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i just sent an e-mail 10 minutes ago, and when i send and receive it never
shows up!!!!!!!????????? here it is: cocoa kinda crashin........i shorted
5 more in the 1540's, there is one hour or so left to go in trading today
(thurs).............this is NOT hindsight.
comments..........
gary
hawaii
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> From: T-BONDTRADER <T-BONDTRADER@xxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Major Question?
> Date: Wednesday, July 29, 1998 11:54 PM
>
> Date: Thursday, July 30, 1998 3:10 am
> Subject: Re: Major Question?
>
>
> >You guys talk about keeping trading as simple as possible and that Price
> >Action is the only indicator you need. Could you explain a little more
on
> >what exactly price action is and how you use it. Just out of curiosity,
do
> >you use any other type of indicators?
> >
> >JMP
>
>
> I kinda' think it is down to me to answer this, but I hope very much
others
> will come in here. Not everyone is going to agree that Price Action is
the
> be all and end all. The EW guys will have totally different view. The
Gann
> boys will have something to say and all those that swear by Pitchforks,
> Stochastics, RSI and heaven knows what else, will have yet further views.
> Then, of course, there are the fundamental afficionados. In the end, I
am
> sure they are right, but I just ain't got those sort of deep pockets.
I'd
> love to make my fortune on a wonderful run at coffee, or cotton or
anything,
> but I'm just not into the margins, drawdowns, etc - usually caused by
and
> easily explained by some A, B,C correction of the umpteenth wave before
it
> is finally going to go my way.
>
> Let's face it - and I am sure it is all my fault - but I can only see EW
> waves after the fact. I know nothing of Gann, nor come to think of it,
> astrology (but I just love it when there is a full moon and the markets
go
> crazy...). For me, all the conventional indicators lag and I am enough
> behind the market, sitting at my computer, without hanging onto those
> things. (Whatever indicator it is, you can bet your life it is pointing
up
> just as you are going to enter the market and then is dips down as soon
as
> you have - so it is always right when you look back!)
>
> That leaves, price action. For me, it has to be what one has to
> understand - and as soon as I did, I could. Simple as that. Of course,
> one has to look at price action in association with sup/res lines and the
> set ups of various price patterns. This snip from my manual, based on
> trading the T-Bonds, describes some of what I think:
>
> "...In other words we have a well marked map and a good compass, but what
we
> now need to be able to do, is read the road signs. We need to know the
> equivalent warning of the double bend, the T-junction, the slippery road,
> motorway ahead, etc. We must know the signs and these take the shape of
> price patterns.
>
> As I have said before, and will say again now: none of the tools we use
> can be used in isolation. The whole of trading is very much a question
of
> combining, of confirming, of confidence. The price action is what tells
you
> what is going on at the sharp end and mainly, but not always, as it
unfolds,
> it does so by producing patterns which are oft repeated. In fact, oft
> repeated, often!
>
> The first thing you have to do is to recognise the price patterns as
they
> occur and then, be able to put them into context with all that is
happening,
> at that moment – taking all the different time frames into account, as
well.
> Once you have been able to assess what the pattern indicates within the
> context of the trading situation at that time, then you have to accept or
> reject the signal which is offered. That, basically, is where you have
to
> assess the risk/reward ratio of the potential trade and make your
decision –
> all of which we will discuss in Chapter 9.
>
> Logic will tell you that there must be a myriad of price patterns, but
what
> we are looking for are selective patterns which when they occur, in
certain
> circumstances, usually have a distinct affect on what the market does
> thereafter. In other words, patterns which tend to be in the van of a
> change in market direction...
>
> Let me emphasize that the manual is not written as an expert. I have
just
> had to learn the hard way and, at the risk of sounding dogmatic about
price
> action, it seems to me to be the one consistent thing that works.
Anyway, I
> find it works day in, day out, in the T-Bonds, in association with
sup/res
> lines, etc. Without trying to be coy, to go into detail requires a
legion
> of charts and examples, which I just cannot do here, but which I believe
I
> have done tolerably well in the compilation of the manual.
>
> Finally, in fairness to those who have been on RT for awhile, let me say
> that this manual (which really will be out in early September!!!) is
aimed
> at helping the 'newbie' traders (and therefore, presumably, only a small
> percentage of this lis), or those who would look at the T-Bonds as a new
> market for them and worth learning about. Since I already have a lengthy
> list of RTers who have asked me to send them details on publication, I
will
> leave it to one of them, in due course, to post their opinion. The idea,
> you must appreciate, is for a raw recruit to the markets to be able to
sit
> down with the manual and learn to trade, or, having read and aborbed the
> whole thing, save a small fortune by concluding that this is not a
business
> for them. It is a working tool and not a book. It is written on the
basis
> that I wish I had had just such a manual when I started, rather than...
and
> we all know the story from there!
>
> So, look left and trade right - that's how to do it!
>
> Bill Eykyn
>
>
>
>
>
>
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