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Elliott Wave Principle: Key To Market Behavior Hardcover – 2005

4.4 out of 5 stars 58 customer reviews

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Product Details

  • Hardcover: 254 pages
  • Publisher: New Classics Library; 10th edition (2005)
  • Language: English
  • ISBN-10: 0932750753
  • ISBN-13: 978-0932750754
  • Product Dimensions: 9.4 x 6.4 x 0.9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.4 out of 5 stars  See all reviews (58 customer reviews)
  • Amazon Best Sellers Rank: #329,036 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Raul Dominguez Galbraith on September 22, 2007
Format: Hardcover
This book is awesome, it teaches you a way of technical analysis that nobody else can even imagine. It implies that the markets are patterned, and that those patterns repeat themselves in all time frames, from 1 day to even 5 years or more.

Elliott Wave consists of 13 basic patterns. These patterns are formed by waves and/or market movements. If you can learned to recognize this patterns you can make a lot of money by been able to identify the next move.

Elliott wave analysis has rules and guidelines that will help you to know where to place your stop, how to recognize these patterns, how to make the correct wave count within these patterns, will give you the tools to predict price objectives and time frames for those price objectives, and a stop or a limit that will negate the whole thing if been wrong. The result is method that offers high probability trades that works the majority of the time if you are a discipline investor.

This book alone won't be enough to make you a great trader, but it would improve your trading dramatically. One tip, you need to learn to validate those wave counts and/or patterns by using several technical indicators that should show certain divergences in certain faces of those patterns and/or waves. The combination of Elliott Wave analysis with traditional Technical Analysis beats any other form of analysis you can possibly imagine.

In longer time frames, you need to combine those two with economic cycle theory. I like the Princeton Model. And see the charts and technical indicators in weekly or even monthly basis, and probably in logarithmic scale.

Some said that Robert Pretcher was wrong by calling the market top in 2000.
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Format: Hardcover
This book is required reading for levels 1 thru 3 of the Chartered Market Technicians (CMT) program because it covers all the basics of the Elliott Wave Principle even though the book was written in 1978. Bob Prechter has devoted the major part of his professional life to the study of Elliott Wave theory and application so therefore imminently qualified to write this book with Charles J. Collins.

So why did I give this book 3 stars? In my opinion, Prechter makes the subject more complicated than it has to be. At the very least, he runs the risk of alienating neophytes who will be overwhelmed with his descriptions and analysis and wonder how in the world they will ever make sense of markets from an Elliott Wave perspective. The challenge is that Elliott Wave is highly subjective which is why very few experts ever agree on wave counts and forecasts. Even Prechter himself, who is extremely generous of his time with anyone who shows a genuine interest in the subject, has enjoyed periods of great success punctuated by times when he was very wrong. For example, he warned subscribers in August and September 1987 that a top was forming in the Dow saving those who listened from getting caught in the big October drop. But then he wrote a brilliant but highly bearish article in December 2003 entitled A Developing Depression for Technical Analysis of Stocks & Commodities magazine which talked at length about the challenges US stock markets faced that in retrospect was the early stages of the 2003-2007 cyclical bull market.

I have come to the conclusion that while the behavioral observations of founder Ralph Nelson Elliott in the 1920s and beyond were brilliant, few since have truly mastered his brainchild due to the highly complex and subjective nature of applying it to markets.
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Format: Hardcover
If you want to learn elliott wave principle, this is the book for you. It's quite a dry read but going through it once and using it to refer back to while trading is well worth it. It also works well if you have trouble sleeping since this book will knock you out in minutes after reading a few pages. Despite it's dry content, it is extremely useful and has helped pave the way for a good trading career. This is a must read for any market technician.
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Format: Hardcover
if you want to make money out of the market know this, its not easy and never will be easy self discipline has a lot to do with it, but the tools should be also good, I have read different analysis theories that include chart patterns cycle analysis even went to RSI detailed analysis (based on andrew cardwell work) and yes all these stuff do help a lot and you should know all of them BUT elliottwave analysis is what you should fully depend on the rest look at them as helping tools to enhance your elliottwave analysis, in this book Robert explains how the market moves in waves and how you can actually interpret these movement and predict future markets movement and this is how you can use it to do your trading ! Yes you can make a lot of money but you have to be very careful and develop strict stop loss strategy especially in forex markets. I highly recommend all traders to read about elliottwave analysis.but elliottwave alone is not enough i look at it like this elliottwave is the backbone of it and represent 70% the rest is all these other methods (cycles,indicators, numorology, astrology....etc) basically Experience.
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