I am sure he plays with a stoploss. Not sure on an PT. Es has, already, for all practical purposes, made a measured move down on all 4 times frames that i mentioned above so i'd bet we will see some sort of reversal before any continuation. This is, in addition, to the wedge bottom forming in all 4 time frames. However, if the likely doesn't happen and instead a continuation does happen before any decent reversal then i would look for a considerable plunge on down. Odds just favor a bull reversal. Howevet, that doesn't mean that is what will happen.
Surf Report
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Nothing personal mind, but a load of rubbish analysis.
1. Measured moves are like magicians hands.
2. Wedges, flags, pennants, etc, etc, etc, are the text book stuff that does nothing but distract you from what you should be looking at.
What is FAR more important is..
1. What instigated the current directional move?
2. Has volume supported the directional move, and if so, by what degree?
3. What important events are next, and when?
4. What major S&R levels are next?
If you really want to get serious, then you have to dedicate a good deal of time and effort and delve into IMA and FOI + OOI.
Well it did it go the 50 points (and more) that i sort of anticipated through reading the charts didn't it? I don't trade the way surf trades nor do i believe in it but i was taking up a bit for him as he was getting extremely heckled on his own thread. Besides, anybody can have 5 losses in a row. I admit it would be a bit unusual (at least for me) but in can happen. Especially trying to call tops in a bull market. I have found much gold in reading PA. Maybe others haven't but that doesn't mean it is rubbish as some consider it. I don't use indicators at all except for two ma's just to visually allow me to see quickly how price stand in the general trend for the day and to clarify the context for some entry/exit areas. I don't think surf uses technical TA at all so I am not sure what you are getting at in your post. On the other side of the coin i only use PA and two MA and at times an occasional glance at volume to clarify a few things. I do not know who the shovel sellers are nor have i heard of such a figure of speech if that is what it is.It is only ever good for what it actually does.
The biggest problem that most face is that they have limited knowledge in relation to analyzing the markets, or to be more specific, limited chart reading skills.
If one looks at charts expecting some TA indicator to reveal what is actually happening, then rest assured you have been sucked into the big and wonderful world of trading by those who make money from gullible people.
It is very simple - if you are losing money then you do not know what you are doing, and, if you continue to lose money, then you really are a sucker, and you ill fortune is due to the likes of David Goodboy publishing silly and ridiculous books, that are really no better than the "Shovel Sellers".
You will not find Gold in those Black Hills, especially if you are looking at the wrong "Mountains"
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I agree with 2, and 4 under your "what is important." I think the rest of what you say..no I know..the rest of what you say is rubbish and 1 and 3 generally cannot be known and are not necessary know to trade successfully, if you can read the charts. Price will reflect 1 and 3. It is a given institutions do number one but which institution cannot be known by a day trader that has no access to that info. It is good enough to know that, when the market makes a directional move it is the institutions behind it. Retail traders do not cause any substancial initial move in the market. In the Es they are only about 5% to 10%. Institutions control the Es. The bearish ones won today. They are not interested in your pennies. Now what does your analysis say for the next session in the ES? Lets see how serious you can be!
News is useless. Price will have it factored in. All you need is PA. Many times price moves before the news is released. By the time it is released the move is over. It is a suckers game. Good luck.Maybe David can help with this one, as his resume shows that he has adequate experience.
What was important about this news event today?
I know that. Every man builds his own boat to float. However, i did beforehand talk of a 50 point drop for today. And i have indicated what I think about tomm. Surf what do you think about tomm and why?
Yes it did, and there is no way to tell how far it will go until it gets there, no matter what analysis you use. I am only stating what most people already know, but will not admit it to themselves, as that means that they have to admit they were silly and behaved in a really stupid way.
There is no rocket science in trading for small risk (small reward), but if you are trading for large reward (large risk), then you really do need to be very clever and know what you are doing, as, we have seen from the YM posts by an author of a book published by a well know publisher, that even those who have spent most of their lives in the financial industry, still know very little about trading for profits, or, small losses!
The shovel sellers were the clever ones who sold the shovels and picks to the gold prospectors, and we all know how many gold diggers made a fortune
Another silly and ridiculous way of thinking put out there for the gullibles.
So news is useless..hmmmmmnnn.
Look back at my YM chart post and see if you can spot where the finger is pointing..do you see anything of interest
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