technical analysis quote from Top Trader book

[wxytrader]

Still not an answer ...

I rarely trade companies at least not at this price as it would consume too much capital, and I don't buy options as they are probably priced just right so all of them expire worthless (maximum pain)...especially over earnings. BUT if I was interested in either I would be legging in more here...or my play would be to sell puts and take the inflated premium, and then take the shares if assigned.

 

[p0box4]

I rarely trade companies at least not at this price as it would consume too much capital, and I don't buy options as they are probably priced just right so all of them expire worthless (maximum pain)...especially over earnings. BUT if I was interested in either I would be legging in more here...or my play would be to sell puts and take the inflated premium, and then take the shares if assigned.

Still not an answer ...

You literally said you could predict moves from earnings by looking at the chart, so do it already ...

It doesn't matter if you usually buy shares at this price or not, what is going to happen tomorrow when the earnings are released? Up or down and by how much?

According to you it should be easy so whats taking you so long?

 

[Darc]

If @wxytrader could tell us what the upcoming PPI, Retail and IJC numbers will be, I'd be much appreciative.

 

[schizo]

There's no such thing as fundamentals in trading.

You are being sarcastic, right?

Dude, why bother even asking? Can't you see him already?

Now, I along with many folks here don't use FA in trading either, but to make a sweeping generalization that "there's no such thing as fundamentals", ya either gotta be dumb or, well, dumber.

 

[SimpleMeLike]

In the book 'Market Wizards: Interviews with Top Traders', the chapter on Bruce Kovner has an interesting passage that reads:


I do both TA and fundamental analysis and thought it was interesting to compare TA to a doctor taking a patient's vitals before making any further assessment of their current health.

Hello TradeBlazer,

I am not very sure about Technical Analysis anymore.

I do not think it works very well, because trader have to depend on it too much.

I actually do not know, but I do not think anyone can be rich Technical Analysis. It is too much thinking day to day, cause you will lose alot and be in drawdown.

I believe there is something better in the ES markets.

Technical Analysis is too much work, I do not trust it.

 

[wxytrader]

If @wxytrader could tell us what the upcoming PPI, Retail and IJC numbers will be, I'd be much appreciative.

It's an election year...nothing but sunshine.

 

[wxytrader]

Awesome! Ok I have not been charting any of these so let's start with home depot.

Note: I am posting my projections as a C&H for simplicity for you guys.

View attachment 340293

I'm long all day here regardless of the results of the ER. The C&H based on a measured move should bring it to $480-$500 or so...I think its the height of the cup added to the breakout point.



OK Alibaba...same thing I have not been following it but again I'm long all day here as we could be seeing the basing of a C&H.

View attachment 340306

I might be leaning towards a home depot miss as I had more time to analyze. I would assume that renos have declined with the increase in the price of materials so it would make sense. Also, it could still be a valid C&H if it dropped to 5 as it completed the handle.

 

[poopy]

From bull to bear on HD in a few hours based upon a daily shart, Bro? You're going to go to the CIO of wxyz fund with this bush league flip flop bc you forgot to ZOOM IN~?!?

 

[SunTrader]

I see HD as bullish, as long as earnings are not out of line, expectations-wise.

HL's which price each time has bounced off of.

And Momentum (ROC Ratio) increasing past 3 weeks.

 

[semperfrosty]

In the book 'Market Wizards: Interviews with Top Traders', the chapter on Bruce Kovner has an interesting passage that reads:


I do both TA and fundamental analysis and thought it was interesting to compare TA to a doctor taking a patient's vitals before making any further assessment of their current health.

Word of the day:disequilibria.