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Customer Review

25 of 29 people found the following review helpful
3.0 out of 5 stars Great book, BUT....., January 22, 2012
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This review is from: Five Waves to Financial Freedom: Learn Elliott Wave Analysis (Kindle Edition)
I've bought dozens of e-books from Amazon and this is my first review I've ever done. I held off from rating this book until I re-read it a few times, due to the complexity of the content. I can only give this book 3 stars. While I credit the author with being brilliant and doing a great job of explaining EWP and using it with Fibonacci ratios (I have a fairly good grasp of EWP now but still need to re-read it multiple times), the goal of the book is to not only teach EWP, but also show how you can actually implement it in your training. That is where I feel this book fell far short of.

One problem is with most of his Charts. He'll show Point 0 and Point 1, but won't label what their prices were. He'll then show wave 2 retracing say 50% and give the wave 2 value. But there's no way for me to confirm the retracement since I don't know the length of wave 1. The same holds true when he shows wave 3 = 161.8% of wave 1, for example. Really? How am I to validate that? And how am I to know that Wave 5 was 161.8% of waves 1 and 3 combined?????

Another problem with is charts is what he'll often show as Wave 3, I can see waves 3, 4 and 5. And in some of his corrections with "a", "b" and "c" waves, I can see all 3 waves in what he labels as just wave "a". It's almost like his charts are subjective and he makes up where he wants some waves to be. He never goes into detail about why he chooses a one specific point when there are other parts of the wave that could also be interpreted was the end or start of some wave. I want to know why what I see as Point 3 and the Point 4 retracement are actually just part of wave 3.

As for actually implementing EWP in my trading, again I feel he does not do enough. He has some charts with Waves 1,2,3,4,5, waves "a", "b", "c", waves "I", "II", "III", "IV", waves "(a), "(b)", (c)", etc. He then gives a brief summary of some of those waves, but not all, which leaves me scatching my head. That just is not good enough. I wanted detailed analysis of every single wave.

And on his charts and videos he uses some cool drag and drop tool that shows the Fibonacci ratio's at all different points within a wave. Yet there is not a single reference made (at least not that I see) to what that tool is, where he got it, and whether it is available for download. Nor does he mention any other tools that can be used. I don't even see anything on his website. I tried creating some excel spreadsheets to compute this, but it's nearly impossible due all the permutations there can be with the waves within waves and all the corrections. So I just don't see how I can implement this in my own trading.

With that being said, this is still an excellent book if you want to understand EWP and their use with Fibonacci ratios. I knew nothing about EWP before I read it and I did learn a lot from this book. The author does a pretty good job of explaining a lot of principles. And for $9.99 for my kindle, it's a great price. He just doesn't go into far enough detail for me, and I just don't see how I can implement EWP without a chart tool like he has. I wanted and needed more from the author.
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Showing 1-6 of 6 posts in this discussion
Initial post: Jan 23, 2012 3:58:33 AM PST
Last edited by the author on Jan 25, 2012 1:36:59 AM PST
Book Lover says:
Hi BigSlick, First of all, thank you for taking time to write such a detailed review. I am sure people who plan to buy this book would find your comments of great value. Permit me to address some of the important points you have made.

Let me start with the software I used to create the charts. I used Reuters charting tool, which I believe is also available for non-professionals at a subsidized version. However, the use of the software was only to save me the time needed to compute different retracements and projections. It is perfectly possible to arrive at the same levels if you knew what the starting and ending points are for a particular move.

This brings me to another key observation you made, that I often don't show the price level of a particular point. You will agree that putting in too many details on a chart makes it hard for the reader to understand everything - it gets too crowded. Now if the Reuters tool shows the starting and ending points, and then the projections made from the third level, I thought there is no need to show the starting and ending points, especially when I am drawing the readers' attention to the final level.

BigSLick, I appreciate that Elliott Wave Analysis is not easy to understand, especially with so many labels that can be assigned on charts. My approach to labeling was to focus on getting the reader to understand the concepts. If I take you too deep into the subject, you would have probably abandoned the book mid way. The book started off by saying I am not trying to make the reader an expert, but only trying to give him/her sufficient grounding to get started quickly. So I hope you will forgive this shortcoming.

I would like to thank you once again for writing such a detailed review, just as I am grateful to all the others who have taken the trouble to read the book and post their comments here. And BigSlick, if after reading my explanations you are satisfied, do let me know. Please feel free to post on my blog too!

Posted on May 29, 2012 6:20:19 PM PDT
Nash deVille says:
@BigSlick75093 -- You might try Elliott Wave Principle: Key To Market Behavior and Applying Elliott Wave Theory Profitably and if you're really serious you might try

Best Wishes!

Posted on Jun 18, 2012 3:55:55 AM PDT
Ruben says:
Hi Bigslick, Great review, thanks. I think you should try Mastering Elliott Wave Version 2.0: by Glenn Neely. I am studying that book its very elaborate I came across this book and need a simple approach to EWP. But the book I am recommending is very challenging but very informative. Hope it helps

Posted on Aug 19, 2012 7:07:44 AM PDT
Fernando says:
Yo bro, you don't have to be given all that info. Sounds like you need the basics in order to read this book.

Posted on Apr 5, 2013 11:03:20 AM PDT
Last edited by the author on Apr 5, 2013 11:03:55 AM PDT
Bobiboy says:
Man, seriously, you DO NOT need to know the exact price levels. This is not the point.

And for the Fibonacci levels - if you don't have a chart with the tool, then just calculate it - get the length of a peak and multiply it by 0.618 for example to see where that level will be. This is very simple math and I believe if you are about to make a thousand bucks (or 10) on a trade after a good analysis, it doesn't hurt to put a bit of effort and calculate a couple of numbers.

Posted on Oct 26, 2015 6:25:41 AM PDT
Last edited by the author on Oct 26, 2015 6:27:09 AM PDT
I like to read up to three books on a subject and compare, and Ramki's Book, the FWTFF made more sense to me in one hour than all the books and PDFs on the subject. The simplicity and the clarity with which such a complex subject was dealt with is amazing. Any one familiar with the Fibonacci retracement tool that comes with all trading platforms, and price action, using support and resistance will love this book. One detail that would be of some benefit is wave comparison between charts. For example, will the waves in an hourly chart represent the sub waves on a daily chart. That would be interesting to know.
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