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Haytham:
I can't agree with your analysis that Friday's action gave no clues that a
down trend was in full force--but that's what makes a market. I am
interested in how you use your tools and what you do when you finally see
that your position is the incorrect one--and how you come to that
determination.
Looking at the chart you attached to your last post, I see a 10 period
moving average and I also see that though prices were within the triangle
you drew, prices had moved and closed below the 10 period moving average on
your chart. Were you using that 10 period MA as a trigger and as a sign
that the trend had changed?
As I just stated in a reply to Delta, I didn't reply to bash you or
criticize you. I wanted to know your thoughts now that the market had moved
significantly. I also wanted to know how your techniques deal with being
wrong--NONE of us are 95 percent accurate. It is usually what we do and how
we act when we are mistaken that make us poor traders or great trader.
I am always grateful to anyone that shares their thoughts and how they use
their tools. I am not trying to make anyone uncomfortable with questions. I
am trying to understand how tools are used by various traders.
It's late for me, especially so because I have not been feeling well.
Good trading tomorrow, everyone.
Best,
Tim Morge
www.medianline.com
At 10:58 PM 5/29/2001 -0400, you wrote:
>--- In <mailto:realtraders@x...>realtraders@xxxx, Timothy Morge
><<mailto:tmorge@x...>tmorge@xxxx> wrote:
> > Haytham:
> >
> > I ask this out of curiousity: The triangle formation was a failure. How do
> > you deal with that in your over-all analysis? You were still very happy
> > with the bullish scenario Friday afternoon; obviously it did not pan out
> > over the long weekend.
> >
> > Best,
> >
> > Tim Morge
> >
>Tim,
>
>Until this morning, there was no evidence that NASDAQ will go lower as I
>explained in a previous post(triangle could break up or down), in fact I
>kept long position in RBAK because good risk/profit ratio @ 15.85, I
>closed my position this AM when it hit my stop at 14.97 and immediately
>took a short position in BEAS @ 37.42.
>
>5/29/2001 was turning point to the downside.
>
>Best,
>
>Haytham
>
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