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Chart patterns are good confirmors. But I don't interpret a MA crossover, it
occurs, Not something to be debated as to wherever it is a cup&handle or
not. I do choose The type of MA and periods used. I test it on a full range
of markets and conditions. I learn to trust it .
I do believe patterns can be useful, But I am often amazed at what people
tend to see. I think patterns are more useful on weekly charts. Another
problem is to define a pattern that a computer can scan for. Without Scan
or explorer capability, you do each chart by eye. I keep about 3800 active
in my database, Don't have the time, to look for even triangles, which are
common as fleas.
We do choose our own mode of trading as it should be. Your way...my way...
the choice IS ours.
.
Richard Estes
-----Original Message-----
From: Greatelto@xxxxxxx <Greatelto@xxxxxxx>
To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>
Date: Friday, October 17, 1997 3:02 PM
Subject: Chart Patterns
>Richard Estes wrote....
>
>....."Patterns are in the eye of the beholder, like beauty. When we did
not
>have
>information or computers, It had more importance. I would rather use
>indicators that provide precise triggers that I have tested and trust.
>
>I remember patterns but wouldn't think of trading off them. More for the
>smoking jacket set, than today's market."............
>
>
>
>Chart patterns are in the eye of the beholder, as is their interpretation.
> So are "your precise triggers." They are created by you or some other
>human. They may be on a computer or whatever, but they are the result of
>human interpretation.
>
>What moves stocks today also moved them in the yesterday or
>yesteryear....supply and demand from buyers and sellers. What is so
>different that makes today's market differ from the past markets (the
smoking
>jacket market)?
>
>Your way....my way....the key is still our interpretation!!!!
>
>Jerry
>
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