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Earl et al
>I think the lesson here is that if one learns to read the price action,
>someone who day trades ... no indicators, no systems, no holy grail, just
>600 or so pages of Edwards and Magee (Technical Analysis of Stock
>Trends,NY Institute of Finance) and a smattering of Wyckoff and Crabel.
While I know you did not intend this in relation to the thread I am trying
to continue about indicators and fatuous fax services related to them, I
think that what you have said is absolutely spot on.
You have clearly learnt to day trade and, as a result, made a profit in
something that was nothing to do with what you normally do. Well done you.
Well done, indeed. I do not find it surprising however. If you day trade
without referring to lagging indicators, it makes sense that you would
probably not need them when position trading either - even though they
might have some value in the extended time frame.
As I only day trade, I have no use for indicators. My own eyes can see a
trend, a reversal, a retracement, or whatever. I can watch the price
action and react to it a great deal faster and more reliably than an
indicator - even computer driven. Apart from anything else, the indicator
has to wait on the price action, while I can anticipate. I am constantly
anticipating against a risk/reward scenario.
Furthermore, I simply do not want to know what other people think. I do
not want influence. I am the best judge of where I am going to put my
money. Other people's views give you reasons for not carrying out what
you think. It is often difficult enough to pull the trigger, without
someone else suggesting something else. The people that suggest (for a
price) couldn't care less about whether you are successful, they are only
interested in themselves.
With indicators and stating what they are saying, such people have the
perfect excuse. The perfect reason. They can often so word their
predictions that they are either way. They will call it a strategy. The
indicator says this, but you might do the opposite - then whatever you do,
I have got it right. Brilliant. And, what is more, you are paying them
for this incredible knowledge. BS. BS. BS. BoB Shunt.
Bill Eykyn
www.dbceuro.com/bille.htm
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