Where's Lundy and his BOTTOM?

Originally posted by SilverBullet
Easy rider, dont be ridulous.....a bounce or pullback on an upward on downward trend is NOT a top or bottom, thats retarded. By your logic, each day there would be thousands and thousands of tops and bottoms in a stock. Read a book on TA...
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Why must one be ridiculous and retarded for not quite seeing the picture as you do???

TA is SUBJECTIVE

Some may be inclined to say that putting a trade every on 1min12secs is pretty ridiculous and retarded... Does that make your way wrong for you...

Grow up a little and try to have more of an open mind Silver you may just learn a thing or two from these boards...

PEACE and good trading,
Publias

 
quote:
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Originally posted by easyrider
Trading is all about calling tops and bottoms. Every time you go long you are calling a bottom. Every time you go short you are calling a top.
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The problem is that its just not true. Have you ever bought into an uptrend, only for the stock to go up further, you punch out, only to have the stock continue higher? This is not calling a top or bottom. The trend is your friend. Ask Lundy about trying to catch falling knives and calling a bottom in this market. Tops and bottoms that occur throughout short time periods are important to recognize. But why would you gamble by picking a bottom when you could wait to make sure it developed in the first place. Its similar to chart pattern analysis....its not a pattern until it has fully developed.....

"It is often very tempting for the technician to take a position in the market in anticipation of the completion of a particular pattern. History has shown, however, that this is often a very expensive mistake, as a chart pattern not yet complete is not really a chart pattern. Those who are most successful in reading and acting on chart patterns are those who exhibit patience and discipline until waiting until the pattern is complete."

from the Technical Analysis Course Textbook by Larry Berman, CFA, CMT, chief technical analyst CIBC World Markets.

This can be applied to picking a bottom....or going short before a potential head and shoulders pattern has broken the neckline. These are rookie mistakes, and while there is nothing wrong with being wrong, it is a sin to stay wrong. I short resistance and buy support, but if it blows through this level, my stop is there, tight, and I get out right away...its simply the higher percentage play. But there is definitely something different from normal fluctuations than tops and bottoms. On 30 cent uptrend on INTC, would you call a 1 cent correct halfway up this trend (over 4 minutes) a bottom? No. Would I buy it? Yes.
 
Publias,

I have learned a great deal from these boards, but it seems it is always from the same members (whom I will not mention now, but worry you not, Publias is not on that list)....I learn more from a week of trading than a lifetime of these boards anyhow. I do, however, find these boards interesting with some different insights and entertaining posts. Yes, TA us subjective, but the language we technicians use is not. Could you imagine a technician and trader for a merchant bank miscommunicating costing them massive losses due to a simple language discrepancy? TA is truly an art, I am the last person here who needs a lesson on TA, believe me.

Some may consider entering a trader every '1 min 12 sec' retarded. But they probably can't do it successfully, or never have traded with a very short time horizon, or are not facilitated to do it due to large .5 cent per share fees. I trade on a few horizons simultaneously, have an open mind about it, and see benefits and detractors from the different approaches.

In future thread conversations of which you are not involved in, please try to add something constructive instead of attacking members previously involved. :D
 
Originally posted by SilverBullet
"Some may consider entering a trader every '1 min 12 sec' retarded. But they probably can't do it successfully, or never have...or are not facilitated to do it due to large...benefits..."
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I'd consider it perverted.

As for Lundy, he had a big margin call he couldn't meet. He runs a Mickey-D's now.

As for the bottom, one thing I know is that we definitely haven't hit it yet. Looking at the naz daily it makes a dead cat bounce, or inverted cup with handle. Regardless of which way you look at it, it broke through the 9/11 "support" with a fury. The other thing that is really bad for it is the fact that the volume has been steadily increasing on the downside since the naz rolled over in January, this year. Who knows if this is a bottom? My point is purely this: nothing tells me it's a bottom yet, although time may prove that it is.

I say odds are, there's more down to come.

The funny thing about those theories like, "oh, when the papers are all bearish it'll be over..." blah blah f*cking blah...in case you haven't noticed, there have been theories like this all along since November 2000, like "Oh, when the NYSE trin gets below ... that has always signalled the end of a bear market" - THAT one went out with the wind about a year ago. These theories are expiring one by one, like about 90% of the prophecies of Nostradamus (oh yeah, they don't tell you about the ones that didn't come true).

Or, "when all the analysts are bearish, then it'll be a bottom." Well, I got news for you - some of those f*ckers are STILL bullish. "Profit taking" or "we need some people to come in here and start buying some stocks." Imbeciles....
 
Yeah, I called Lundy out before. He bashed a certain daytrading chat room without any real substance. Now he missed the bottom call. What a shame...
 
I like the down side action with increased volume. It means that I not only can buy these stocks more cheaply but more shares of them. My short sells are feeding me well.
 
Easy rider, dont be ridulous.....a bounce or pullback on an upward on downward trend is NOT a top or bottom, thats retarded. By your logic, each day there would be thousands and thousands of tops and bottoms in a stock. Read a book on TA...


I have to second that. Easy it seemed to me that you really argued for the sake of argument because it was really stupid what you wrote.

Publius no need to get philosophical here, it was simply a dumb statement objectively. By the way, the book you mentioned elsewhere ("Attachment the Great Fabrication of Illusion") how old is it? Judging by the title I have to read it but so far I haven't been able to get it.
 
Originally posted by praetorian2
I got the absolute low tick in a number of stocks in the sept bottom. I made 60k that day. I was so psyched. I sold near the top on each stock that day. I would have made 1/2m if I had held for just a week. It's hard to hold.
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Prae, I suspect that the only people who were able to hold from the sept low on through the entire week were the ones looking to get out even (I've been there before :D :D :D)
 
I could post any chart , any time frame, and it would have a top and a bottom on it. What time frame would it have to be for you to say they were a "real" top and bottom? All tops and bottoms are relative. I am retarded and argumentative for stating the obvious? One of you please attach a chart that has true top and bottom on it according to your standards.
 
Originally posted by Cesko
Easy rider, dont be ridulous.....a bounce or pullback on an upward on downward trend is NOT a top or bottom, thats retarded. By your logic, each day there would be thousands and thousands of tops and bottoms in a stock. Read a book on TA...


I have to second that. Easy it seemed to me that you really argued for the sake of argument because it was really stupid what you wrote.

Publius no need to get philosophical here, it was simply a dumb statement objectively. By the way, the book you mentioned elsewhere ("Attachment the Great Fabrication of Illusion") how old is it? Judging by the title I have to read it but so far I haven't been able to get it.
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Who is getting philosophical Cesko??? All I said was that TA is subjective, and as such calling someone retarded for seeing a concept in a different manner is retarded in itself...

As for the Wiel quote I don't quite know what you are getting at :confused: I put the author to the right of the text. It is not a book and I don't really understand why you would have assumed as much. As for 'not getting it' then I do not quite know what to tell you Cesko, if the market has not taught you from experience the meaning of the quote then I doubt my explanation could do you any good...

PEACE
Publias
 
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