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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Dan Clark who wrote (6216)12/27/1999 10:16:00 PM
From: TraderAlan  Read Replies (3) of 18137
 
Dan,

I had this long on-line debate several years back with a respected TA teacher regarding the growing recognition of head and shoulders patterns. I insisted they were less dependable because the "crowd" saw them, He insisted the pattern was the crowd and their knowledge didn't change the odds of a break by a single percentage point.

To this day, I don't know who was right. This ying-yang thing confuses me more than just about any other TA topic.

I suspect your observation is right on the money. I use that mechanism all the time when picking exits. I'll look at the chart to find natural resistance, then look at the ISLD book and place an order 1/16th on front of it or, if there is already a crowd, a 1/16th in front of them.

Alan
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