Mastering Elliott Wave by Glenn Neely
Mastering Elliott Wave is, as its author claims, the first scientific, objective approach to market forecasting with Elliott Wave Theory. It’s really quite an impressive descriptive and research book that starts off with the most basic concepts of trading with Elliott Waves and finishes with a very complex and sometimes difficult to understand details that would interesting only to extremely advanced financial trader. Nevertheless Glenn Neely and Eric Hall (second author of this book) have done a lot for the popularization and explanation of the Elliott Wave Theory in trading with this piece of literature. In 1990 personal computers couldn’t perform fast technical analysis as they can now, so the book now contains a lot of math calculations that can be easily transferred to the custom automated indicators, but it’s still crucial to learn the inner mechanics of the Elliott Waves and that can be done by reading Mastering Elliott Wave.
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Interesting posts about Forex trading and the most recent currency news can be found on the Forex blog that is used by the author to share his Forex experience.
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Below you can read the reviews of the book and also submit your own review about Mastering Elliott Wave by Glenn Neely.
(2 votes, average: 3.00 out of 5)
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kk:
Ever since the author came out with this book, about ten years ago, he has some new findings. Though an attempt has been made by him to link these new findings to the teachings in the book, it leaves the reader very confused. This makes the book a little outdated and makes it imperative for the publishers to finally come out with a new edition of “Mastering Elliot Wave” as the section in which Glenn Neely answers questions his readers ask nowadays is just not enough.
17 November 2010, 8:33 amGraig:
Glenn Neely has an exceptional mind and this is clearly visible in his book. It is like he gave a duplicated set of keys to his castle to all his readers. The book stands a class above others in its field as it is extremely detailed and cannot be interpreted by an average reader who doesn’t have knowledge of the basic fundamentals clearly. The difficult nature of the book is the reason why many rate the book poorly. What we all don’t see is that the Elliot Wave is a very difficult concept and most material available on it seems to go over everybody’s head.
17 November 2010, 8:33 amThe credibility of the Elliot Wave may or may not have been verified but Glenn Neely, along with his book, certainly puts you in a position to check it out with yourself. Though it may take some time to completely interpret and master, once understood the concepts helped me get through the bear market of 2007.
I bought the book last Wednesday and it took me around four days to interpret and understand the key concepts of the book. I was not an exceptional student, nor did I read Prechter or require the Rosetta Stone.
A few things which may have been in my favor that I have been analyzing the market behavior for years and can comfortably apply highly technical concepts. And I attended Harvard. I think the mot importance reasons why I interpreted this book were the first two reasons (Princeton and Yale graduates may not be able to do so though). As it is very advanced in nature with respect to its technical detailing, I may need to spend more time learning the rules and applying them to the described price movements.
As it is for everything that is worthwhile, it does require considerable effort.
Fil:
The book is well written but I found it extremely hard to finish off. I took 15 years and 4 tries to finally complete reading! What enables me to achieve it was that I had already read all other books by the Elliot Wave technique by Robert Prechter, Robert Beckman, Balan and Wies. On top of that I was relaxed and a good frame of mind. I am not a very intelligent person but I feel after reading this book I understand very well and can successfully chart an Elliot Wave. It is like the conclusion you had hoped for after a long journey. All other books basically just provides a method of Elliot Wave employed by others but this book actually teaches how to do it yourself, though in a slightly difficult way.
17 November 2010, 8:34 amJohn:
For over 3 years I have been involved in spot Forex markets, equities and options and in all my experience I can undoubtedly say that this is one of the best books I have ever come across. Neely’s material on Elliot Waves has helped in developing my future plans towards the trading of various currencies (chiefly the Euro/US Dollar, Great Britain Pound/US Dollar and the US Dollar/Swiss Franc) after over 18 months of doing so, I’m extremely happy I made the switch. His works work better for the readers during the period of corrective markets. I wouldn’t say that a trader will find it difficult to earn profits without this information, it gives lessons in such a way that the approach of a trader changes for the better. It is easy to notice that most of Elliot’s writings are on the development of impulse waves and some knowledge about the corrective patterns is missed as from a more practical point of view, for the most of the time, the market is undergoing corrections.
17 November 2010, 8:34 amOver the past few years, this method of trading has been showing better results.
I’m not saying that this book is the absolute book on trading. It has a lot of editorial and spelling mistakes. The average reader won’t find Chapter 3 very useful unless you spend some time on it. This is because this book is meant for a very specific type of trader, the Elliot Wave analyst. Most works on the Elliot Wave are incomprehensible. Neely understands the Elliot method even better as he is also a scientist along with being a successful trader.
Most of the reviewers have not rated the book very highly. I would like to tell them that a book which is ideal and will teach all about trading overnight will never be written. This book teaches you a method of trading which you will learn over time. This book is not meant for those who don’t believe the Elliot Wave method is effective. It is also not meant for those who want a short cut way of learning the method. However, this book is certainly for you if you would like to read this book holding your calculator and some spreadsheets and it will show amazing results.
I would like to caution those who intend to purchase this book just for making more money using the Elliot Wave method that a better choice would be to read Robert C. Miner’s “Dynamic Trading: Dynamic Concepts in Time, Price, and Pattern Analysis with Practical Strategies for Traders and Investors” before starting this book. That is the book that taught me how to make money. This book taught me how to do it better while reducing the risks involved.
Robert:
Definitely not for a beginner, this is a great book if you want to learn more about the Elliot Wave analysis. If you are already aware of what the Elliot Wave analysis is and some basic knowledge, this book is the best there can be. I analyzed my personal method of Elliot Wave analysis and saw hoe wrong I was going.
17 November 2010, 8:35 amI chose to skip some parts as they were very confusing (like the Neely System of labeling). The author has carefully studied before putting it into his book and hasn’t skipped anything.
I am very happy I read this book and it has made the Elliot Wave method much clearer to me.