I am fan of Joe Terranova but he made two BIG blunders recently. a) He wrote a lousy book . Considering he headed Mark Fisher trading division a while back, i was expecting some thing more on the order of Mark Fisher book. b) He first shorted AAPL around 525 a month ago and got taken out. Since then every time he comes on T.V , he is talking about why he do not want to be long AAPL . Whitney Tilson added to his long position in AAPL this afternoon based off fundamentals. Joe Terranova was wrong on fundamentals and wrong on technical s on AAPL. Nothing wrong with being wrong on a trade but to stay wrong is something else. I guess he forgot title of his book " Buy high and sell higher".
Thanks Shanb. It's 5.16 pm and Fast Money host asked Joe that he looks subdued after AAPL numbers. Joe went into his STUPID little speech with FACE drawn out down like a loser but saying that he basically had no interest in AAPL for 2 months. Why the fuck he has been talking about AAPL for 2 months if he had lost interest in AAPL 2 months ago?
I like Joe. If I had to base my respect on someone based on their trading calls well then Mark Fisher would be off the list. He said Oil would not drop below $95 last summer right before it plunged to $75. He was recommending people to sell naked puts at the 95 strike. Paul Tudor Jones 2 years back was calling a top in the ES at 950 saying we simply had a dead cat bounce and that the rally was ridiculous. Obviously we blew through 950 and went almost 500 handles higher. I still respect him and Mark. And me, hell, I'm wrong at least 10 times a day. Probably more. I just stop counting at 10. I still respect myself. I haven't read Joe's book but it's definitely on my reading list. Joe has been in the business for over 30 years and being the former director of trading at MBF, that's enough for me. Joe has made his share of bad calls over the years. That's a byproduct of being on TV every single day and having to talk about something. We have the luxury here of only having to open our mouths when we feel we are absolutely sure of something. He has to give trades out every day and sometimes twice a day on the half time show. I think you are being a little hard on Joe. He's a good guy.
I think Joe's book is written for a newer trader or someone who works full time. Personally, I enjoyed "Oils Endless Bid" by Dan Dicker, some war stories along with good content and a great explanation of the back end of the oil curve. This is a must read for oil traders, I enjoyed it very much.
I've mentioned this before, but I think Joe's book isn't about trading, but rather about how to organize yourself into being a better trader. I found it to be a near perfect compliment to The Logical Trader. I may be biased, (because I think for a guy who's on TV daily he's more "right" than "wrong") but if you had to ask me to pick my top five trading books based on what I got from them and whether I incorporated strategies out of them, Joe's book makes the list. Not trying to "take sides" or pump him for any reason, (he does just fine all on his own w/o a silly internet poster like me) but there is quality big picture information in that book, and it compliments The Logical Trader well. IMO, take it or leave it.
As usual, very well said Mav. Thank you so much for the great input, it's always nice to have these perspectives brought back to surface.
Yeah seriously. Even the King is scalping AAPL again. It's like I went back in time a few hundred posts.
In a nutshell this is a way to scan for some ACD levels . Maverick and Quon were posting that Aups or Adowns also approaching /breaching a 3 period MA of the weekly pivot may be a good tool to have. The scan below does just that. If anyone is interested. Cut and paste the code for this scan as is, without the asterisk strings, into www.stockfetcher.com . Select "create scan "on the Home Page. (I am not affiliated with them. ) Im sure everyone has their own tools but this isnt bad. Unfortunately I dont know how to code a number line as of now but intend to in the future. ********************************************* /COMMENTS/ /find the "draw" statements. Add or remove comments to draw or not draw the/ / 1) weekly opening range. 25% of weekly atr/ / 2) single week pivot lines per Fisher book/ / 3) 3 week roling MA of pivots/ /The scan tests are basicalyy to test if above or below these levels/ /the are at the end of the script. Comment out ones you dont want/ /the default is test for close above aup and 3 week rolling pivot/ / MARKET IS ETF/ close > 10 avg vol(90) > 1000000 /select price and volume criteria you desire/ CHART-DISPLAY IS WEEKLY SET{ CH, CMA(WEEKLY HIGH,5)} SET{CL, CMA(WEEKLY LOW,5)} SET{DIFF, CH - CL} SET{FRACT, .1 * DIFF} set{x, WEEKLY high 1 WEEK ago + WEEKLY low 1 WEEK ago} set{ b, x + WEEKLY close 1 WEEK ago} set{piv, b / 3} /"comment" page 37 Daily PivotPrice from data one day ago. Change to weekly H+L+C/3 */ set{mn, x /2} /"comment" page 37 second number from data one day ago H+L/2 */ set{pdiff, piv - mn} /* diff between mean(H+L/2) and pivot price is pivot differential*/ set{apdiff, abs(pdiff)} /*take weekly pivot price(H+L+C/3) and add and subtract the pivotdifferential to it*/ set{hpiv, piv + apdiff} / top pivot line/ set{lpiv, piv - apdiff} / lower pivot line/ /the following lines are the single week pivot lines. brace to comment out if desired/ /draw hpiv on plot close/ /draw lpiv on plot close/ set{a1,WEEKLY atr(5)} set{a2, a1 * .125} /* this will create opening range .25 of atr +.125 and -.125*/ set{hor ,WEEKLY OPEN + a2} /* todays open */ set{lor, WEEKLY open - a2} /*******done opening range lines....timecant be inthis filter*/ set{Aup, hor + FRACT} set{Adown,lor - FRACT} /*************done with Aupanddown *******************/ add column hor add column lor add column Aup add column adown set{h1, high - low} set{h2, hpiv - lpiv} set{h3, h2 / h1} add column h3 set{x1, hor - lor} set{x2, lor + x1} set{mah, cma(hpiv,3)} set{mal, cma(lpiv,3)} add column industry /the following 2 lines are the single week opening range. It is 25% of the average weekly bar for the last 5 weeks/ /draw hor on plot close/ /this is top line of OR/ /draw lor on plot close / /this is bottom line of OR/ /the following 2 lines are the 3 week rolling moving average of the weekly pivot lines/ draw mah on plot close /this is top line of 3 week rolling pivot/ draw mal on plot close /this is bottom line of 3 week rolling pivot/ /following are conditions to test for. Comment out if you dont want. Leave more than 1 in use and it is an AND situation/ close above aup close above mah /close below mal/ /close below adown/ *******************************************************