Edwards 'n' Magee = useless for daytrading?

[nitro]

Originally posted by dbphoenix


There's always a danger in believing that those who agree with us have it right, and those who disagree with us are hopelessly misguided. Rather than try to herd newbies into one camp or the other, why not suggest that they study both Daniel's and Nitro's posts and make their own decisions based on their own experience?

--Db

This sounds sensible to me...in this business, don't replace hard work with people mouthing off on public forums...

nitro

 

[daniel_m]

Originally posted by dbphoenix


There's always a danger in believing that those who agree with us have it right, and those who disagree with us are hopelessly misguided. Rather than try to herd newbies into one camp or the other, why not suggest that they study both Daniel's and Nitro's posts and make their own decisions based on their own experience?

i wasn't trying to herd anybody into any camp. i already stated that if nitro and i were to compare our styles we'd find that we trade very very similarly. However, nitro asserted that practically all t/a was, quote, "worthless"...which i disagree with, because, although i, myself, don't have much use for it, i know a few other traders that are deeply into it, and use this analysis as the basis for their decision, and are doing well with it. i also said that when someon tells you can't make money doing 'X' it often - but not, by any means, always - means that they themselves haven't found success with that technique. therefore one should listen, yes - by all means listen - to others' opinions on trading, but not blindly accept them as axiomatic.

 

[dereksas]

Originally posted by illiquid
...then when ES (which is the weaker sister today) didn't confirm that downmove, those playing the H&S got their stops triggered and hence the spike up to 889.

Or maybe it was just the Philly Fed. Just guessing...

--Derek