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The Edwards and McGee I recommended devotes some 600 pages to prices patterns
and their meaning. Indicators are widely considered to be mathematical
expressions of price and or volume. The reference to reading the tape is yours,
not mine - I read charts: price pivots, patterns, and volume.
Finally, a confrontational comment like "You have only mentioned half truths",
does not encourage the give and take of trading opinions and techniques for
which this list is intended. John asked for more information, and I accomodated.
It is not necessary to put someone else down in order to express your opinion.
Earl
-----Original Message-----
From: Ira <ist@xxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, August 27, 1998 3:38 PM
Subject: Re: Daytrading:Todd Mitchell
>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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