Registered: Mar 2002
05-03-12 04:22 PM
Quote from Frank Furter:
I want to expand on the context issue, but one quick sidetrack if I may.
This was posted on Tuesday around noon when I posted on a different thread that Nat Gas and Oil were rising into decision points.
"Dude, your levels are off. I got confirmed weeklies in NG and USO"
Since that time Nat Gas and Oil have pulled backed significantly off of the decision points that were posted as shown in the attached chart. Holding longs at those levels proved to be quite painful.
That is not to say the bias on either is short, I am not saying that, and I do want to get back to context which gives us the best chance of being on the right side of the market in all timeframes. It is also not to say I am right and someone else is wrong. I have been wrong more times than I would care to admit.
So my point, 2 fold ... First, have an open mind. Your method and mine can always be improved, tweaked (if the statistics prove you out). You or I haven't cornered the market on perfection.
Second ... call bullshit when you see it. This is a forum, not a worship center to a trader or a methodology.
Frank, your "levels" or my "levels" are meaningless. What does hold meaning is how YOU trade your own levels. You have no idea how long someone's time frame is on a trade, whether it be minutes, days, weeks or months. This idea that some trader is taking pain because they did not get out at some "decision" point is ludicrous. This is analogous to someone who has been long AAPL since 100 and is sitting in a pullback from 640 to 580 and saying they are taking pain. I would hardly call that pain. To someone who bought long at 640 as a daytrade and they are now sitting on a long term trade 60 pts in the hole, that is pain.
Not trying to hijack this thread, just trying to offer context. I felt obligated to post since you were referencing the ACD thread. Nobody over there is worshiping anything, we are just trading.