Pistol Pete seems to be in a foul mood. Did the sudden break south not jive with his mathematical calculations? Only he can tell. Only he knows the truth about the matter. The error of the pure math people is to think that by using something exact ...such as math... that they can measure something that is not exact (aka the market) and that it can be hemmed in to obey the laws of math. This cannot be so. There are simply too many variables. Math becomes nothing less than a sort of security blanket. For some reason math, being certain, tends to give confidence and security to a trader. It is a false security. Just as Pistol Pete (aka the gunslinger) uses an exact science (i.e. math) to measure probability I use PA patterns to measure probability. Neither of us are wrong, or right. We all have the same probability. We all have only a small edge. And that edge is very fleeting. And it can disappear faster than a chicken running from a hornet. If Pistol Pete will be honest his math didn't foresee the plow south in the cornfield. But while I don't look for math I look for patterns I saw a triangle. I know that triangles are sideways ranges. And there is a 50% chance the BO will be in either direction when it happens. However, I also know that 70% to 80% of BO's FAIL. That's right. Fail. So, I wait for price to come back and test the apex of the triangle. Now is the key point. Price will falter and break south, and probally do so hard or it will continue north in the direction of the BO. In this case it did the former and broke south. That my friend was bearish. and then when it broke south of both the MA's ..that becomes REALLY bearish. So, while pistol pete is scrambling with the math calculator feverishly punching numbers I am taking the ride south. Tomm he may beat the socks off me with his math. Today, I assume I win the showdown at ok corral. But it is OK. Now Pistol Pete may well deny everything. That too is a function of human nature. Such is the nature of trading. Such is the market. I use art. He uses science. We are both searching for probabilities. Truetype is overjoyed for the break south in the cornfield that he did the unthinkable...why ... he actually posted a chart and left the surf on the beach breaking beer bottles, again. However the surf upon hearing of the break south promptly ordered some high dollar brandy to celebrate. Unfortunately, the celebration will probally be short-lived. It is a bull market. Good day. Mr scalper fell out of the fishing skiff upon hearing the news.
ROFLMAO. That too is funny! Mr scalper you love math too don't you? If you are in surfs alum fishing skiff and you cast you line 100 times what are the odds of you catching a 15 inch bass by the time you cast the 100th cast?