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Another excellent post, Ira. For many RT's, short term is a few seconds,
intermediate term is a few minutes and long term is a few hours. My horizon
is slightly longer.
Sentiment expressed on this list has served as an excellent contrarian
indicator for my horizon. Just as volume, price, time and trendline converge
to set up (high probability, low risk, high profit potential) reversal
trades, RT sentiment favors an acceleration of the trend just ending.
I loved Ben's recent "this is great" post. Instead of fretting over a feared
meltdown, he was prepared for a reversal. I suspect traders who pay
attention to the bigger picture experience less stress and enjoy more
success.
-Stan
-----Original Message-----
From: Ira Tunik [mailto:ist@xxxxxx]
Sent: Thursday, December 07, 2000 1:54 PM
To: realtraders
Subject: [RT] trend indu
Many people have taken the chart that I posted and used it to prove that
there is a positive bent to this market. It is true if you are trading
on this time frame. How many of you trade this time frame? Very few I
would guess. I have tried to point out in the past that trend is
dependent upon the time frame you are trading and that is the only
relevant time frame. It is also relevant to know the next highest time
frame in order to determine the constraints upon the one that you are
trading. I am posting a part of the exact same chart. Now the trend is
a down channel and it can be traded. If you are trading the time frame
governed by A, B, C then you are trading a down trend, but if you are
trading time frame B, C, D, you are in an uptrend. and the daily will
concur with that as the first upside target has been met. Will it
continue, the charts will tell, right now retracement. At what point
does the retracement become the next leg for A, B, C? Your system
should tell you that. Profit is taken so we wait for the next move to be
started. Up or Down. The trend is your friend, but you are the one who
has to make that friend and decide which time frame to trade, which
cycle is determinate, and what the specific entrance and exit targets
should be. Have a good week end. Ira
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