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Joe,
would that rule scale down to the intraday time frame? ie: on x min or tick
chart, don't trade long when last price is below xx avg? if so, what time
frame and avg might be appropriate?
Michael: wl7bdn@xxxxxxxxxxxxx
----- Original Message -----
From: "Joe Duffy" <joeduffy@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, May 10, 2001 21:56
Subject: Re: [RT] Re: 5/11/2001 NASDAQ Turning Point
Haytham, your posts IMO at least are excellent. Marty Swartz always had a
rule to never day trade short if price was above the 10 day ema, and never
day trade long if price was below 10 day ema. Its amazing when you go back
and look at trade screw ups, how many times something so simple gets
overlooked, and how it can save you a lot of aggravation.
----- Original Message -----
From: Haytham Albizem
To: Realtraders
Sent: Thursday, May 10, 2001 10:30 PM
Subject: [RT] Re: 5/11/2001 NASDAQ Turning Point
5/10/2001
The descending has began today, it will accelerate tomorrow.
There in engulfing bearish pattern if you are candlestick trader or
outside bar if you are in westerns school of thoughts, there is a lot to say
about these patterns, entry, exit, probabilities and how to trade them but I
leave it to others who are willing to share.
The above you can read in general trading books so I am not going to waste
my time on the above topic.
Beside to all the pieces I added to the big picture yesterday, there is a
lot other things I have not told you and every time you add a color or a
line to the picture the picture become clearer and clearer until it become a
reality.
Mirror Image by continuing the pattern I describe in my message 4530 and
4542( Don't follow this pattern from this date, it is too late...)
NASDAQ closed below the 10 day MA
Look at 2 day/bar and see how Doji bar is forming.
IT APPEAR 5/11/2001 WILL BE A TURNING POINT FOR DJIA AND SP500 ALSO :-)
BINGO !!. ENJOY THE RIDE AND HAPPY TRADING.
Haytham
Disclaimer: THIS MEANT AS A TRADING LIVE EXERCISE, IT IS NOT A
RECOMMENDATION TO BUY OR SELL, SO USE YOUR OWN JUDGMENT.
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