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Strategies & Market Trends : Technical Analysis - Beginners
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To: Robert Graham who wrote (7132)12/1/1997 1:20:00 AM
From: shasta23  Read Replies (1) of 12039
 
Hi Bob!

First of all..thanks for the great work you put out there for me and maybe other people as well. You said:

I think if a technician does not understand the basics of TA, they are at a substantial
disadvantage. And I do not mean "understanding" to be reading a book on MAs, and say: "I
understand this! X + Y = Z! This is simple!". It is one thing to understand the concept, another
to see it in action and implement a *sucessful* trading strategy or system around it, and yet
another to commit money to your strategy or system.

I felt recognized in these lines. Yes i read TA from A to Z, read Stan Weinstein, read almost half of the beginners thread...looked at lot's of charts but looked mostly at indicators and not at the simple price, vol, MA's relationsship. I printed out lot's of charts, made some tea and look at these charts for a long time and suddenly noticed that i never looked that concentrated at these prices and how hey relate to prices. I saw suddenly how you need to always look at the opening and closing price and the intraday high/lows to see what's going on. Is it an exhaustion gap or a continuation etc.Suddenly these charts became more alive for me and i will continue looking at them for a couple of days as an intensive training.Then i will go on and try your recommendation with ob/ob indicators.

I liked your remarks about Bollinger Bands. I REALLY LIKE Bollinger bands!! Like a meandering river. I know that other people like fixed envelopes instead of the Bollinger bands but don't really understand why? OK since BB's are defined standard deviation (e.g.2 STD above and below 21ema)they contract and expand and i think that's just what i want. I want different boundaries of ob/ov when volatility is higher. It's more adaptive to the reality of the situation of the market. I know that Andy Gabor uses Envelopes and i think Jerry GAto as well. If they read this they might be able to explain why they prefer the envelopes. I found that prices rarely stay above or below the BBs for more than a day or two. And when a breakout goes beyond the upper BB i now will not look for a buy here. AT least that's one lesson i learned.

Thanks for the book tips as well. I think i looked once at the visual investor but will look at it again.

I can't thank you enough for all your great post here or on the trading desk thread...always a pleasure to read.

Stefan
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