Alton,
I appreciate your comments on the XLT.. It just does not help me in anticipating
a change in trend... I'm trading some small caps that have moved 30% before
the XLT reveals itself. By that time it is "over bought" and a reversal is in order... It does help me stay with the trend, and this is valuable support, but
for entries it just doesn't fit my style..
The bias reversal on the other hand, even though it has a habit of being wrong, is different to me.. I have been using it to great success combined with MOB,
fib. retracements on EW5's and EW4's. I use the "What if" indicator and go out a couple of days.. (look at stocks like FMY FITB CSCO CDX MANU BT JNY these are at interesting areas and go out approx. 4 days with "what if" ) Most of these are at "key" points of interest with either MOB's, retracements or support resistance areas. The S&P and the "traded" SPY (standard and poors depositary receipts) has a bias reversal in the next couple of days.....Hmmm.
Mind you, I make huge mistakes!!! Another thing "I do" is average in.. I just
entered a short position on JNY (bias, mob ew5 etc...) but it is 1/4th of what
I would consider a full position.. Rarely do I get to a full position.. This way,
if the trade goes against me, I can accumulate it at better levels and psychologically this is much easier on me.. And I know,, I pay more in commissions..
I read that George Soro's was quoted saying "Invest now, Investigate later".
I'm a little like that.. Funny how a equity looks "so much different" after you
have entered a position, and it begins to go against you... With staggered
entries I have time to investigate a little.
But I love this game!!
Ross |
