Denise Shull Says Tape Reading Art is Real and Alive

Quote from marketsurfer:

The entire market is gamed. Do you really think chart TA of past price isn't? Ever hear of painting the tape? Not the book, the tape?

Charts present optical illusions. Not to mention totally hindsight biased. Hindsight combined with optical illusions--- yeah makes sense---not. I don't feel the need to explain this again and again read winner take all for some more color. There are numerous programs that read the book for you, learn how you are being gamed and pre transactional activity is the only price data worthwhile for day traders.
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Who needs to throw huge money out to "paint" charts if big money doesn't use them anyway? :)
 
Quote from cornixforex:

Who needs to throw huge money out to "paint" charts if big money doesn't use them anyway? :)
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It doesn't need to be huge money and its not done deliberately---to paint a chart but that's the end result.

Read winner take all for deeper explanation than I feel like going into.

You folks are so fixated on pretty pictures and placing bets based on the transition of charts that you are completely blind--- throw in a few winning trades-- and the addiction to your false god becomes solidified.

I had a close friend who was so convinced of financial astrology being correct because he turned 10k into over a million in college by using it--- then went broke and literally insane trying to make it work again--- it's a very sad situation. Don't fall into this trap.

Why do you believe past price can increase the odds of future price being whatever? If it can't, why use it? If it could it would be easy to quantify how many moves in one direction increase the odds of a move in the same direction. It's impossible to do this-- yet via magic intuitive powers chart artists can? Get real!
 
Quote from marketsurfer:

It doesn't need to be huge money and its not done deliberately---to paint a chart but that's the end result.

Read winner take all for deeper explanation than I feel like going into.

You folks are so fixated on pretty pictures and placing bets based on the transition of charts that you are completely blind--- throw in a few winning trades-- and the addiction to your false god becomes solidified.

I had a close friend who was so convinced of financial astrology being correct because he turned 10k into over a million in college by using it--- then went broke and literally insane trying to make it work again--- it's a very sad situation. Don't fall into this trap.

Why do you believe past price can increase the odds of future price being whatever? If it can't, why use it? If it could it would be easy to quantify how many moves in one direction increase the odds of a move in the same direction. It's impossible to do this-- yet via magic intuitive powers chart artists can? Get real!
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No need to believe. You simply either make consistent profits or not. Market quickly erases all illusions. :)

P. S. Did you watch the interview?
 
You say read "Winner Take All" to get closer to the truth. There are dozens of books with that title. Which are you referring to?
 
Quote from marketsurfer:

Soros may be a savant, or very lucky. I agree about him, but just look at his success-- where is the similar success of others with the "feel"? it doesn't exist.

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I'm currently reading Hedge Fund Market Wizards by Jack Schwager and he made an interesting interview with Jimmy Balodimas who is the guy you're looking for.

Jesse Livermore was also notorious for making bets based on his own feelings. Not saying they are the norm just want to point out that it seems some guys have an innate ability for this.

Here is the transcript from the interview.

Quote from Hedge Fund Market Wizards
How did you develop your trading style?

My firm has always given me a lot of latitude, which allowed me to stretch my boundaries. While it was uncomfortable, it helped me learn how to make and lose money without being scared of doing either. I learned by trading a lot all the time. I traded more than anyone else at the firm. That is how I got my feel for stocks. I really felt them. I felt, Oh, something has changed. I don’t know what it is, but something has changed. I really trusted that feeling. What was interesting to me early in my career was that I would get a thought about what would happen, and then be
surprised when it did happen. It always appeared on the screen to me. It always showed itself to me. A stock reveals itself to me when something changes.

How do you see it?

It’s a sense I’ve developed, and I have learned to trust that sense. I think I have spent as much time in front of screens watching the nature of stocks as anyone else in the business. Because I have watched these same symbols for almost 15 years, they almost take on a life of their own.

Can you give me an example of what you mean by sense?

I’ll give you a great example. Tyco went from being one of the favorites on Wall Street to one of the Wall Street disasters in a very short order of time. I started buying at $34, and in a few days it went straight down to $18. My average price was around $23. I was long 750,000 shares and down about $5 million on the trade. I remember my boss coming over to my desk and asking, “Jimmy, what are you doing?” I said, “Don, I’ll take care of it. I know what I am doing.” No one was talking, because everyone knew the size of my position. I took over the entire desk position on the stock.
Even though the stock was collapsing, I really believed, “This is my opportunity.” I don’t remember the exact price, but I said to myself if it went below that price, I would have to start liquidating. It literally traded right at that price and stopped going down. At that point, I had a sense that something had changed. I didn’t sell a share until the price was $1.50 above my average price, which happened that same day. I sold one-third of my position that day, and the next day I sold the rest of the position about three or four dollars higher. Then it went straight down again. I ended up having the biggest month of my career.
The stock always seems to reveal itself to me, especially when I have a large position and I’m watching it closely. What I have learned to recognize over my career is that I don’t have to be early because I almost always see it. Maybe it’s my lack of discipline that gets me in early. I want to be in early just in case I don’t see it, but yet I’ve always seen it when it changes. It’s a feeling; it’s a sense. I think, Why did I go early again? Here is my signal. I don’t get it every time for every stock, but I get it pretty often.
............

Was that sense there from the beginning?
Yes, that sense was there early on.

Do you think it is innate?
Yes, part of it is innate; there’s no question about it. My goal is to one day be able to match up my trades with my sense that it’s ready to happen right now and to only invest at those times. For me, mastery would be knowing that I don’t have to be early, and all I have to do is wait for when I see it because I almost always see it.
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Quote from cornixforex:

No need to believe. You simply either make consistent profits or not. Market quickly erases all illusions. :)

P. S. Did you watch the interview?
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Another guy I know wears his lucky running shoes and does a jumping jack after he enters every trade. Never had a losing year for the last 5 since he started these rituals. There must be a correlation, right?? Market quickly erases all illusions, right?


Geez, I guess I really underestimate the naivity of the chart brigade. Absolutely ridiculous, Posting truth is futile in the presence of true believers. surf
 
Quote from marketsurfer:

Another guy I know wears his lucky running shoes and does a jumping jack after he enters every trade. Never had a losing year for the last 5 since he started these rituals. There must be a correlation, right?? Market quickly erases all illusions, right?


Geez, I guess I really underestimate the naivity of the chart brigade. Absolutely ridiculous, Posting truth is futile in the presence of true believers. surf
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Naive? Maybe... But does it matter, how exactly one makes money in the markets? :)
 
Quote from MoneyWalks:

I'm currently reading Hedge Fund Market Wizards by Jack Schwager and he made an interesting interview with Jimmy Balodimas who is the guy you're looking for.

Jesse Livermore was also notorious for making bets based on his own feelings. Not saying they are the norm just want to point out that it seems some guys have an innate ability for this.

Here is the transcript from the interview.
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That's very interesting for me as a psychologist. I also have clear "feel" for the market of choice after all these years (will be 8 in a couple of months) in front of screens.

What I usually do is try to pick moments, when market analysis/setup coincides with my feel. Those are the best trades.
 
Quote from cornixforex:

Naive? Maybe... But does it matter, how exactly one makes money in the markets? :)
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Very true--- as long as its legal and ethical--- not to mention you being 100% truthful with yourself--- it doesn't matter.

As a point of reference, my astrofinance friend became so deluded he would argue the market was going up when it clearly wasn't. Plus it was always his interpretation of the method that was wrong, not the method itself.

Try an experiment by flipping a coin to decide long or short , apply the same money management tactics you use now. I betcha you will be profitable. surf
 
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