Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: ratan lal who wrote (17651)	4/30/1998 1:22:00 AM
From: Bull RidaH	Read Replies (1) \| Respond to of 94695

Ratan, Very good play. Your 1099 disciplined stop kept you from being tempted to stop out mentally at an even higher price later in the day. Playing like that will always keep you in the game for the big moves. I'd like you and everyone else reading this to know that applying Wave analysis like RWS, Carl, myself and others do to be used in helping to make decisions is alot like Rock climbing. Often, you can't see where your placing your hands as your reaching over ledges and around rocks. And sometimes footings(or the read you thought was rock solid) can give way. Thus, all rock climbers who value their lives while climbing dangerous mountains use safety cords, and all traders who value their financial well-being should use stop-loss safety cords to protect against a read that gives way like a crumbling rock on the side of a mountain. This will then always give you the opportunity to regain your footing, and begin climbing again. I realize one of my significant deficiencies from a couple weeks ago was not identifying and stressing these stop loss strategies that would have identified the price point or time when the current read loses its viability. This would have facilitated many traders, including myself, in pulling up on the position when it became clear the read was off. I think you for one notice that change since I resumed posting on S-T strategies. I can't guarantee that the reads will always be right, but I do plan to stress parameters that must be met for the current read to maintain its viability. Right now, this overall read with its related targets will remain viable unless we have 2 closes above 1105 on the June S&P. 14 trading days from the beginning of the C wave on 4/22 is the maximum duration I will give for the correction to complete itself. Either of these parameters are violated, and all bets are off, and I cover all shorts, core and s-t, that have been established. The shorter term read in my prior post will remain viable as long as we don't violate 1075 on the downside or 1108 on the upside. If 1075 is violated on the downside tomorrow, I would make the price come back up through that level before covering shorts in expectation of a c of 2 rally. 1108 being taken out intraday tomorrow before 1pm would call for a reevaluation, and I would have to lighten my short position if that happens. For new daytrading short entry, I would wait for a 50% retracement rally from the 1103.90 high to the early morning low we see tomorrow. Regards, David P.S. The reason I can't always respond promptly intraday is not because I'm ignoring you or others on the thread. I have a well heeled client who comes over to daytrade with me, and since he shares in the expenses of the office, I have to give him my undivided attention while he's in. But I'll always get back ASAP to respond, but don't be surprised if it's late in the evening (I usually crash for a few hours after trading, then grab dinner and a workout).