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To: Chris who wrote (5667)	2/12/2001 10:47:25 AM
From: Michael Watkins	Read Replies (1) \| Respond to of 8925

Hey Chris, again, you can give a chart to 5 chartist, and they will seldom say the same thing You'd think if the same price and volume information is on a chart, you'd only get 2 or 3 interpretations. :) I think it doesn't even matter if it isn't a wedge, because we need to be open to changing our point of view as more bars are drawn on the right side of the page. Very frequently a consolidation zone will start out its early moments or days looking like a particular pattern, and then over time, will morph into another consolidation pattern. Practical example - we see this frequently in all time frames on Nasdaq stocks and Nasdaq futures, where it seemed for along time that every stock would end up as a triangular consolidation zone! But these triangles may well have started out their lives as bull or bear flags and other constructs. Consolidation zones --whatever the name -- are simply periods of indecision. And indecision means that the outcome can vary. So while X pattern in a downtrend might resolve in Y direction, normally, we still have to be en guard for alternative scenarios. Unless we are flexible in our thought process, we may bury ourselves in the process of sticking to our original appraisal.

To: Chris who wrote (5667)	2/12/2001 11:21:50 AM
From: pooh	Respond to of 8925

again, you can give a chart to 5 chartist, and they will seldom say the same thing And I'm sitting here thinking that if I'd read the same TA books that the gurus do, I'd be as good. I guess I'm goofed <ggg>

To: Chris who wrote (5667)	2/16/2001 1:20:44 PM
From: Teresa Lo	Read Replies (2) \| Respond to of 8925

"...you can give a chart to 5 chartist, and they will seldom say the same thing..." The problem is that most people have trouble dovetailing their analysis with their trading strategy because of some other underlying belief. As an example, over the past two weeks, the NDX has been going down, with bounces lasting only a day. This is obviously "down", regardless of any chart patterns, and it will be "down" until it can make more than one up day in a row, and even then, it will be a bounce until a low is successfully tested. This is a fact, but those who are psychological permabulls (bullish without supporting evidence in terms of price action) will be looking for a bottom all the way down, rather than doing what they should be doing in a downtrend. So yes, the market is there, painting the chart. The fact that there are many interpretations is a reflection of the psychological makeup of the people reading it. Profits go to the ones who see the world as it is, and losses go to the ones who are on Fantasy Island. Personally, I feel that it was unfair for the people on your thread to put you into a position where you felt that you had to start a new moderated thread. Their dogmatic pronoucements are not useful contributions to Stock Attack, in my opinion. T.