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Hi Patrick,
Thanks Patrick, it did come across differently. I understand your style.
As a day trader you must know the short term timing of your particular
market ie
- when the dumb money is making its effect ie Amateur hour. I think that
Steidlmayer called it the Balance Period
- when the locals go for what my old boss used to call the "Claret Run"
after lunch, where they run the market to the weakest point
- when the more stupid fund managers come out of their meetings and
blithely blow the market away.
- when everyone short term squares up for the day
I'm glad price pattern does matter.
Regards
David
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> From: Patrick Slevin <slevin@xxxxxxxxxxxxx>
> To: David Hunt <adest@xxxxxxxxxx>
> Cc: knight@xxxxxxxxxxxx; RealTraders Discussion Group
<realtraders@xxxxxxxxxxxxxx>
> Subject: FUTR GEN: Market Timing
> Date: Thursday, October 23, 1997 10:45 PM
>
> Perhaps I should have been more clear about what I was referring to. I
primarily use
> time and patterns when daytrading OEX or spoos....I have no idea how to
trade, say,
> Microsoft, based on time or timing. I rarely trade stocks.
>
> On the other hand, the methods I do use that involve timing provide me
with what I
> believe to be a highly likely probable entry time and exit time for a
trade. That is to
> say, if I am correct with my decision as to which way to go with a trade
I may wait for
> the pattern I expect to see by 8:45 CT this morning. I would expect my
pattern to start
> proving out by 9:05....then if all goes well I'll be secure with my
decision by 9:20.
>
> If I am incorrect at any of these points I fold. Otherwise, I look for a
reversal at
> lunch and then another reversal going into the bond close and exit in the
last hour. Now
> that's today....tomorrow will have different parameters.
>
> What I'm trying to say is, Whether it's an OEX option or a S&P contract,
the price does
> not make any difference to me. I'm relying on the pattern and what time
the pattern
> should unfold.
>
> I know most others would, say, buy support and sell resistance....but to
each his own.
>
> --PJS
>
>
> David Hunt wrote:
> >
> > Patrick,
> >
> > Having worked extensively with time based trading for 10 years (5 years
> > with the WaveTrader/CycleTrader 10 with Gann and Elliott,
> > Fourier Analysis, Astro etc), I must dispute the idea that any one can
> > trade with Time alone and be profitable in the long run.
> >
> > What you trade when you trade is PRICE...... Quite often TIME will be
right
> > on all counts and if you take a position you will lose money if the
pattern
> > does not support it.
>
> Needless to say the people using
> > this do not last long in the market because they have no idea of Price
> > Pattern and trend when the market comes into these Time Zones.
> >
> > Anyway enough diatribe. PLEASE LOOK AT PRICE IF YOU ARE TRADING ON
TIME
> > BASED METHODS>>>
> >
> > Regards
> > David Hunt
> >
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