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I, too, know how to see the patterns. I just don't trade them. I consider
myself experienced in that light. The complaint that TA is an art comes
mainly from the activities of pattern readers. I put down the practice
because of newcomers who don't prepare themselves to take on the "ART". My
E&M stays on my bookshelf, rarely being opened.
We, all see, things differently but as I like to say " Bad TA is better than
no TA."
Richard Estes
-----Original Message-----
From: Greatelto@xxxxxxx <Greatelto@xxxxxxx>
To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>;
restes@xxxxxxxxx <restes@xxxxxxxxx>
Date: Thursday, October 30, 1997 3:45 PM
Subject: Re: Dow Update
>Jim....
>
>Hurray for you!! On my desk I have an Edwards and Magee that I bought in
>1964, the 14th edition. It is in my humble opinion the best book written
on
>basic technical analysis and I still refer to it. Most books today seem to
>focus on a sure-fire method or gimmick to trade the markets. It has been
my
>experience that the only ones making the money on a regular basis are the
>various authors.
>
>I concur with your thoughts on chart patterns. It is nice to know that I
am
>not the only "smoking jacket" type out here. I use a very similar approach
>in my investing. It is kinda slow but it plugs along and has been quite
>successful.
>
>Many moons ago I too did some "tape reading." But as time went on and the
>volume increased and the tape trades got shortened, I gave up. It was
>extremely difficult to be successful in tape trading, but for those who had
>the knack or touch, good money was made. I must admit though, that I did
not
>have that talent.
>
>I thought one of the best old time technical analysts was Bob Farrell, now
>retired (but sometimes active) from Merrill Lynch. As a matter of fact,
most
>of my old hand-made charts and those made by customers and friends were
given
>to him.
>
>Please excuse my dreaming backwards....
>
>Jerry
>
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