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i disagree. Analysis of pure price action complemented with techncial
indicators is an excellent way to trade. Daytrading the
S&P from off the floor does not require that you attempt to scalp a tick or
2. Rather, there are repetiitive patterns which exist which can relied upon
time and time again. For one who has the discipline to always put a trade
on when the patterns emerge, and protect himself if the market proves wrong,
the rewards can be very sound!
-----Original Message-----
From: Ira <ist@xxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, August 27, 1998 2:49 PM
Subject: Re: Daytrading:Todd Mitchell
>You have only mentioned half truths. The old, reading the tape, works
sometimes but
>very seldom is consistent unless you are a floor trader and act immediately
on what
>you see ( and understand what you are looking at on the tape). If you
understand
>what the indicators are designed to tell you and act upon that information
then you
>will be much more successful. The problem is that people take indicators
from
>systems and books and use them blindly, without understanding the indicator
and what
>they were meant to do. Volume analysis works much better on long term time
frames
>utilizing accumulation and distrbution or very short time frames for short
covering
>or liquidation. Accummulation/distribution is not a one day, or one hour
affair.
>
>Earl Adamy wrote:
>
>> I can't elaborate short of writing a book which I don't have time to do.
There
>> is excellent material already out there on price and volume analysis
beginning
>> with the classic tome "Technical Analysis of Stock Trends" (now in 6th
edition)
>> by Edwards and McGee. The reason most traders don't bother with this
stuff is
>> that it's so much easier to throw a bunch of indicators on a chart and
let the
>> computer do the work. The problem is that a bunch of indicators is all
measuring
>> the same thing while filtering out the real information.
>>
>> Earl
>>
>> -----Original Message-----
>> From: John Manasco <manasco@xxxxxxxxxxxx>
>> To: eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
>> Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>> Date: Thursday, August 27, 1998 11:12 AM
>> Subject: Re: Daytrading:Todd Mitchell
>>
>> >Earl
>> >
>> >Could you elaborate on this statement. I don't trade futures and my
>> >stock system is pretty mechanical.
>> >
>> >John Manasco
>> >
>> >Earl Adamy wrote:
>> >>
>> >snip snip
>> >
>> >> If you want to day trade successfully, you need to learn to read the
price
>> action.
>> >>
>> >> Earl
>> >>
>> >>
>
>
>
>
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