10863 again is only in reference to DOW on Ideas only.. on 21st this was my take..Now these gurus look at marekts on daily basis but no one writes the way I do and therefore 'Idea' would remain the most innovative and original thread.. when in the morning market is up I would say 'it would go down' and when others are saying 'it is a break' I say it is bounce from here..
Learning through going back constitues my important tool, although I should say I ma totally taken aback from these rate rumors and I never thought that AG will say soemthing along this forceful fed view, I thought BKX was good but for me that 892 break was impotant.. now looking at 850 rebound.
<<Wednesday, Jul 21 1999 12:33PM ET
Reply # of 27764
1378 is the critical support if we break 1382 we will go down five points lower but if we close today below 1382 we have all the chance that we may see that 1358 area on SPU... yes this is SPU level I rarely mention SPX.. the level of DOW supports I am looking at are 10863 and 10516 the problem is that when these supports are tested so much of market momentum gets unleashed that more often than not we see overshooting of levels on upside and downside.
A thinking trader is a little ahead of the game, I am a trader and still short of that 'thinking trader mantle'. I have worked on it for last 'donkey number years' of my life, I could have been a 'economist' which I am not, I decided to become a trader a self inflicted pain..gg
I gave up other pursuits, I think that dynamics and fluidity of the market can only be understood with time and hard work and full application, like a 'Doctor' makes it to the surgery after great number years of residency and studies, I wish those who want to trade should realize that 'trading' is also a full time job, if you are ready to work on it the market is all yours, one dosen't need to do a PhD but has to work hard and learn with time and pay his dues.
One does need a lot of training of mind and 'courage of believe' to sustain the positions or cut them when things go bad, this I could unfortunately only learn when I put my money on line, the decision to cut has always been that most difficult abhoring task...
I keep learning every day, I try to keep ahead of the game but still it is an ocean and I think I only know of some of the hazards, 'market knowledge' and 'events driven trading' is my love and I keep trying to just do it every day and improve my skills, like any other profession it is hard one but most rewarding one too, it needs break from bulls and bears attitude. >>
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