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Strategies & Market Trends : 123 Trends and Reversals
QQQ 629.07+0.5%4:00 PM EDT
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To: Ally who wrote (133)2/15/2001 12:26:38 PM
From: Michael Watkins   of 147
 
You are right - bigger patterns are collections of smaller ones.

Franko - I don't like his analysis much to be honest. I'm not a big fan of MACD and indicator divergence. If you think about the math that creates MACD, or at least when I think about it, I end up thikning "duh!" a lot of the time when I see his examples.

And yet he ignores some really useful patterns.

But I don't get the Post anymore so I'm not subjected to any torment LOL (hey is his stuff online? that would be fun to link to and discuss maybe)

Patterns are much more useful IMO; 1-2-3 reversals; and keeping track of swings - which tells us all sorts of things about where the closest resistance and support are and also about the health of a trend (if there is one) - I just like all that stuff better since its direct from price and volume and doesn't rely on some abstraction in a formula which will react differently if the market is trending or range bound or if I use one set of parameters and you use another.

I used to have a zillion (I counted them one time) standard indicators and some proprietory ones I developed. Used to have.

Having said that, plenty of people find them useful and if they are, that's great! I sure don't want to start The Battle of the Planet of the Indicators!

:)
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