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Strategies & Market Trends : Classic TA Workplace
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To: Jack of All Trades who wrote (9783)8/10/2001 1:56:11 PM
From: AllansAlias  Read Replies (2) of 209892
 
Another FWIW. You trade well, so don't take this wrong, but...

Why sell this, the first break. It makes little sense to me. I think the tide is up and have thought so since my post to you regarding 1181 (or whatever that level was). No matter, we think now it's time to look for the pullback and we are indeed getting some down here.

Here's my point, and although I might use Elliott terms, regular trader wisdom bears this out.

Don't try to pick a top.
This tells me not to buy/sell against the tide. Fine. I can live with that, even though I am convinced that the only way to make money is to sell strength and buy weakness. [The opposite of what chart-chasers do.]

Don't buy/sell the first break.
No problem. I get it. This is how we can know (hedge our bets) that the top/bottom is in.

Bite out the middle.
Now we're there. What for the first break, wait for a counter move, then sell the strength or buy the weakness as the case may be.

For Elliott this means that I am always trying to setup to buy weakness/sell strength heading into a high R:R '3' or a 'C'. The risk is limited by the top/bottom of the previous leg (i.e., the one that rolled over on the first break).

Just some idle musings while I wait on this impulsive up to show me a turn so I can start the short scalp train. I don't hang around for 5's in an impulsive move. Middle-biters only like 3's. -g
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