C
jaideep said:
I don't need M/S Leonardo Fibonacci, Elliot or Gann for that matter to tell me that we can expect a bounce-back soon. I can tell that too because everything that goes up comes down & vice-versa. No one can change that for sure. The million dollar question is When exactly will the reversal occur?
In my very humble opinion, the above reverred gentlemen may have evolved theories that they put into practice to achieve astounding success. That does not mean that everyone can repeat history, though the dictum says otherwise. If I am not mistaken as having read somewhere, Gann's analysis was based on theories practised by the ancient Egyptians to monitor & control the market prices of rice & other commodities in their times. That was'nt yesterday, was it? A cool 3000+ years ago. Gosh!! So much for our modern technology. Elliot has been both worshipped & condemned, in this very forum if you please. Fibonacci was a Mathematician whose series applied to far more applications than share trading. I know that for sure, not only because I've read about him & learned so but also because he was a pain-in-the-(you know what) while doing my Mech.Engg. T/A for me is to approximately, very, very approximately identify trends in certain on-the-move scrips & hazard a guess on probable entry & exit signals. Time frame would still be a shot-in-the dark.
In my very humble opinion, the above reverred gentlemen may have evolved theories that they put into practice to achieve astounding success. That does not mean that everyone can repeat history, though the dictum says otherwise. If I am not mistaken as having read somewhere, Gann's analysis was based on theories practised by the ancient Egyptians to monitor & control the market prices of rice & other commodities in their times. That was'nt yesterday, was it? A cool 3000+ years ago. Gosh!! So much for our modern technology. Elliot has been both worshipped & condemned, in this very forum if you please. Fibonacci was a Mathematician whose series applied to far more applications than share trading. I know that for sure, not only because I've read about him & learned so but also because he was a pain-in-the-(you know what) while doing my Mech.Engg. T/A for me is to approximately, very, very approximately identify trends in certain on-the-move scrips & hazard a guess on probable entry & exit signals. Time frame would still be a shot-in-the dark.
Hmmmm Jaideep
Unsolicited opinions.And to one of the better posters here.It doesnt matter what you didnt like in engg, or what people say about somebody but its always unwise to make assumptions that you havent studied carefully.Gann and Elliott spent their lifetimes studying the markets and just because of a self proclaiming guru fails implementing them doesnt mean they are useless.Same about fibonacci,its truly a work of great precision and usefulness.I think jai you have a poetic heartD) so you may not be able to appreciate the beauty of mathematical genius in it.
What comes up........... .Not really.In the markets every action has an unequal and exaggerated reaction.These 'occult' theories are better managed to handle them then borrowed moving averages and momentum indicators.
Just because they are old doesnt make them useless,does it?What about religions then?
Mind you I am not making a case against more objective and systematic approach to trading but what prompted me to reply was your complete dismissal of works which surely needed to be understood by all traders.
CV