The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Upstock who wrote (20026)	7/31/1998 1:24:00 AM
From: Doug R	Read Replies (3) of 79237

Al, Thanks for the info. All the individual stocks I own right now are long term. I hesitate to mention them (MM paranoia) but they are ELGT, GTNR, TFCE and BJCT. I have shifted my short term trading to the no transaction cost 401K arena. I was basically in cash (short term bond fund) there since 4/21 (this is my wife's 401K My own is not as flexible and I exited stocks in that one at the close on 6/30 but I'll get into that later). I went back into the market as of Wednesday's close and will exit at tomorrow's close. Coincidentally, I had been reading Jack Schwager's book, "The New Market Wizards; Conversations with America's Top Trader's", this week and just today hit the chapter on Gil Blake who is a mutual fund timer and trader. It seems my current predeliction is in line with the meat of that chapter so since I have a better short term feel for the overall market at this point than for individual small caps, I'm going to short term trade the market by hitting the obvious upswings and getting out for the consolidations. I know everybody says it can't be done but I believe I have a bit of an edge when it comes to market timing. I'm not going to try for every up day, just the obvious ones. Heck, I did 1.5% today across 4 different funds and expect a bit more tomorrow. Well, enough of that. I'm in ELGT for the long haul and I'm not going to pay much attention to short term volatility on the downside. I'll keep track of the short term patterns but I won't be trading on them. With BJCT I'll do some trading but hold a core position. TFCE, I have a personal target to sell when it hits 5 3/8. GTNR is a work in progress and I will set a target or exit upon whatever intermediate term signal I get that is within any number of the strategies and parameters I follow. More than you wanted to know, eh? Doug R

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