Glenn Neely has crossed swords to traditional theorists of waves of Elliott and has developed the own approach to the market auctions which he named NEoWave Theory. Glenn Neely for the first time has faced the wave theory of Elliott in the early eighties when it worked in the petroleum industry. At that time he has become interested in a share market and has read set of books in this subject, but it, as he said, «especially has not excited me», and he began to study goods markets.
His first real experience of commodity trading has been connected with use trading systems. «I have paid thousand dollars for this magic bowl of Graall – trading system. My first lesson was that how many money you have spent for system, she does not guarantee success», — tells Glenn Neely. He continued independent education.« In the course of the year I studied different things. I have realized that actually all is much more difficult, than first it seemed to me », — tells Glenn Neely. However, as he said,« all has developed in a clear picture when I have read the short description of waves of Elliott ».
The traditional wave theory of Elliott, according to John Merfy «the Technical analysis of the markets of futures», states that the markets go upwards or downwards five waves: three upwards (or downwards) with two intermediate corrections. Glenn Neely at once has added to the arsenal waves of Elliott: «I have started to read everything that came across under a hand, but has understood that remains a lot of held back».
Characterizing the first disappointment the traditional theory of Elliott, Glenn Neely speaks: «There are too many methods of its interpretation. It is biased. I at all did not accept its flexibility. Meanwhile the large part of my career has passed in engineering escalating to make its more objectives. Perfection of the form of technical analysis which would be logical, system and not dependent on interpretations» was my main task almost for all operating time.
«Waves of Elliott are mostly based on sequences of Fibonacci and price laws, more truly, visual submissions of price laws. NEoWave adds to it the whole logic process with elements of vector physics», — explains Neely. That theory of NEoWave which has been thought up by Neely, has earned properly, «it is necessary to choose the markets corresponding to certain criteria».
First, «the market of the goods which do not have the finished cycle of consumption is required, i.e. the eternal goods. The corn, for example, will not approach: she has grown, it have eaten and have forgotten». Other factors as explains Glenn Neely, that «the current value is based on the past; time has no automatic negative effect on cost, and it concerns thousand goods and the present prices». Besides, he considers that «if the wave analysis should be exact it is necessary to use the data about a cash».
Many traders and analysts use the data about the prices of futures in the analysis on a method of waves of Elliott, «but the significant part of the mess concerning waves of Elliott, is caused by that that data» is used not, tells Neely.
In case you decided to participate in forex trading must start from learning the basics of this market to make sure you do not experience problems with this industry.