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You are confirming what I have written. You use chart patterns as you
indicator. Whether it is a trend line, a flag, a cycle, or stochastics, they are
all indicators that are not dependent upon reading the tape. Ira
Gary Kramer wrote:
> 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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