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Alex Bell wrote:
Hello Ira,
Thank you for explanation. I hope I got it in general.
Do I understand correctly that
a) 2 cicles are working now: long 37 1/16 AND short 34 1/8?
this is correct. Now the Entry Price to up side may be less the 37
1/16 because of the current price action.
b) today was entry on short side - short QQQ 34 1/8 ? For that
cycle yes. If you were trading a shorter cycle you would have entered
at 35.65 and exited the trade at 33.80. If you were trading the 60
min chart you would have entered an upside trade at 34.90 and exited at
35.45 that isn't a lot of room so one might not have take that trade
and waited for the down move to occur. At least you knew what was
happening.
c) you mentioned stops ("if you were trading one of the longer
cycles
you never exited because your stop wasn't hit.")
What stops you are
referring here? The Stop differential was not noted on the
matrix I posted. I didn't want to confuse a lot of people.
WBR, Alex
mailto:alex_bell@xxxxxxx
Tuesday, February 26, 2002, 10:38:01 PM, you wrote:
IT> Your exit occurs when you reach the target so you are flat looking
for the next
IT> EP. There was another move to a target on the upside which
took place intra day
IT> with an exit target which was hit. That one doesn't show
because once the target
IT> is hit the cycle is void. If you look at the matrix, if you
were trading one of
IT> the longer cycles you never exited because your stop wasn't hit.
The cycles are
IT> like a magic trick. If you have seen a magician keep taking
smaller boxes out of
IT> bigger ones that is what happening here. You are trading
one cycle inside of
IT> another. The key is to know where you are. If you are
trading one cycle and hit
IT> a Price Objective and you exit because there is supposed to be
resistance there
IT> you can drop down to a shorter cycle or lower time frame for an
entry. There are
IT> always two trades. One up and one down and they can both be working
at the same
IT> time only on different cycles or different time frames. I
gave the exit in a
IT> post on Thursday in a post. I don't know if you saw it or
not. As for trading,
IT> I never open a trade in the first half hour of trading. That
is when the
IT> specialists and market makers handle their orders, the imbalances
based upon some
IT> news item, or some other event that might cause a violent move.
When I traded on
IT> the floor it was the first half hour and the last hour that were
the most
IT> profitable. In exiting a trade I may put in a order before
the opening to take
IT> advantage of any price distortion on the open. After the
first half hour you
IT> could, more or less, rest for the rest of the day.
Ira.
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