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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Jeff who wrote (61680)5/4/2002 9:16:00 AM
From: XenaLives  Read Replies (1) of 99280
 
Your have to guard against preconceptions when you look at the charts, and you have to look at many different time frames and indicators, often one contradicts the other.

As for your "piercing" theory... Have you ever heard of the concept of statistical significance? No statistical goal is precise, there is always an error factor. Just as the MM's are aware the investing books tell people to set a stop loss, they are also aware of things like the "piercing theory".

If you look at trading the last part of the day, ranges widened but the DMI was converging in a positive fashion. I think it's very LIKELY that someone as painting the tape for you.

What was the after hours action like? I can't check right now, but I think this is a very important question.

As for your "expert". That makes me VERY suspicious. Sounds like the big boys are trying to panic the little guys on monday so they can stock up for a rally.

Hope you aren't short - shorting at the bottom is REALLY dicey.
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