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Jim Johnson's remarks are well stated.
If you have followed Williams for any period of time, or have read any
of his books or interviews you would see that he has used fundamentals
and technicals hand in hand for many years. The current article puts a
slant on his current statements, making it seem that he has been a
technical purist from day one. This is far from the truth. After
reading the article, it seems to me that Williams has only slightly
changed his emphasis, but his techniques seem to be about the same.
To quote from the 1979 book, "How I Made One Million Dollars Last Year
Trading Commodities" in chapter 4 titled, "My Million Dollar
Fundamental System" I quote from page 25.
"Traders who fail to read this chapter or attempt to disregard
fundamentals will certainly find themselves in trouble. More
importantly, if you have a good grasp of the fundamentals - where
prices should be going - you will meet with greater market success."
In chapter 4, Williams discusses his "Smart Money Tools"
1) COT
2) Price relationships with out months.
3) Open interest
He then closes with a page on "How to Evaluate All Fundamental News"
In Chapter 6 where Williams discusses his technical trading tools, he
states (p 64)
"The tools I am about to discuss may not have been brought to your
attention previously. They will be profitable 'only' if used in
conjunction with well-defined, major bull and bear market moves.
Should you choose to use these indices on the sloppy, go-no-where
markets, or markets that are not tightly locked in (where future
direction is questionable) forget about their effectiveness."
Williams then goes on in chapter 6 to discuss the "new" ideas of
momentum and overbought / oversold with his %R indicator.
Oh yeah, if you want moon cycles, check out chapter 8.
I'm not suggesting that you use his methods or buy his books. I am
just describing a few of his ideas so that those who don't know, will
now have a better idea of what they are.
Patrick White
-----Original Message-----
From: Jim Johnson <jejohn@xxxxxxxxx>
To: nonlinear <keptinkaos@xxxxxxxxx>; omega-list@xxxxxxxxxx
<omega-list@xxxxxxxxxx>
Date: Wednesday, July 28, 1999 9:17 AM
Subject: Re: larry williams, fundamentalist?
Your post shows a glaring lack of knowledge of what Larry Williams has
wrote and taught for the last 30 years.
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