5 star:		(1)
4 star:		(0)
3 star:		(0)
2 star:		(0)
1 star:		(2)

 

 

The small chapter in John Murphy's classic on technical analysis is a better introduction than this book. I was looking for something beyond that, and was disappointed not to find it here. The book contains mistakes, charts without discusion, no help in identifying wave patterns, and 40 useless pages for glossary, outdated websites, newsletters, etc. in a book that is only 144 pages. Most of the book contains long quotes from other books, but nothing to offer on its own.

I would have expected a brief introduction to the subject with perhaps some key quotes from Prechter and then perhaps a method based on Elliot that removes some of the subjectivity and simplifies some of the elliot description from prechter. It would allow one to gain a basic understanding with the option to then go to the masters.

An alternative would be to simply strip out the working bits and leave the less usable aspects of elliot alone.

All the book does is to discuss at a very simple level the main parts of elliot waves, coupled with some wyckoff, chart patterns, dow theory and other standard technical trading ideas such as trend lines. The discussions offer little insight and generally less information than from the standard TA books such as Murphy, Pring et al.

The book has so much quoting and so little actual comment from Mr Droke that it would not be surprising were he to be accused of plagiarism.

A long rather pointless general TA glossary completes the book. I say pointless because this glossary is pertinent to a basic TA book, not a specialized one covering such an advanced topic as Elliott.

The one useful comment was that other chart patterns can sometimes be missed when searching for Elliott - he quotes an analyst who missed a bottoming head and shooulders pattern while 'seeing' the elliot formation, and consequently got the move completely wrong. This begs the question whether Elliot serves any purpose at all, if it is beaten by other clasic patterns (my personal opinion anyway).

All in all, a waste of money as it neither simplifies the theory
nor provides a workable version of it, nor even rubbishes it.

The way the book is written I would be very wary of getting any of his books, as it has the feel of something whereby large sections could be cut and pasted between books - eg it would nt surprise me to see a large sedction on Dow theory in his Gann book as well).

. i dont get the harsh reviews...I wish i had this book as an intro to elliot wave. i first read the elliot wave by prechter and frost. it made elliot wave very intimidating and i really wanted to lose interest in the whole concept. I highly recommend this book if you are new to elliot wave or know nothing about it. it gave a great overview of elliot wave at its most basic level in relation to the market and goes into no further detail. you will not know how to pick the wave you are in or learn the parameters of wave counting, translation- you would not be able to trade elliot wave just from reading this book. i highly would recommend getting the robert miner course and book after reading this Clif Droke book though. it wasnt until that course i was able to apply and understand elliot wave. i read this book after robert miner's book and still have to give it 5 stars though. it is a great intro book and explained some other market and trading concepts i did not understand. this book coaxes you into elliot wave at a more relaxed pace rather than giving you the feeling you are in a calculus course.i further recommend checking out elliot wave internaional's website - elliotwave.com
if you know nothing about elliot wave and want to see if you want to make it a part of your trading plan then definitely get this book! for those intermediates of elliot wave that know what identify 5 waves, flats, expanded flats, fifth wave extensions, etc- forget this book! you are way too advanced for it to offer you anything. good luck in trading!