I would like to respond to a couple of statements here since I am the author of Reversal Magic.
First, I have never read or viewed Kurt Amacher's work, so I can't comment very much on this. But the sources for the basic concept originate from wave science, which specifically stems from concepts related to electronic communications. In any event, I do have the copyright for my work in most major countries and this remains undisputed. I want to make this very clear; I have never used anyone else's work to develop my own. I have spent years developing this on my own and continue to do so.
Second, my research has developed this into a much greater technique than I describe even in my current works and it can be used to predict price or extend a chart into the future. But even without this, there are many who are using it to make money right now. It is not just for analyzing a market, but provides entry and exit signals. It also provides stops, which are the high or low of the bar indicated. But it is a tool and I never state that it should be traded solely by itself. Still, there are many who have used it as their only tool and done well, they just use common sense in their use of it and have a good understanding of the tool.
What is overlooked here is that when I teach I am adding two other methods besides Reversal Magic that round out the trading methodology. Channel Surfing is what I recommend for setting stops and defining the market condition, to determine whether a reversal should be taken. Balance Magic provides price targets compliment these two methods. So there are actually two predictive methods that I provide, Reversal Magic and Balance Magic. You will rarely find anything that is truly predictive on this business but along with them I also provide another method that helps you trade those predictions when they arrive, Channel Surfing.
The frequent problem I run into here is that often a person only wants to try Reversal Magic and go no further. They are tools and yes, as tools they have a learning curve related to them, but nowhere else will you find any greater tools than these for trading.
Additionally, I provide trading reviews and real time training sessions to help a person overcome any weakness in applying these methods. I have always maintained an open door and if someone has invested in the methods and still has trouble all they have to do is ask for help. Those here who have Reversal Magic know this and so I am wondering why they have taken an issue up here on a forum instead of emailing me for help.
One other point, it is not discretionary. The only issue has to do with which points to use for the calculation and the rules are simple; the swing extremes, points of the balance point and of course, the further the points are away (particularly vertically) the stronger the reversal. The only other part is what is happening just as the reversal arrives which indicates what direction the market will go in.
Usually the first thing a person does is try to use every point to calculate a reversal and many of these will be weak. You have to have a wave (or cycle if you prefer) with some strength to it in order to cause a strong reaction in the market. If you use weak points then you will naturally get weak reversals and a lot of them, which is confusing. Some do have a problem understanding the concept of what are extremes and what are minor points (I don't know why, but some do) and even with these individuals I will spend the time necessary to help them understand this.
I understand that for some this may not be their cup of tea. There are many who simply want to have an indicator to tell them to buy or sell and nothing else. Personally, I do not believe that any indicator of its own accord will make anyone a successful trader for the long-term. I believe that to be successful a person needs to understand the language of the markets and be able to interpret it. This is what I teach. Many aspects can be learned very quickly and adapted into one's trading right away, but there is a whole lot more that I am teaching than just this. It does take effort, but you are getting so much more for your investment than you would any where else. That includes support second to none. That alone should tell you something, if Reversal Magic didn't work then I would not be able to have real time sessions without some serious questions arising.
Sorry if I seem to have vented here. I have spent a lot of work over the years developing my methods and I teach because I am passionate about it and this despite the fact that the real money is in trading. Yesterday I was up to 3:00 am putting together a trading review of Friday (while trading I take pictures of the market and insert comments later on to show what I did and why) that was 19 pages long. I don't have to put together trading reviews but I know that it helps my students. No one pays me for it.
Whether you view my methods in a positive or negative way is your choice, but I stand behind my work one hundred percent and after helping so many I know that they really do work. But a person still has to learn them in order to be effective. The choice as to how far a person is willing to go to learn them is just that, a choice, particularly when I offer so much support.
Michael Parsons
First, I have never read or viewed Kurt Amacher's work, so I can't comment very much on this. But the sources for the basic concept originate from wave science, which specifically stems from concepts related to electronic communications. In any event, I do have the copyright for my work in most major countries and this remains undisputed. I want to make this very clear; I have never used anyone else's work to develop my own. I have spent years developing this on my own and continue to do so.
Second, my research has developed this into a much greater technique than I describe even in my current works and it can be used to predict price or extend a chart into the future. But even without this, there are many who are using it to make money right now. It is not just for analyzing a market, but provides entry and exit signals. It also provides stops, which are the high or low of the bar indicated. But it is a tool and I never state that it should be traded solely by itself. Still, there are many who have used it as their only tool and done well, they just use common sense in their use of it and have a good understanding of the tool.
What is overlooked here is that when I teach I am adding two other methods besides Reversal Magic that round out the trading methodology. Channel Surfing is what I recommend for setting stops and defining the market condition, to determine whether a reversal should be taken. Balance Magic provides price targets compliment these two methods. So there are actually two predictive methods that I provide, Reversal Magic and Balance Magic. You will rarely find anything that is truly predictive on this business but along with them I also provide another method that helps you trade those predictions when they arrive, Channel Surfing.
The frequent problem I run into here is that often a person only wants to try Reversal Magic and go no further. They are tools and yes, as tools they have a learning curve related to them, but nowhere else will you find any greater tools than these for trading.
Additionally, I provide trading reviews and real time training sessions to help a person overcome any weakness in applying these methods. I have always maintained an open door and if someone has invested in the methods and still has trouble all they have to do is ask for help. Those here who have Reversal Magic know this and so I am wondering why they have taken an issue up here on a forum instead of emailing me for help.
One other point, it is not discretionary. The only issue has to do with which points to use for the calculation and the rules are simple; the swing extremes, points of the balance point and of course, the further the points are away (particularly vertically) the stronger the reversal. The only other part is what is happening just as the reversal arrives which indicates what direction the market will go in.
Usually the first thing a person does is try to use every point to calculate a reversal and many of these will be weak. You have to have a wave (or cycle if you prefer) with some strength to it in order to cause a strong reaction in the market. If you use weak points then you will naturally get weak reversals and a lot of them, which is confusing. Some do have a problem understanding the concept of what are extremes and what are minor points (I don't know why, but some do) and even with these individuals I will spend the time necessary to help them understand this.
I understand that for some this may not be their cup of tea. There are many who simply want to have an indicator to tell them to buy or sell and nothing else. Personally, I do not believe that any indicator of its own accord will make anyone a successful trader for the long-term. I believe that to be successful a person needs to understand the language of the markets and be able to interpret it. This is what I teach. Many aspects can be learned very quickly and adapted into one's trading right away, but there is a whole lot more that I am teaching than just this. It does take effort, but you are getting so much more for your investment than you would any where else. That includes support second to none. That alone should tell you something, if Reversal Magic didn't work then I would not be able to have real time sessions without some serious questions arising.
Sorry if I seem to have vented here. I have spent a lot of work over the years developing my methods and I teach because I am passionate about it and this despite the fact that the real money is in trading. Yesterday I was up to 3:00 am putting together a trading review of Friday (while trading I take pictures of the market and insert comments later on to show what I did and why) that was 19 pages long. I don't have to put together trading reviews but I know that it helps my students. No one pays me for it.
Whether you view my methods in a positive or negative way is your choice, but I stand behind my work one hundred percent and after helping so many I know that they really do work. But a person still has to learn them in order to be effective. The choice as to how far a person is willing to go to learn them is just that, a choice, particularly when I offer so much support.
Michael Parsons
