|
PureBytes Links
Trading Reference Links
|
There are some very talented traders who can
estimate tops and bottoms. Pick them off and trade them very
successfully. The other 99.9% had better have a system that doesn't depend
upon that intuitive sense and years of experience. I have been around a
long time and I still look at price and say," Prove to me that this is a low or
a high." As the case may be. Then I require a reason for it to have
stopped there. Not a fundamental reason but a technical reason. It
has hit a price objective and it should act as resistance. Those who use
fib numbers, one of those numbers could be the reason. It could be the end of a
cycle or the bottom or top of a channel. With the reason for the halt in
price action Price must prove that it is going to continue or prove that
the next move will be contra trend. I quit guessing a long time
ago.
Trading is a business, not a game, a gamble, a
thrill ride or an ego trip. You take in inventory and your intent is to
sell it at a higher price. If it doesn't give you that opportunity, sell
it and reinvest in something that will. The reverse is true for a short
sale. It is always a business and all decisions about trading should be
made on a business basis. Stops, money management, trade size, trade
frequency and products to trade are all business decisions and should be
considered as such. That should help ground some traders that have a
tendency to over trade. A lot of trades does not equate to a lot of
profit. It equates to a lot of commissions. You should know about
how often to trade by the timeframes you are trading.
Just some things to consider. To post your
thoughts and predictions and be subject to ridicule shows an objective
outlook and an ego that is completely under control. Congratulations
Victoria. I may not agree with the system you use as it may not suit me, I
might find it flawed, but if it makes you money that is all that counts. A
monkey throwing darts at the stock quote page and buying and selling based upon
some simian formula can probably outdo most money managers. No
fee, just a few bananas.
Just some thoughts.
Ira.
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
<A title=thegirlisherenow@xxxxxxxxx
href="">victoria keeling
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Monday, June 23, 2003 12:42
PM
Subject: [RT] SPX...hee-hee...
Duh, should I be embarassed to show my face today?...ah, we all make
mistakes...it's just tough when they're so public. This correction was
due. And it will be even more positive if it drops a few more points to the
bottom of the channel around 972. A lot of folks may be thinkin this
rally is over... but look for [very possible] new highs from here, as we are
still in an uptrend off the march low! All bets are off if the channel is
taken out to the downside in the next day or so...BUT...if not, we could
see a strong thrust up over the next several weeks.
The attached chart was done earlier today...since then,
price is dropping closer to the channel bottom. That will
change the "potential" targets a bit...but still check out the area for
the Bradley turn date of 7/2. [The projected path I drew in
is only for general direction.] I see that Arch Crawford is
looking for a big drop after the Bradley
date...however, IF we close above the median line
shown on the chart, there is a good chance the SPX will make a run for the top
of the channel! Sure, this is "just" a bull rally in a secular bear mkt,
but I'd think hard about selling it short just yet...
[As for accurate market predictions, ya can't beat Jim Curry, with his
hand-drawn Hurst charts and cycle timing. I'd love to know what he's saying
right now!]
Alright, that's enough fun for today...
Victoria
Do you Yahoo!?<A
href="">SBC
Yahoo! DSL - Now only $29.95 per month! To
unsubscribe from this group, send an email
to:realtraders-unsubscribe@xxxxxxxxxxxxxxxYour
use of Yahoo! Groups is subject to the <A
href="">Yahoo! Terms of Service.
<IMG
src="">
Yahoo! Groups Sponsor
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
|