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Forwarded from Steve Poser. I'll post my reply separately.
-------- Original Message --------
Subject: RE: [RT] Re: June 8th "Significant Market Move" ?
Date: Wed, 7 Jun 2000 14:26:15 -0400
From: "Steven Poser" <sposer@xxxxxxxxxxxxx>
To: <dennis@xxxxxxxxxx>
Dennis -
(cannot post to realtraders from this computer)
Tape readers that made their own charts use patterns for sure. Not dojis,
etc., because candles were not used here, but tape readers in Japan I am
sure did. Support and resistance were seen visually or subconsciously. I
would suspect that fibs were not used. But, these are not considered
indicators. Indicators are things like moving averages, oscillators and the
like. Everything else is chart patterns. Trendlines, S/R, key reversals, are
not indicators.
Steve Poser
-----Original Message-----
From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]On
Behalf Of Dennis Holverstott
Sent: Wednesday, June 07, 2000 2:10 PM
To: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Re: June 8th "Significant Market Move" ?
Bill Eykyn wrote:
> Those that followed our posts will have noticed that we both use patterns
> and Fibonacci and support and resistance and , if I remember correctly,
> neither of us used indicators. I probably feel much more strongly against
> indicators and predictions made by indicators, for day trading, than Earl
> does.
Bill, you often say that and I've also seen that claim featured
prominently in your advertising materials. With all due respect, you
seem to have quite a narrow definition of "indicator." Perhaps you mean
to say "oscillator" or some such. The fact is that you have frequently
posted charts covered with what most of us would consider to be
indicators including such things as support/resistance lines, fib lines,
and pattern (eg doji sandwich) markers. I have written a number of
indicators for my own use that include such things. Real "tape readers"
work with naked charts or a naked quote window.
--
Dennis
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