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There has previously been much mention of the Holy Grail indicator by Bob
Hunt and, while his example on Today's bonds referred to yet another
indicator, this favourite (which he recommends to be searched for every
day) did in factor occur. You might wonder why it wasn't pointed out?
As you can clearly see on the attached .gif file, by the time it had given
the conventional signal, the move was virtually over. Try any of the
other indicators he promotes and, I am afraid, you will see the same
picture - an indicator that is right after the event, but by the time you
see it, to use it, the move is well on its way.
It is just so misleading to put forward this sort of indicator for day
trading - well, day trading the bonds anyway. It gives newbies a totally
false form of hope and I think it behoves those who know this to be the
case, to keep pointing it out, as a response. Now, maybe, if the same
bars were daily or weekly bars, there could still be worthwhile profit left
in the move. But for day trading, forget it.
Bill Eykyn
www.dbceuro.com/bille.htm
Attachment Converted: "c:\eudora\attach\A Hard Way To Make An Easy Living - 2.gif"
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