Customer Reviews

How to Identify High Profit Elliott Wave Trades in Real-Time

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

 

 

As a seasoned trader using elliott wave myself I found this book to be confusing at best. Once you get past the numerous typographical errors (the difference between wave a and wave A causes much confusion for example) you are dealing with a book that is mostly just a semblence of hand completed charts espouted in any old order the writer fancied. The strange thing is that these charts, and the methods described all date from 1994. Disregard the published in 2001 notice.

The author has overcomplicated the method he describes. This has certainly done my trading more harm than good. And I was already pretty proficient in Wave theory! He would have you create vastly overcomplicated charts and overlays to carry out this method. He then has the cheek to show various intraday examples of his work. This would simply be too short a time frame to carry out his instructions. So it ain't "real time" either.

I believe it would be fair to say that what a person gets out of a book on trading has a lot to do with their ability to understand and relate to what they read and the degree that the new information gels with what they already consider to be true. Having said that, I am glad that I did not allow so-so reviews of this book to stop me from purchasing it. My interest is in day trading e-mini futures. Other books I have read relating to Elliott wave have only provided minimal general guidance. This is the only book on Elliott wave that I have found invaluable. It took a few readings and some practice but, low and behold, I can now (often) scrutinize a wave and determine if it is an impulse wave or a correction. The beauty of this is that it allows you to know if you are still in a correction or if the trend has resumed. It allows you to know if there has been a 5th wave failure or if some form of correction is still developing. At the end of a 5th wave when the market is spiking up and down I can eventually tell if a new thrust in the direction of the trend is part of the trend and possibly the end of the 5th wave or whether it is just a part of a diagonal triangle. I have a long way to go in mastering it but I can often see the C wave patterns and appreciate what is going on. All in all, the market makes more sense to me now. One reviewer commented that doing this would not be possible on intraday charts. I would have to disagree. Even small C waves can take 30 minutes to hours to develop. Once the market has made enough of a move to recognize the correction you would only need a couple of minutes to figure it out even if you consulted the book. So, in short, I am impressed and consider this the best book on trading I have ever read.

This book is closer to Neelys style of Elliott wave than Pretcher
Therefore some of the concepts such as the extended B wave are a
little hard going if you've been brought up on Pretchers Style.
Two Points came across strongly to me and that was every wave can be counted and those waves fit a templete which is matched to the reference diagrams in the book.
I have found this templete matching invaluable in my own trading especially in day trading. The book does not attack long term
wave counts but methodically describes how to get on to corrections within the trend at the lowest risk.
I read the review above and I think this is where the reviewer has come unstuck. The system is not intended to find long term
Elliott Waves but is more for swing and day traders, also I am sure that the writer doesn't think you should label every chart in such detail as in the examples but he has done so to show that all the waves can accurately be counted.

This is a simple but powerful, step by step method that is easy to follow and fits the needs of active traders who want to make an accurate trade now rather than go through the esoteric exercise of guessing where the market will be in 2010 as in Pretchers case.
I can strongly recommend this book.

I realize that Elliott Wave is considered subjective .. but on half of these wave counts, I couldn't see where he was coming up with his numbers. In addition, he had numerous 7 wave (?) counts and some of his logic is just plain odd. I consider myself fairly experienced in Elliott Wave, but couldn't figure this guy out for most of the book. Walker tries to time failures of the C wave and tries to find ends to corrections , but is an aggressive entry method if correct. The problem is, it is extremely difficult to see .. as corrections can materialize into many forms and stop you out over and over until it presents a discernable pattern. One thing I did find unique in this book was his use of finding wave counts within simple patterns of OHLC bars. Seems a bit like overkill, but it is unique nevertheless.

I have read well over 100 books on trading and I have yet to read one that will teach one how to trade turnkey with a high success rate. Because it does not exist. IMO. I gleaned some useful information out of this book. What this book did for me was not to teach me how to trade profitably, but to make me think in a different direction which was very useful. But isn't that the best one could expect from any trading book?

Mr. Walker presents us a good book about how to apply the Elliot Wave principle in the markets.
Most of theory is not presented here in detail, just an overview and the basic rules(the importante part).
After that, its application is demonstrated with plenty of charts, from a variety of markets, what is a good thing.
The missing points, in my opnion, are that Fibonacci studies are not applied within wave counts in the charts(even so, Fibonacci levels that characterize each wave are cited in the book as well) and other technical indicators, as oscillators, are also not used as a tool that help in wave count confirmation.
What makes this book worth the money is the practical approach to Elliot Wave, whith a clear entry/exit strategy and a "real-time" application in chapter 10, with objective counts, that put subjectivey a little aside the discussion(subjectivity is one of the points used against Elliot Wave principle).

Despite that the book has only 200pages and half of it are charts, and despite the fact that it
covers Elliott Wave only in a very basic way, i can say one thing about this book:

i am sure that with this book and a little more knowledge about Elliott Wave you're going
to trade EVERY market in the world successfully and make money.
I own dozens of books and never said that about one of those books before.

Till

Myles Walker has written the best book on trading with Elliott
Wave that I have ever read. it was simple elegant and put the icing on the cake for me in terms of correct entry method for Elliott. It really helped me in a practical dollars sense. Apparently He has also done a lot of Gann work and a book on it but I must admit to not owning the Gann book yet.

I found this book to be a waste of money. One just doesn't know why some pivots have been considered and some not considered at all. In effect: Total Waste