Breakthrough Strategies for Predicting Any Market: Charting Elliott Wave, Lucas, Fibonacci and Time for Profit (Wiley Trading)

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Product Description

A book that will forever change the way you think about trading and take your technical analysis to the next level

Certain to become one of the great trading books of the 21^st century, Breakthrough Strategies for Predicting Any Market is star trader, Jeff Greenblatt’s maxim opus. In it he shares his hard-won lessons on what it takes to be a professional trader, while detailing his proven techniques for mastering market timing. With the help of numerous case studies and charts, Jeff develops his original high-probability pattern recognition system which, once mastered endows its user with a deeper understanding of how the markets really work and boosts the efficiency of any trading methodology by an order of magnitude. Following in the footsteps of the great W.D. Gann, Jeff helps you gain greater precision in any instrument you trade, on any time frame.

• Actual market examples supplemented with 120 charts of stocks, bonds, commodities in multiple time frames from minutes to 10 years starting with varied combination of price, volume and momentum studies
• Makes even the most complex subject matter easy to understand with crystal-clear explanations and step-by-step guidance on all concepts, terms, processes and techniques
• Shares fascinating and enlightening personal anecdotes from Jeff Greenblatt ��s career along with his candid reflection on getting and maintaining the mental discipline of a successful trader
• Identifies potential support and resistance levels, including envelope and channel analysis and Fibonacci ratios, and demonstrates that most reversals and breakouts occur on an key time bar

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Breakthrough Strategies for Predicting Any Market: Charting Elliott Wave, Lucas, Fibonacci and Time for Profit (Wiley Trading) Review

Mr Greenblatt is an experienced trader and he believes that he is adding value to Fibonacci ratio analysis by adding "Lucas numbers"- same idea as Fibonacci but starting with 2 plus 1 instead. He then shows charts where turning points correlate with Fibonacci or Lucas numbers, the trouble being that there are so many of these possibilities that just about anywhere might do it.

He then picks selective charts to emphasise the accuracy of this technique but shows no statistical evidence that it is practically useful.

I found the psychological aspects covered in the last few chapters the most useful. His ideas on counting Elliot waves are great in retrospect. They are always much more evident in a chart in the rear view mirror.

I don't share Ms Bolton-Smith's raving support for this alleged breakthrough in trading. I must admit I was expecting much more than adding Fibonacci times to Fibonacci price ratios.

Also charting programmes like Ensign have studies to measure this in time and why isn't everyone using them- because much of the time they are of no use.

A good book, with a clear technique that suits Mr Greenblatt and it may help me occassionally when there is a clear Elliot series of impulse waves appearing but otherwise of limited benefit.

The charts are in black and white and although large unclear. The writing of the bar numbers on the charts is often magnifying glass effort to read. How is the reader to know when to use any particular Fib or Lucas number when there are so many- never explained although some mutterings about Candle formations.

I do think that one point that he makes is useful, namely don't trade mediocre patterns, patiently wait for the best to risk your money.

Overall an average book, in a field littered with many below average offerings.

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