Iterative Refinement

[LittleMac]

Also a lot of the time a pennant will form or lateral right at a point 2(top of the channel) and then the stock will change after the pennant and head for a point 3. I was led to believe to hold for pennants and laterals but this is obviously not the case here.

 

[tc8]

My first post.
I'd like to thank Jack, and Spyder for their altruism, and patience. I've been reading and following for over a year, and am just now starting to "see" things.
Slow learner, but its coming...... I think.

 

[TIKITRADER]

Economic events for Wednesday Feb/27

http://online.barrons.com/public/page/barrons_econoday.html

 

[ericta]

Quote from TIKITRADER:

Here is a video tick replay of the ES and YM of the time you posted.
http://www.screencast.com/t/eQZN2CkZ9Fb

Thank you TIKI.

 

[Haroki]

Quote from LittleMac:

Also a lot of the time a pennant will form or lateral right at a point 2(top of the channel) and then the stock will change after the pennant and head for a point 3. I was led to believe to hold for pennants and laterals but this is obviously not the case here.

LOL.

Yeah, you definitely wouldn't want to hold through this lateral. 6 weeks now!!!! Probably the best thing to think when you find yourself in these areas is : could my money be put to better use elsewhere? The 'hold' recommendation applies to futures I believe, since you'll be holding for what, 15 minutes roughly....

I grabbed this yesterday for 7%. Sold EOD too, since it seems to like the zone here, ha ha. So now that's 2 FBO's

 

[Spydertrader]

Quote from tc8:

My first post. I'd like to thank Jack, and Spyder for their altruism, and patience. I've been reading and following for over a year, and am just now starting to "see" things. Slow learner, but its coming...... I think.

Welcome to the discussion. Take all the time you need. There is no rush.

Quote from TIKITRADER:

Economic events for Wednesday Feb/27

Make note of the 10:00 AM hour (and for Callmate, who likes to trade pre-market, watch the 8:30 AM reports)

- Spydertrader

 

[cunparis]

The market doesn't care about anyone's personal opinion. In fact, if you keep reading you'll find these same questions asked and answered previously.

Spydey - I'm reading the old journals as fast as I can while at the same time observing the stocks on the DU list.

But I understand that a lot of my questions could have already been asked and answered in the journal entries. So as you suggest, until I finish the journals I will not as any more questions. I hope to catch up with you all (only on the journal status, not on skill hehe) soon. Will probably take several weeks.

Thanks again for all the material.

 

[Spydertrader]

Quote from cunparis:

Will probably take several weeks.

Take all the time you need.

It isn't the question 'asking' which creates the problem. By going through the journals step by step, you'll see the same questions asked numerous times by others who traveled the path before you. As you progress, you'll find yourself developing the ability to answer these same questions before you see the posted answer. That is how you know you have it down cold.

- Spydertrader

 

[R/R]

Quote from LittleMac:

Question about pennants and laterals. How exactly are you sure the direction for continuation when a pennant or lateral forms? A lot of the time in stocks a pennant will form and there will be a lot of clutter before a meaningful move is made again. What is a good rule of thumb for deciding which direction you are going(and expect to continue) when pennants or laterals form? Does it all go by the Guassians?

Comments needed

you really have to review these topics in the futures journal. I can tell by your question you haven't absorbed Spyder's excellent posts about these topics.

 

[gooch87]

Here is my work for today.