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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 679.70+0.7%4:00 PM EST
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To: AllansAlias who wrote (48072)4/25/2000 4:25:00 PM
From: HairBall  Read Replies (3) of 99985
 
Allan Haggett: Don't Island Reversals normally take place at a new top/bottom? This one did not.

Frankly I don't know what the accepted rule is. You may be right. I am not a traditional chartist as I am self-taught. I got my start with the basic overview printed with my Dow Jones Market Analyzer Plus Investment Software back in the eighties. Originally written for Dow Jones by RTR Software. (How ya doing Clay Burch.) I also used RTR's supplement to the DJMA Plus called Technifilter Plus. (DOS based programs at the time.) Both had brief overviews of technical analysis. Those overviews were the platforms I used to learn on my own. I have never read the traditional books. (The one exception: I did read Prector's book on Ewave after the 87 correction.)

Frankly I discovered many psychological trading patterns on my own through many years of charting the markets every single night. I do recognize many of the traditional patterns and choose to call them by the traditional names as it makes it easier to communicate with others. However, I do not necessarily follow the rules established by others that have written books. I have my own rules and sometimes they very from the books. I only focus on indicators and patterns that I believe have a high percentage of reliability. I choose not to waste my time with obscure indicators or patterns that have low reliability.

Actually island reversal patterns are not high on my list!

Regards,
LG
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