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From: "Ed Kasanjian"
> In hindsight, I am able to look back and conclude that
> those 6 years of using forecasted turning points was an illusion for me.
I
> truly believe that it was my pattern recognition skills along with my
> trading experiences
This is the sort of little nugget that comes out of these types of
discussion. Solid experience and a realistic view of it can pay enormous
dividends. Pattern recognition is a key element, no doubt about it; but
the patterns have to be at the right time and place for them to be tradable.
And the way in which they are traded is also vital. The computer may
highlight a particular pattern, but just where did it see it and in what
market circumstances, that, I believe is the key... Get the computer to
tell you that and you may start getting somewhere - for the entry, but that
is nothing to do with the exit once you are in the trade.
It is like the recent break in the H&S on the S&P, it set itself up
beautifully. The line was drawn in the sand and it broke it and it went 100
points, now it has retraced to the neckline. Is that it? Or should it have
gone the length of the neck? Is the retracement a test before another
drop? Is it going to break back and we see new highs before the year end?
Targets and projections are a very different game to patterns and entries
and where NP 'failed' (but not for everyone apparently!) perhaps Pattern
Smasher will 'succeed'. At least in my book that concept has much more
chance of success...
Bill Eykyn
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