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I am sorry. I did not me to put anyone down and I apologize to the group. All that
I meant was that there was more to it then was expressed in the message. Edwards and
McGee has been the bible for technicals for a long time and now John Murphy's book
has been added to the list.
Earl Adamy wrote:
> 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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