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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: lobster who wrote (1420)	3/4/1998 10:58:00 PM
From: The Perfect Hedge	Respond to of 34811

head like a rock over here.Jan told me buy in the money but I've got a gamblin' spirit that will not die!! GD

To: lobster who wrote (1420)	3/6/1998 9:01:00 AM
From: lobster	Read Replies (1) \| Respond to of 34811

To All: Learning with real money is not fun. Recently(Monday), I bought some July 75 INTC Calls(Deep in the money at the time). As we are all aware, this trade is not working out. What went wrong with this trade? Intc was pulling back from 95 great time to buy when the stock is 86 or do an option play. Right? Wrong!!!! I was not paying attention to the chart. The chart was saying we have a high pole, WARNING! WARNING! SELL SIGNAL MAY BE COMING! The charts were right in this case. Amazing. You always have to pay attention to the charts. I imagine a little emotion took over on the trade thinking we had room to pull off a good trade(HI Tom Dietz, I Know, no emotion allowed on a pick, let me have it). If you look at www.dorseywright.com daily trading tip, you will see high pole explained. You do not have to subscribe to the service to get the daily tips. This showed me my mistakes. Probably would not hurt us to re-read TOM's book. I am. Later, Lobster p.s. Intc is sitting almost on its support line. From a PnF point of view, it a potential shakeout formation waiting. We would need a 3 box reversal up. This would be a good thing. Stock hitting 73 would be a very bad thing as it would violate the support line. Intc here is not for the faint of heart. From the FA side, you have to be the judge. I'm a glutten for punishment bought some Jan 99 intc 65 leaps. I probably need to leave this stock alone and look for opportunity elsewhere.