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Walt Downs wrote:
>
> Well,
>
> It's Friday. My normal day of reflection on the past week.....
>
> Thought I would talk about trading techniques in general.
>
> Many technicians subscribe to the works of Gann, Elliot, Fibonacci and
> many other ratio sets to define where the market might be going, and/
> or turning.
>
> A word of warning to the new trader:
>
> Bar charts, and many charting derivitaves are a numerical representation
> of the markets. As such, they tend to lend themselves very well to the
> application of ratio sets that are given enough leeway in their
> predictions to APPEAR to be valid.
>
> It is my contention that one could readily apply ANY mathematical
> ratio to price charts, and have it SEEM to work.
>
> To prove my hypothesis, I went to the local dime store, and bought
> a rubber duck. I then measured the duck's head and the duck's body
> and from that, developed a ratio set. View the attached gif file
> to see the results. Amazing isn't it. That duck calls turning
> points pretty well.
Walt,
Forget Gann & Ellott!! For gosh sakes, please just tell me where I
can get a duck like yours that I can overlay on my charts. Fantastic! I
have seen alot of trading approaches and most of them have a canard or
two if not out right fowl. If you could offer an expandable duck overlay
that produces the kind of results you have shown, I am sure hundreds
of traders would gladly pay the bill.
Quackingly,
Norman
>
> The moral of this story is : Knowing where a market MIGHT be turning
> ( + / - the usual 3 days most turning point gurus give
> themselves, and + / - the usual 3 or 4 "excuse" days that are
> also usually thrown into the bargain) isn't enough to trade on.
>
> While the above mentioned methodologies do have their place, the
> good trader always looks for confirming indicators, and a safe way
> to enter the market.
>
> In the trading markets of the world, being semi-right is the same as
> being semi-dead........
>
> Walt Downs
> CIS Trading
>
> ---------------------------------------------------------------
> [Image]
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