Ammo, question: I notice price sometimes continues the trend from just above the trend line and sometimes just below. Do you have any rules for entry when looking to put on in the direction of the trend? I watched a Velez live trading demonstration in which he accumulated a long position all the way through a pullback. I was thinking it seemed risky that way (what if this pullback was actually a reversal?) and I thought it was better to wait for the price to pivot from around the trend line, then get into the position. On the other hand his method allowed him to get a solid position on without "missing the train".
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Recommendations for a day/swing trading noob?
- Thread starter spacebass5000
- Start date
Ammo, question: I notice price sometimes continues the trend from just above the trend line and sometimes just below. Do you have any rules for entry when looking to put on in the direction of the trend? I watched a Velez live trading demonstration in which he accumulated a long position all the way through a pullback. I was thinking it seemed risky that way (what if this pullback was actually a reversal?) and I thought it was better to wait for the price to pivot from around the trend line, then get into the position. On the other hand his method allowed him to get a solid position on without "missing the train".
Quote from ljyoung:
If the function, the purpose, of language is simply to make noise, then it need not have rules. If however the purpose of language is to communicate effectively, then it must have rules. If it does not, then the end result is frequently gibberish.
If Jack's language does not have rules then it should follow that what he says would come across as gibberish to a person who uses a rules based language.
Hmm, your theory appears quite sound indeed...
Quote from NoDoji:
Ammo, question: I notice price sometimes continues the trend from just above the trend line and sometimes just below. Do you have any rules for entry when looking to put on in the direction of the trend? I watched a Velez live trading demonstration in which he accumulated a long position all the way through a pullback. I was thinking it seemed risky that way (what if this pullback was actually a reversal?) and I thought it was better to wait for the price to pivot from around the trend line, then get into the position. On the other hand his method allowed him to get a solid position on without "missing the train".
NoD:
Note -
1) Trend line is a subjective entity. Everybody draws trendlines differently. It's not even a matter of time periodicity used. 2 people looking at the same 1-minute chart, they can draw different trend lines. So a "break" of the trendline would be only be a break in the eye of the beholder.
2) Velez's method, which is rooted from the Pristine's method - maybe he really co-developed or maybe he stole... I don't know. They advocate buying on pull-backs to 20MA (a PBS - Pristine Buy Setup). For a stock/market that is on an uptrend, it is a fairly safe strategy. The only challenge is finding a stock that is on an uptrend and pulling back to near the 20MA. - for his "demo"
Quote from jprad:
If Jack's language does not have rules then it should follow that what he says would come across as gibberish to a person who uses a rules based language.
Hmm, your theory appears quite sound indeed...
Actually I didn't say that but rather was simply making the point that to say language has no rules is incorrect.
lj