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In a message dated 3/2/00 4:07:11 AM Pacific Standard Time,
the_omega_man@xxxxxxxxxxxx writes:
> To summarize, programming is a *means*, not an *end*. It is to be used,
> *where it makes sense* to use it - specifically, where it reduces work
> through automation. If it would be more work to automate a trader's
method
> than it is to just let the guy trade it, then programming makes no sense.
As much as I hate to admit it, Om is right here. Today's market is a good
example.
The 1387 to 1392 area is a fibo 38% and 50% retracement of the 1-3 and 2-8
swing highs. 1387 is the swing low on 1-5. There are a dozen other days in
the last few months that found support or resistance (had a high or low) in
this area. The market is congesting (so far) in front of tomorrow's report.
Could this information be helpful?
Knowing this would a day trader want to tighten up his targets / stops
assuming today may become a narrow range day? Is there value in knowing these
levels and evaluating how the market reacts to them? How much time would it
take to program this stuff into a system that sez "trail a tight stop near
1387 and be extra careful near the close"?
I am a strong believer in coding and back testing ideas. I like using
mechanical system filters, but some valuable stuff is just not worth the time
to code.
Bill Wynne
SmartTrades.com
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