The innovator theorist of trading of Glenn Neely developed own approach to interpretation of the well-known theory of waves of Elliot, received the name of the theory of "NEoWave".
For the first time Glenn Neely got acquainted with Elliot's wave theory when worked in the oil and gas industry, in the early eighties the XX centuries.
At first Glenn Neely studied stock market, then the commodity market. In commodity trading of Neely for the first time applies trading system which he very poetically calls "a magic bowl of Graal".
All education which was ever got by Glenn Neely concerning trading, result was exclusive its personal independent efforts. The first vital lesson was quite cruel, and Neely understood that in the itself system yet isn't a success guarantee even if a lot of money is spent for it.
The second revelation was that actually trading and the market is much more difficult things, than it can seem to an uninitiated look. With growth of new knowledge all picture gained the increasing complexity. Only Elliot's the well-known waves helped to clear all situation to it.
"The technical analysis of the markets of futures" Jonah Dzh became the first book thanks to which there was Glenn Neely's acquaintance to Elliot's waves. Murphy in whom the author outputs the well-known law on the markets. Neely saw at once rational grain in this theory and began to study all literature on this matter.
Eventually I came to a conclusion that the theory of waves of Elliot is too the general, too flexible, interpretation having too many options that in the opinion of Neely did it simply biased and impossible for practical application. Neely decided that the theory of waves of Elliot simply напросто is worked not enough, and closely was engaged in its improvement. He achieved a system, logical and one-alternative form of the technical analysis.
Neely in the researches recognized that Elliot's wave theory has Fibonacci's numerical sequences, and also ideas of the main price regularities in the basis. Glenn was some elements of vector physics which allowed to turn the analysis of waves of Elliot into harmonous logical process the basis for the theory of "NEoWave".
The only lack of created Neely of the theory of "NEoWave" consists that it can be applied only in the markets of a certain type. As the main criterion for such markets Neely specifies eternity of goods sold in the market.
With the following criterion of Neely allocates the current cost of goods, to be exact its dependence on the last prices of these goods. The cost of goods shouldn't decrease over time as it happens to the majority of goods.
The third of defining criteria of accuracy of application of the theory of "NEoWave" for the wave analysis is need to have exact data at the order. To this Neely wanted to tell that very many traders when carrying out the analysis with use of the wave theory of Elliot take into account not those data on the prices of futures that brings some confusion and influences results of the analysis.
Concerning time frames of trading Glenn Neely established the accurate rules which he demands to adhere strictly. Only acceptable time interval for the trader is only the time frames established by him for his transaction.
Glenn Neely, the person with experience of trading activity in some decades, considers that very first to that the trader has to learn — it is to complete control of the emotions. He on achievement of more or less acceptable control over manifestations of the emotions needed nearly 10 years. And it was succeeded to achieve it only after he learned to realize the risks, having a complete idea of how the market has to behave.
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