Landis is giving out sage advice if you are willing to drop your biases and opinions, reread what he wrote, and open your mind to the information he is imparting to you.
s2007, i know your smarter than this and just having a discipline shortage,big rule ,I HAVE NO OPINION,just react to the bouncing ball, an opinion can be like cement shoes and you can,t play ball in cement shoes, lose the opinion and not your acct.you can have a bias but always remember you have a 50/50 chance of being right ,the market is right 100% of the time,good luck
I would tend to agree with this. But a solid understanding of how markets unfold during their advancing stages and their declining stages can give your trading "landscape" a bit of a "road-map". The key is to understand just where you are in the forest, and what kinds of trees you are looking at. Are you looking at Redwoods, Douglas Firs, or Pines? Are you focused on the grove, the tree, or the branches, or even a shorter-time frame such as the bark? A reliable set of indicators that you have confidence inare key to being able to IDENTIFY where you are in the trend. This most recent plunge in the market looks to be a pretty typical A-B-C correction. The A leg down looks to have been completed at 1363.88 yesterday, which was right around the first fibonacci retracement of the entire rally up from last year's summer lows. It would not be unusual for the market to now grind higher in a back and forth fashion for the B leg "recovery" rally over the next couple of weeks before a final C leg down takes the SPX to new lows and most likely the 1320/1307 levels which are simply the next fibonacci targets in this sequence. One should be able to define the ultimate C leg low after being able to identify the "recovery" rally B leg high that will be coming up. It will most likely be some sort of a ratio of the initial A leg down, which was roughly 97.5 SPX points. This is what technicians call a "measured-move". A-B-C. Good Luck to All.
i was looking for it 2 blo thru 1360 fib area to 1350 200 day ma and missed that rally,perfect example of opinion and cement shoes
It happens to the best of us. Don't beat yourself up too much about it. Sometimes when we actually see our "opinion" unfolding as predicted, it's difficult to accept what our EYES are actually observing. Trust your EYES.
[ The key is to understand just where you are in the forest, and what kinds of trees you are looking at. Are you looking at Redwoods, Douglas Firs, or Pines? Are you focused on the grove, the tree, or the branches, or even a shorter-time frame such as the bark? A reliable set of indicators that you have confidence inare key to being able to IDENTIFY where you are in the trend. What do you look for if you live in the desert? Btw. were you a park ranger in your former life?