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Ira:
My last post before I head off for the rest of the week and weekend...
Selling rallies into overhead resistance and then taking profits at logical
profit areas and then waiting to sell rallies to overhead resistance has
worked like a charm for weeks. Don't change tactics until they fail to work.
I think most traders are too quick to change ideas...whether it is boredom
or whether they think they will make 'more money' being the first to find
that magic turning point. I think many folks can't simply take the money
off the table, then reload, then take the money off the table...time after
time after time, using the same tactics...but a good chunk of trading day
in and day out is simply that: Bend down and pick up the money...then wait
for more setups...then bend down and pick up the money, over and over and
over. You don't always have to have THE original thought. Just a tactic
that is working...then work it until it don't work no more!
Have a great week, everyone. I will be back early next week and I wish
everyone a great and profitable next few days.
Best,
Tim Morge
At 09:14 AM 2/28/01 -0800, you wrote:
>It must be the wrong time to get long. Everyone is looking for a
>bottom. This is not Biblical trading. "Seek and ye shall find" works in
>individual stocks, but not in the indexes. I remember in the 70s when
>all you had to do was sell $1000 worth of calls a day and walk away.
>There was no fear, there were also no puts. Until that same attitude
>prevails, I don't believe there will be a bottom. One needs the last
>optimist to cash in his chips, and the last clearing firm to sell out
>its long position from a trader that went belly up, before this thing
>can turn. I have always been a bear at heart, for technically stocks
>are worthless. They are worth either what they will receive at
>liquidation or what someone else will pay you for them. The greater
>fool theory in action. This doesn't apply to dividend paying stocks as
>there is a return on investment. As long as there is someone out there
>selling the perception that the only place to be is in the stock market,
>then like tulip bulbs, the masses will clamor for stocks, and that
>liquidity will allow we traders to make a good living. For some the
>charts will tell, for others it will be the planets, moon and stars, and
>for others it will be some mystical system that proclaims that all the
>bad times are behind us. As a technician I still believe that one
>should trade what they see and not what they believe or are told. The
>bear market rally can be a vicious lesson for both bull and bear. Good
>trading, Ira
>
>Chris Cheatham wrote:
>
> >
> > Some interesting long term fib targets, etc. Notice how 23.6%
> > retracement (red) is approx. equal to 100% expansion of wave 1 (green)
> > which is approx. equal to blue Andrews line -- about 1775. Nice
> > target for end of 1st leg down. Regards,Chris Cheatham
> >
> >
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>It must be the wrong time to get long. Everyone is looking for a
>bottom. This is not Biblical trading. "Seek and ye shall find" works in
>individual stocks, but not in the indexes. I remember in the 70s when all
>you had to do was sell $1000 worth of calls a day and walk away. There
>was no fear, there were also no puts. Until that same attitude prevails, I
>don't believe there will be a bottom. One needs the last optimist to
>cash in his chips, and the last clearing firm to sell out its long
>position from a trader that went belly up, before this thing can turn. I
>have always been a bear at heart, for technically stocks are
>worthless. They are worth either what they will receive at liquidation
>or what someone else will pay you for them. The greater fool theory in
>action. This doesn't apply to dividend paying stocks as there is a return
>on investment. As long as there is someone out there selling the
>perception that the only place to be is in the stock market, then like
>tulip bulbs, the masses will clamor for stocks, and that liquidity will
>allow we traders to make a good living. For some the charts will tell,
>for others it will be the planets, moon and stars, and for others it will
>be some mystical system that proclaims that all the bad times are behind
>us. As a technician I still believe that one should trade what they see
>and not what they believe or are told. The bear market rally can be a
>vicious lesson for both bull and bear. Good trading, Ira
>
>Chris Cheatham wrote:
>>
>> Some interesting long term fib targets, etc. Notice how 23.6%
>> retracement (red) is approx. equal to 100% expansion of wave 1 (green)
>> which is approx. equal to blue Andrews line -- about 1775. Nice target
>> for end of 1st leg down. Regards,Chris Cheatham
>>
>>
>>
>>To unsubscribe from this group, send an email to:
>>realtraders-unsubscribe@xxxxxxxxxxxxxxx
>>
>>
>>
>>Your use of Yahoo! Groups is subject to the
>><http://docs.yahoo.com/info/terms/>Yahoo! Terms of Service.
>
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
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