Saturday 20 September 2014

Weekend charts

5 comments :

  1. Thx for an very interesting update B. Dont you think that SPX bulls have that yellow line in their mind,2040-2050. There is already lots of people trying to predict tops in the SPX. I think its insane, because there is no signs of it. Also why start gettin bearish when the SPX is stronger then ever.


    What can a losing trader do to transform himself into a winning trader?

    "A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That’s the kind of thing winning traders do."



    Ed Seykota.

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  2. Hi Dragan,
    Of course the orange resistance is the ultimate target of the SPX during this rally leg but it was too far to point out and the origin of it couldn't be seen from this chart so I didn't mention it. You're absolutely right. Trying to pick up the top is kinda madness. I'm pointing out the supports and resistances only in the short term. I tried to pick up the top for a while but I failed miserably. Since then, I only want to go short and long in the short timeframes. Tape is up until it's not.
    Ed Seykota is spot on. Trading is an amazingly hard journey and transformation doesn't come overnight. I want to do this my entire life so I'm trying to transform non-stop. How about you?

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  3. I have been trading for a couple of years. I belive i left that beginner cycle last year. Mainly i trade OMX30, the Swedish main index.

    Usually i trade formations and breakout´s.

    First time i saw your charts was at EWT. I am not a big fan of EWT teori, but i read a lot of diffrent bloggs. With all the respect to Mr Caldaro, he is working hard. I just find it hard to belive predicted movements in the tape. When you start doing that stuff then you are not objective. I do my best to put my own thoughts away, and just trade the tape as it is. Overthinking the tape does not pay us.

    I just wanted to tell you that your charting is interesting. Some traders could find these kind of charts to "messy" since there is alot of diffrent lines. I find em interesting becasue your method catches potencial early moves in the tape.

    My main reason visiting you today is just to tell you to keep up the good job you do.

    Not trying to promote anything, but in a couple of days/weeks i will start a blogg that focuses on the Swedish market. I do this blogg to try to learn others in Sweden how important technical analysis is. Already a couple of hundred readers to who i send weekly updates per mail. I would really like to share your method to them.



    If its possible you are welcome to e-mail me.


    voicesvisions@hotmail.com


    Best regards.

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  4. I've been trading using EW for a couple of years now, and quite successfully so. I'm always a bit amazed when people say that EW doesn't work. It seems to me that the problem is that many people are using it wrongly. I know that sounds very arrogant and I really don't want to insult anyone, but it is the ony explanation I have. Many sites I see on the internet have a ragged approach to it. They eyeball the waves and think 'oh, this looks like a 5, let's call it an impulse'. I do my analysis all the way down to the 1min bars and always have at least two different counts (more often it's 3 or more). I understand that EW is not for everybody and it takes a long time to get to the point where one can identify the imfamous 'right look' of the waves. For me it works perfectly.


    I come to bouraq's site because he has a good eye for trend lines. Thank you for sharing your knowledge.


    Anyways, I wish you all good luck with your trading, whatever approach you use.

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  5. Thx John. It isnt arrogant at all.
    We all have diffrent strategies and we all find the 1 that works best for us in end.
    I wish you all the best as well.

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