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<DIV><FONT color=#000000 size=2>If you want something which looks impressive,
buy E&M because it's thicker. If you want to really learn market behavior,
buy E&M because it's thorough and relates patterns to market psychology. If
you want a book which will add to your market understanding by showing how
markets relate to each other, then buy Murphy's book on intermarket
analysis.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT size=2>Earl</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>r slupsky <<A
href="mailto:zzorro@xxxxxxxxxxxxx";>zzorro@xxxxxxxxxxxxx</A>><BR><B>To:
</B>Earl Adamy <<A
href="mailto:eadamy@xxxxxxxxxx";>eadamy@xxxxxxxxxx</A>><BR><B>Date:
</B>Monday, February 08, 1999 5:14 PM<BR><B>Subject: </B>Re:
tomb<BR><BR></DIV></FONT>
<P>Earl Adamy wrote:
<BLOCKQUOTE TYPE = CITE> <FONT color=#000000><FONT size=-1>Sorry
about that it's "tome", generally referring to a book which is
larger than typical for the subject and or scholarly ... E&M is some
600 pages and thorough but easy reading with many charts. Amazing how
the same patterns of greed and fear show up
today!</FONT></FONT></BLOCKQUOTE>How does that compare with John Murphy's
books? Say I want to have a nice reference book which would you
suggest the Tomb or Murphy?
<P>thanks, ramon </P></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Tue Feb 09 07:44:35 1999
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Date: Tue, 9 Feb 1999 06:43:22 -0700
Reply-To: eadamy@xxxxxxxxxx
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From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: S&P Wedges
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-----Original Message-----
From: ken weiner <traderksw@xxxxxxxxxxxxxxxx>
To: eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
Date: Sunday, February 07, 1999 11:06 AM
Subject: Re: S&P Wedges
>Earl,
> I had a question or two on your experience not only with triangles but
>breaks of trendlines, per se.
>(1)Would you assign greater relative significance to a break of a TL
>extending back 6 mths with only 3 hits/contact points or to a shorter TL
>(say 3 mths)with more hits?
I would pay attention to both, however action generally favors the TL with
more hits. Generally, for longer term analysis I will use charts of a higher
time frame e.g. base time is daily, then weekly and/or monthly charts. The
higher time frame patterns are frequently different, more developed, and
more reliable because the patterns reflect longer term market psychology.
,(2)Is an upward sloping TL under the mkt of
>any greater import (as an indication of support of course) than a
>downward sloping TL also under the mkt?
Upward sloping across bottoms in rising market and downward sloping across
tops in declining markets. Slope often becomes steeper as a move in new
direction gets underway.
(3)If you are aware of any
>material in the public domain which treats TL breaks from an empirical
>versus theoretical basis, I'd be grateful
See Edwards & Magee
(4)Also, given your experience
>with programming, have you ever come across a SW program which draws TLs
>and will give exact price levels for the TL for the latest and/or
>selected bars and ideally one bar (tomorrow) in the future (I have SC
>4.0 which gives only approx values for the TLs)?
IMO, this comes to the heart of why so few traders are successful!!! The
trading software developers pander to the mass market by offering programs
which include hundreds of indicators, systems, and paint bars. None of this
challenges the mind or forces the trader to learn about market psychology.
These traders depend upon the computer to tell them when to buy/sell and ent
er/exit - all contained in some little black box which is rarely understood
by the trader using it. I spent 30+ years in the computer business and have
great respect for software, but if I go in for surgery, I sure as hell don't
want some damn robot poking around and doing the surgery!
This is not a blanket castigation of using computer-based tools, it is
blanket castigation of attempting to trade without first learning how to
read the markets - like doing laser surgery without learning biology and
anatomy. I've been there and done that and it does not a successful trader
make. IMO, the reason that the mass software does not do patterns and trends
is that the programming required to replicate the ability of the eye/brain
remains well beyond the scope of current personal computer technology.
> My sincere thanks in advance, Ken
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