Glenn Neely rejects the traditional analysis Elliott

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Glenn Neely crossed swords with traditional theorists of Elliott waves and has developed its own approach to market trading, which he called the theory NEoWave (NEoWave Theory). Neely first encountered the Elliott wave theory in the early 80-ies, when he worked in the oil industry. At that time, Neely became interested in the stock market and read many books on the subject, but this, according to him, "I was not especially excited, and he began to study commodity markets. His first real experience of commodity trading has been associated with the use of the trading system. "I paid several thousand dollars for this magical Grail - trading system. My first lesson was that no matter how much money you spent on the system, it does not guarantee success", says Neely. He continued his self-education. "During the year I studied different things. I realized that it is actually much harder than I originally thought", - says Neely. However, according to him, "everything happened in a clear picture when I read the short description of Elliott waves".

Traditional Elliott wave theory, according to the book of John John. Murphy's "Technical analysis of futures markets", States that the markets go up or down in five waves: three up (or down) with two intermediate corrections. Nikki immediately took Elliott wave: "I began to read everything that came across under a hand, but realized there was still a lot unsaid". Describing his first disappointment traditional theory of Elliott, Neely says: "There are too many ways of interpreting it. It is not objective. It is unscientific. I am absolutely not satisfied with its flexibility. While that is a big part of my career was in building technology, in order to make it more objective. My main concern almost all the time was the improvement of the forms of technical analysis, which would be logical, systematic and independent of interpretations.

"Elliott Waves for the most part are based on sequences of Fibonacci and price patterns, rather, visual representations of price patterns. NEoWave adds to this a logical process with elements of vector physics", explains Neely. In order for the theory NEoWave, invented by Neely, earned properly, you need to select markets that meet certain criteria. First, you want to market the product, not having completed the cycle of consumption, i.e., eternal goods. Corn, for example, will not fit: she grew up, ate it and forgot". Other factors, such as Neely explains, is that "the current value is based on the past; time has no automatic negative impact on the cost, and this applies to thousands of products and available prices. Additionally, Neely believes that "if the wave analysis should be accurate, it is necessary to use data on cash." Many traders and analysts use data on futures prices in its analysis by the method of Elliott wave, "but a large part of the confusion related to the Elliott wave, caused by the fact that you are not the data," says Neely.

as for vremenn framework for trading, Neely, there are no hard and fast rules: "That vremena frame within which I outline the deal represents the most clear to interpret the range. Let the market dictates provided a time frame. I don't want to end up counting the waves when they are observed".

the key to successful trading is "the need to control their emotions". Neely says: "it took Me ten years to learn it is acceptable to control emotions. To achieve such control is possible only by having a concrete idea about the behavior of markets and knowledge of how you can take risks.

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