3 ways to earn money 1. Buy the high everyday 2. When it is cheap (like bitcoin as hilited by experts ?!?!?!?), go and buy 3. When price goes up, buy after retracement. As long as you know what you are doing, there are many many ways of earning money.
%% I got more out of William O Neil + Rich Dennis interview[ in that order]; than any turtle silence. But then again i never confused a SEC /FBI / investigating FB with automatic guilt +the word random with trends or excess leverage.
%% Good thing , ironchief. that 7-8% is an average; because he warns that is not the the same thing as weak fish shake outs. FB/ Teck sector is still up trending.... GE is weak
GE: Bottom? Capitulation? I trade using FA supplemented by charts. At this price, with Health spin-off, cash flow situation, not too bad to go long?
%% Bottom?? $28 area,bottom ...... $18 area, bottom..... LOL. About the only possible bullish thing i see; an old $60 area top in IBD book, years AGO; 80%= [$12 area]The main trend is still down. By the way ,most IBD charts are good uptrends or downtrends. That old IBD book had 52 week GE chart ;52 weeks, july to july $60 to july area$ 60 LOL. I seldom do counter trends -long GE or try to catch a falling safe.What is FA??
FA=Fundamental Analysis. I use FA to determine if a stock price is under-overvalued. Of course Mr. Market usuallly ignores my FA. LOL. Then, my coaches on ET told me to time my entry with chart reading and system analysis. Now, you said TA, MA and IBD, 7-8%....
Buying the high every day regardless of market conditions is just a route to random returns. But buying the daily high - in an uptrend - is not crazy. Set a buy order after the close at the set-up day's high: the order triggers if the high is breached the next day. Set a SL at the set-up day's low. If there's profit at the trigger day's close, take it. If not, hold to the next day's close. If the day following the set-up day is an inside day with a lower high and a lower low, just leave the buy order in place. If the buy is not triggered but the low of the set-up day is breached, move the buy order and SL lower according to the new high and low. Consider imposing a minimum distance from buy to SL if the day's range is very narrow, to allow for a jump back to normal recent volatility. This approach is very responsive to corrections or reversals of the uptrend but doesn't allow for pyramiding.
, %% Good points Lukas. Of course when one dials down to a 5 minute noise/candlechart, commissions, slippage+ stuff LOL can kill a profit+ does for most. NOT a prediction. Interesting; I remember Don Bright Daytrading Co did NOT like 5 minute candle charts =too slow for him LOL. So,someTimes yes, buy the high, NOT every day........,,