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Well I just thought I would make it clear that my mentor and me both
coincide on the general picture BUT I believe that my minor count is
much better than his and have told my mentor to stick to the Major
Counts. That does not mean he ignores the minor counts,or that he
doesn't watch it,or that he unwilling to give me the benefit of doubt
which he does "after" the occurrence , which makes him then change is
minor count, its just that we differ on them and more times than not my
minor count is the right one.Just like people "feel" the market I "feel"
the count. A count is supposed to be based on Mechanics rather than
feelings since it the very issue we are trying to remove from the
analysis, human emotions, The EW theory is based on Mechanics for the
very purpose to eliminate any shreds and vestiges of human emotions. My
"feeling" of a count is not based on how I feel but on how the activity
in the market "feels". I guess Im saying that the little experience I
have is speaking here. (We identified a stock and a price say from 200
to 160 on the short side (according to my mentor), and 200 to 131
according to me, Short and reverse positions to long. The stocked tanked
all right, the low was 131 1/8 .I did give a target of 131 put wasn't
going to actually execute at that price and had a higher target). So if
one effect trades whereas a couple of percent loss of capital would
mean a lot to me it doesn't mean much to him since he's looking at a
longer term frame and is uninterested in knowing short term losses since
he has no positions and is therefore unbiased . As a trader one has be
like a hawk and watch their money, and try not to loose what ones made.
That too in a way is money management every percent saved is every
percent earned. There are things I don't think twice about to spend
money (time management) (buying data, upgrading software, or other tools
for analysis, Im just not interested in saving in that zone, for I
believe that if I cannot afford to have speed there I would be wasting a
lot of time getting subjective and loosing the overall obectivity i.e.
to make money to pay for all of this and a lot more.).
Guy Tann is in for a treat : Volatility is gonna be the norm of the day
for some time.
Just like his system is private when discussions like this take place
with specific target they are generally never achieved simply because
market efficiency takes effect i.e. market discounts everything know to
man before it takes effect.
My figure of nasdaq to 1800 may change too. It could be Nasdaq to
1841.50 or 2125. So please dot take it too literally.At this time that's
the figure and 99% this figure is likely to change for me. But that this
is a bear market we have no doubt (Long term time frame). But then again
Im just a simple monkey so you can ignore everything and use your delete
button.
Be careful and happy trading,
Regards,
Rajesh.
http://www.monkeyofthehill.com (will be up sometime before July 2001)
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