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Rick wrote:
If I'm expecting a turn tomorrow, and I have 3 price levels for that day,
100, 125 and 150, and the market is at 90, I will then look first at 100,
then 125.
Fine, but..
Is it not reasonable to think that anyone, on any day, when they look at at
any chart, will, as one of their first actions look to see what the sup/res
levels are? If the market moves to the first level, it will either stall,
reverse or sail on. Consequently, the prudent trader will have a trading plan
(risk/reward, etc) for each potential, whether or not anyone or system says it
is a time day.
Without knowing how Rick works out his particular time days, if his
calculations are, say, a mixture of Gann and Fibonacci, then a chart might
have lines relating to the following numbers - and that's just for those only
under 100!!:
1,2,3,5,5.82,8,11.82,13,21,22.50,34,45,55,89, 91
One of them might get pretty close to the mark, but does it actually make any
difference which day? If you are an alert trader - which, surely, you have to
be to trade at all - if the amazing day arrives one day early, you will still
catch it as much as you will if it arrives one day late or, surprise,
surprise, on the actual day itself. So what? You have to trade what's in
front of you... Only the market can tell you what it's going to do. All we
can do is (re)act!
Is it not more important to know what to do at each level, according to all
sorts of factors pertaining at that time.? It is the price action, at the
time, that counts. If the level relates to a Fib retracement or extension,
for example, you may have something tangible to help you make the appropriate
trading decision - but time on its own, is no more than a shrug of the
shoulders.
Walt Downs is absolutely right to say: "You keep talking "time", but at some
point, that must also equate to money."
Announcing a TIME DATE is one thing, going on to show how it ought to be
TRADED is what would really be worth hearing.
If Rick responds, for the benefit of all, let us hope he doesn't feel it
necessary to take the agressive and rude tone that was dished out to Walt...
Bill Eykyn.
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