Learning to read Price Action with P&F Charting

Maybe I'm looking at the wrong symbol ... MZZ has gone down from 60 to 45 in the past month ...?

 

Correct - MZZ is an inverse fund so has been going down as the mkt has been going up. So my basis for this trade is that I believe that we are due for a mkt turnaround (down). Since MZZ looks like it is approaching a support line of about 45 I am thinking it is a reasonable low risk trade if I can get it the prices I mentioned.

 

QUOTES FROM HolyGrail

===> 3/22/08 (Original Post)
Since I own my own business I currently have the best of both worlds. I can trade much of the day without affecting my business to any great length, and I have a great income coming in whether I am successful at trading or not. I am advantaged in that I don't have the pressures to succeed other than the pressures I place on myself. I have been successfully trading futures for only 5 months

===> 9/24/08
Not doing any trading right now. Taking care of my business which is falling apart with this economy…

Q.E.D. Amazing, how going from “profitable trader with great business” to no longer trading and business struggling in only 6 (that’s SIX) months. Especially with the name “HolyGrail” and starting a thread to teach others how to do it. One man’s “success” is another man’s “well, not really…”

 

you are an idiot

 

Bought MZZ at 44.99, got stopped out at 43.99. Re-bought at 44. Hope this works out. Stop = 43.49. Guess we will see Monday...

 

Sorry to hear, (and my previous post wasn't directed towards you)
hope it works out for you 2nd time around

 

no prob - I figured it was for the other guy.

now I wish I had bought SDS instead of MZZ. Probably not that big a deal, will catch it next time around.

 

If you think making an accurate observation makes one an idiot, then you need to go back and complete the second grade.

 

s500.i think you have to look at this as two lots of double-tops and not a quadruple top.above the line could be a trap zone

 

TraderZone (and Yayt)

this has been one of the more civilized threads on ET. Hopefully it will stay that way and you two will discontinue your taunts.

Will this method work for everyone? Nope, I am having a hard time with lots of it, but it does give me some good insights, which I am using in my other trading methods.

Holygrail took the time to expose some of us to the basics of this method,. where we go from here is up to us.

Lastly, there are a lot of businesses that have taken a severe downturn lately. Maybe HG's happens to be one of those.


Thanks