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There are some regulars who have been on this list for many, many years and
Tim Morge is one of them. I use quite a variety of tools (EW, regression
channels, forks, etc.) and apply the tools individually or in combination as the
market varies its character. I do use some of Tim's methods and they do
work well for me. I also enjoy reading Tim's commentary because they describe in
logical detail how he does his setups and how he executes his trades as the
market unfolds. I've been around trading long enough to spot a BS artist from
quite a distance and Tim is not one of them.
I submit that the long term "survivors" on this list are perfectly capable
of setting up trades "ahead of time" and executing their trading plans. For
discretionary traders, the market is part "art" and "sixth sense" and it must
work to the trader's advantage or they would not be among the survivors.
Finally, most wannabe traders will take a good system and lose money with it
because they will not have the discipline to execute the system as it needs to
be executed ... been there done that. I tried system trading for some years
before I threw it out and began applying discretionary trading techniques.
Discretionary works for me, but you won't see me trashing system traders. In
fact, I follow Clyde Lee's posts on his cyclical systems with considerable
interest.
Earl
----- Original Message -----
Sent: Friday, October 21, 2005 1:43
AM
Subject: Re: [RT] My impression is that
many had a bad day
Tim,
It was never my intention to accuse you of
fitting forks into trades or vice versa. It's just that pichforks, wave count,
Wolve, etc. all of them prove well in hindsight, but are not so easy to set up
ahead of time to get good results. This all boils down to the question: what
is the accuracy of these methods which is hard to answer because they are as
much science as art. Not many traders will get the same results using the same
methodology of that sort.
I mentioned the Median Line because I visited
your "conference room" ystd and watched your chart at the same time as I was
trading my system (from ~12:30 to 13:10) so it was the first thing that came
to mind. And I did say that pitchforks often work which obviously was the case
of your recent trades.
As to my trades of ystd, I just showed what a
system can do (not as evidence of my prowess) on a day which caused some
confusion among some traders on the list.
Let's not be too sensitive
and no bad feelings, please,
Jan Philipp
YAHOO! GROUPS LINKS
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