If you want to fail as a trader, study TA

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Quote from Xspurt:

I seldom look in here but come on, it's old hat and obvious. I've forgotten the name of the guy who came up with that idea but I can still remember the blue cover on his hardback. Was that 20 yrs back?
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Well shit.
 
there's an example but it's not the guy who wrote the book. He thought he had come up with the next advance on Elliot and would take the market by storm. I got the book in a fire sale.

http://www.chart.nu/blog/?tag=measured-move

In a nutshell, measured moves repeat themselves. Sometimes there is an intervening wave but that too repeats after the repetition of the intervening wave.

There are a zillion structures in the market to be precise. All you need is to understand a few of them as they all always repeat repeat repeat.
 
Quote from blox87:

So those extra lines on TE's chart aren't trend lines so what could they be? How much importance do they have? Are they there to measure how steep the slope is and how much of a TIME expectation is for when the target will be hit?
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They don't have any importance whatsoever unless you choose to use them on your charts. There are about 1000 different tools you can use and somebody somewhere has used or not used just about all of them to make money.
 
Quote from trackstar:

north or south?
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I no longer have interest in "predicting" movements based on higher time frames, as, it is not a requirement for daytrading stocks.

But, if you are asking me where from here, well, the truth is I do not know, but, the likelihood or more down is definitely highly probable, but again, there are several factors that can slow down or speed up the move.

Many traders were targeting the 1200 level for OBVIOUS reasons, and, now, they are probably targeting the ???

If you want to be a fortune teller, then fine, but if you want to make GOOD money, YOU must use your Brain & Eyes, otherwise you might just end up one sorry bastard:D

TE
 
Quote from LEAPup:

$300-$500/day starting with what account size?
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Well LP, why don't YOU work it out.

Here are a few helpers.

1. We only trade stocks with a DR in excess of 50 cent for the last 15-30 trading days.

2. We only trade 1 stock at a time.

3. We only trade highly liquid stocks within leading / lagging sectors.

4. We only risk 0.0025% of available trading capital (leveraged) on each trade.

5. We only trade when the odds of winning are the best:D

TE
 
Quote from blox87:

So those extra lines on TE's chart aren't trend lines so what could they be? How much importance do they have? Are they there to measure how steep the slope is and how much of a TIME expectation is for when the target will be hit?
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Aha B87, you are starting to think a bit more:)

Time = Money :cool:

TE
 
Quote from Xspurt:

there's an example but it's not the guy who wrote the book. He thought he had come up with the next advance on Elliot and would take the market by storm. I got the book in a fire sale.

http://www.chart.nu/blog/?tag=measured-move

In a nutshell, measured moves repeat themselves. Sometimes there is an intervening wave but that too repeats after the repetition of the intervening wave.

There are a zillion structures in the market to be precise. All you need is to understand a few of them as they all always repeat repeat repeat.
More...

That site is pure crap:D

In hindsight, it is very easy, in the live world it can be very hard, and, it takes a good bit of experience to "get it right".

Barry Rudd explains it better:D

But, I will admit, YES, it is all basic stuff that you must know, else, you might as well be looking into a black hole:D

Remember what TE said in the not too distant past, and that is, if you draw enough lines on a chart, one of them will eventually get hit:D

So, know what you are looking at, and, do not expose the brain to too much stuff, else you run the risk of making assumptions that are not based on facts, and I am sure YOU ALL know what the word ASSUME really means:cool:

TE
 
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