It's not that I don't believe you can base trades on price and volume without fundamental analysis, it's just that you can't know what works without backtesting, analysis, and some optimization. GSC has no discussion on these topics, therefore doesn't know anything about trading or what qualifies as reasonable basis. If you haven't done that there's no chance any amount of vague reference to chart formations will ever be profitable long term, and if he was right it would have only been luck. I like his persistence but he's clearly wrong, and hasn't done any quantitative analysis to base his decisions on anything other than that the charts look like some pattern identified online or in an irrelevant book to pre-empt downward moves. Tops are identified by rise, and bottoms identified by lows. There is no real TA as I'd call it but a vaguery of chart pattern that supposedly confirms market gyrations. That kind of TA is pure bunk, but it's not that I disagree that you can use TA to make trading decisions, but that unicycle hasn't done any analysis than start announcing trades for their parabolic rises and heights that are more indicative of strength and much less supportive of whatever TA he's using lacking backtesting.
March 14, 2012 bwolinsky, The fact that you are SP500 bullish - like Professor Bone - is noted. Thank you for your contribution.
So over 100 points later off our last higher low, I have us at an overbought level. Will enter short if I get confirmation of a signal, but it won't be tonight or tomorrow. We hit an 8+% profit in QLD on the last pairs trade, exit on today's open because we were overbought, looking for a pullback, but hopefully not before I get a signal. If we stay at these levels the overbought level may go down through reduced volatility, and if it goes up all the better.
This is the definition of a free call ! Short covering and stop running will add fuel. GSC: Where are you emotionally, and how are you dealing with the complete rejection of your posts for the past four months ? Under the waterfall ? Head caught in the megaphone ?
March 15, 2012 Professor Bone, Thank you for your post confirming that you remain S&P500 bullish. I'm sure your paying clients will appreciate your bullish analysis...
I'm not particularly bullish or bearish, I just prefer not to argue with the market. My preference is to let the other market participants do the heavy lifting and turn the market - I am perfectly content with trading the same bias with a confirmed trend. I personally find it exhausting to constantly fight the market.
March 15, 2012 Professor Bone, Thank you for your posts confirming that you remain S&P500 bullish. I'm sure your paying clients will appreciate your bullish analysis... Thanks for another insightful chart as well. March 14, 2012 Why did ET admin / mods open two of my unread private messages ? Anyone got the guts to own up ?
Idiot / Dolt / Last-Word Freak: I'm not particularly bullish or bearish, I just prefer not to argue with the market. My preference is to let the other market participants do the heavy lifting and turn the market - I am perfectly content with trading the same bias with a confirmed trend. I personally find it exhausting to constantly fight the market.