fab, thanks for the kind words. i think i understand your question--- time frame is largely irrelevant for the system--when the index breaks the channel and stays above the line for 3 minutes, i execute. if price drops immediately back into the channel-- that is my absolute stop. once in profit zone, stops are up to the individual--some traders take profits immediately, others (like me) try to ride the move as long as possible--sometimes giving up much profits in order to catch monster moves several times a year. i may be in a system trade for a month or 3 minutes. hopefully this helps you..... surfer
That was exactly the point... I'm basically a swing trader, but my saying is : " a miss trade is a daytrade, as my stops just broke " That's kind of why i'm asking of the basic time... As i told u, long time ago, i was using a log time frame level (i still do), but i've now discovered a convergence time level. So, back to my first question, it this thing fit, or is it out of the "theory"(i mean your's)". Best
the system fits, however sometimes--on "supposed" good information--i supercede the system--generally to my detriment. i am not familiar with convergence time as applied to markets. surfer
for you TA guys, there is a clear double top on the DJIA on the one minute chart--i am holding shorts here. 9987 is nextsystem support--if this breaks, we are expecting substantial further downside.... surfer
we are currently FLAT the DJIA after being stopped out with a small small profit. these swings are awesome, the index is back within the channel and we are awaiting breakage to enter again. a low profile but GIANT contact of mine is expecting sub 1000 on the SP--- i cannot vouch for the accuracy of this call, but this individual is tied into finance at the highest levels........ .. i'll try to keep everyone informed if this call changes, etc. best, surfer
i can vouch for the reputation, size, and past performance of said prognosticator. take it as you will...
he is in good company Crawford lastest call for "If the drop is equal to the first leg, it would carry to below the 600 level! " and "CYCLES: Approaching a potential CRASH Scenario." and also " And before the bear market finally bottoms out in 2003 or 2004, a nuclear winter will descend on Wall Street, sending the Dow reeling into the realm of "triple digits" (i.e., below 1000). "Markets move on predictable waves in mass psychology and not policy mechanics," he asserts. "Thus, one should get ready for the biggest bear market in our history." - Robert Prechter -Barron's, 8/10/98, p.19
interesting. my source is not as bearish, but unlike the individuals you mention, he manages well over 3 billion; so taking both predictions together-- we may be in for some downside.... surfer