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In a message dated 98-04-27 12:22:27 EDT, joachim@xxxxxxxxxxx writes:
<<
Bob ...your posts are great. I would like to think that most of the list has
suspected there was going to be a melt down on this Monday. I use
candlesticks as
well as other indicators....Your last candle stick post showed a good example
of a
beginning down bias and a significant downward move. How much ...you don't
know...but down....without a doubt.
John
>>
Oh boy, that almost sounds like a challenge if I did not know better...."How
much....you don't know...but down....without a doubt". As a trader you have
setup alerts, buy sell triggers, initial stops and initial targets. Once
those are fullfilled, you look at extended targets and you move the stops.
"How far" for the initial target is a question of methodology that should
prudently be present. Granted I also use trendfollowing techniques that only
care about trend without imposing a mathmatical price & time matrix. (Point
and figure for price only as example) But when you get a coincidence of
trendchange along with a Fibonacci, or Gann, or astrological occurance, then
perhaps that trendchange should be given extra weight in your decision making,
if not only because there are many adherents to the technique. There are
quite a few people on RT who would propose to know "how far down is" in the
respective time frames they look at. There is no question in my mind that
there are dynamic and static time rythms and price rythms present in all
markets. The key is finding what fits your psyche and trading style and
market(s). It might take a decade of exploration to arrive at some state of
essence in regards to the proper fit. And that is no BS, it is the PHD of
trading, one you create and award to yourself.
For those who like pictures, attached is how the OEXQI has performed since
last week. Using the JBOC oscillator presented here on RT prior a nice trade
has been obtained.
BobR
Attachment Converted: "c:\eudora\attach\OEXQI.gif"
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