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... and how right you were!
Gold star for you today, and a nice wodge in the account too :cheesy:
Gold star for you today, and a nice wodge in the account too :cheesy:
Chartman,
I really appreciate all that analysis - have learnt so much and am still learning - I guess it's all a matter of confidence in applying all that info to real trades as opposed to paper trading. My stake is minimal at the moment - I am not makng that mistake again ...... I just have a fear of losing which I'll have to sort out somehow.
Thanks again. Wish I could join the chatroom but the corporate firewall seems to be blocking it.
I really appreciate all that analysis - have learnt so much and am still learning - I guess it's all a matter of confidence in applying all that info to real trades as opposed to paper trading. My stake is minimal at the moment - I am not makng that mistake again ...... I just have a fear of losing which I'll have to sort out somehow.
Thanks again. Wish I could join the chatroom but the corporate firewall seems to be blocking it.
Ok, Last question (well, for this week anyways) :
From Friday:
"Back to the open , it was not long before the guys in the chat room were calling great targets and, surprisingly, we were all in the same ballpark within a few points. Very refreshing to see. Adds to everyone's confidence that the market was likely to get there."
This is the bit I must have missed somehere - how and on what basis did you calculate the target. I've got my triangles and flags etc figured out - this one's I don't get.
One more point - I'm currently using Lycos - beginning to appreciate that the patterns etc are much easier to spot on Sierra - will have to switch sooner or later.
From Friday:
"Back to the open , it was not long before the guys in the chat room were calling great targets and, surprisingly, we were all in the same ballpark within a few points. Very refreshing to see. Adds to everyone's confidence that the market was likely to get there."
This is the bit I must have missed somehere - how and on what basis did you calculate the target. I've got my triangles and flags etc figured out - this one's I don't get.
One more point - I'm currently using Lycos - beginning to appreciate that the patterns etc are much easier to spot on Sierra - will have to switch sooner or later.
Here's a rough guide to calculating targets. On the examples shown , it's very hit and miss, but better than flying blind. It's very subjective as to where the bottom starts- not too hard, and what defines a pullback, from where the target is derrived.
Where there are multiple options, as in T3 base, use the last major low. Note how T1 and T2 have the same base, as do T3 and T4. Clearly T4 fails at the double top at 8610.
We also discussed that at this point , the market was trying to resolve the price around 8600/8610, arrived at by the fact that the price neither broke to the upside nor the downside.
The "classic " targets are much simpler and more clearly defined- Triangles "big" bull/bear flags, H&S etc. Just remember that a bull triangle that fails still has an equal magnitude target to the downside, form the support failure.
Often you will find that one target will lead you to the next as in T1 to T2. i.e. When T1 is reached, T2 is already developing. There is no point in trying to find targets that are 50+ points away- these are rare, but occur in exceptionally strong moves. Equally, don't bother with a target of 15 or less from the base of the pullback. It will probably end up just a few points above the last high- no use whatsoever.
Where there are multiple options, as in T3 base, use the last major low. Note how T1 and T2 have the same base, as do T3 and T4. Clearly T4 fails at the double top at 8610.
We also discussed that at this point , the market was trying to resolve the price around 8600/8610, arrived at by the fact that the price neither broke to the upside nor the downside.
The "classic " targets are much simpler and more clearly defined- Triangles "big" bull/bear flags, H&S etc. Just remember that a bull triangle that fails still has an equal magnitude target to the downside, form the support failure.
Often you will find that one target will lead you to the next as in T1 to T2. i.e. When T1 is reached, T2 is already developing. There is no point in trying to find targets that are 50+ points away- these are rare, but occur in exceptionally strong moves. Equally, don't bother with a target of 15 or less from the base of the pullback. It will probably end up just a few points above the last high- no use whatsoever.
