Originally posted by spikefader
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Originally posted by spikefaderWell I can't help ya then ski. You can dismiss the hourly if you like but it's a mistake to do that; sure it doesn't have the weight of a weekly or daily, but it still has weight. ....It's a valid pattern alright; shoot, I even listed all the criteria. Show me the criteria I'm missing then buddy. And I take a little offence at your insinuation I'm twisting the truth or perception. It is what it is brother; until it isn't. Just cuz you don't like hourly charts, don't dismiss the fact that I or other do or might. That's plain unreasonable in my view. And it sure ain't searching for truth. You're just stating a blinkered opinion and minimizing something of worth.
It's no problemo with me at all. I was just speaking of the true definition of what a falling wedge is by Bulkowski in his book. To take a bullish stance on the falling wedge which is what it speaks of then I would think it should be as close to the definition as possible to get the best read if you're thinking bullish. Whatever works for you is great and I wasn't inferring anything derrogatory myself. Perhaps I should have used the word, "spin". Different connotatation. No big.
DMK,
I always look at all the information including the hourly charts. but as you well know the hourly chart will differ substantially from a daily or weekly. Since Bulkowski specifically spells out a minimum of 3 weeks duration to begin calling it a falling wedge the hourly hardly reaches that time frame. But whatever works for you is what you should use. When advising or commenting to others who are relying on you or anyone's take I think it is better to go with what is specifically written on the subject rather than one's own interpretation. But it's no big deal one way or another.
ITHE SKIRACER'S EDGE: MAKE THE EDGE IN YOUR FAVOR
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Originally posted by Rob<snip>..
I thought I already was.Regarding that font I used to create the comments this time, I was disappointed in the way it looked in the finished product. It looked much better than that while I was editing it, but somewhow it got distorted-looking in the process of reducing the number of colors in the palette from 64k to 256, which I had to do in order to set a transparent background. I wanted to fix it up to make it nicer-looking and easier to read, but I had already spent too much time on it as it is. It wasn't a lot of intense time, mind you. I was sitting there with my laptop watching TV while I was doing it. (I have to watch Monk on Friday nights. I love that show.) <snip>
I assumed you were using some VB code inside of Excel -- I have fooled around with it a bit but I would love to see what you or anyone else is
doing -- I have watched Monk ever since the series began -- you remember Sharona, right? -- I usually catch the rerun on Sunday -- the latest on how the astronaut committed the crime while in outer space was interesting --
TimTim - Retired Problem Solver
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Doh! CELL gapped up 4.4% at the open. Right now I am looking at a 3.8% plus for the day in Real Money, and a small loss in the POTW. Well, the other way around *would* have been worse. Go CELL!
Regards,
KarelMy Investopedia portfolio
(You need to have a (free) Investopedia or Facebook login, sorry!)
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@TFred thnx for the comments and feedback dude.I must be an aquired taste or somethin. lol
But no probs, ski is fully entitled to his opinion, despite what I think of it. I sure don't expect everyone to think like I do; it would be a boring world if it were so. And the fact that ski has challenged the pattern has been a good thing; cuz I posted those formal rules and the link for that TA stuff (ski, do you know these authors and what do you think of their work?). And I'm sure readers have enough information to decided whether it's an hourly wedge, a daily pennant, a shameless pump of an issue that's destined for failure, or an accurate and well timed setup that offers good risk reward. All I can do is lay what I see out there and hope people benefit from it. Yep, a lot of what I do is creative and breaks rules....but for this wedge I'm not. It's in complete harmony with those rules. But anyway when I do bend/break rules, it often works to my favor and stays within sensible r/r; eg. 'c' longs. And I'm sure there's plenty of people that can attest to the general accuracy of observations I've made of issues. I've many times done reviews and seen how my TA reads have turned out. I don't get 'em all, but when I don't I'm not wrong for long cuz I keep my bias within strict limits.
And I pray everyone gets that kind of trading mentality into their heads. Whether it's random entries with great r/r and money management, or TA or FA, or prayer driven, or Astrology or trade only when the dog farts, the bottom line is every entry deserves only so much risk. Unless of course you are properly diversified and stops don't matter. But your average person in the market isn't properly diversified, and stops do matter, even if they don't realize it. There are some here who endure huge drawdowns. Some are profitable despite it, and I'm certain many aren't because of it.
Anyway, this is off topic to the POTW thread; sorry dudes, I shut up now by saying, it's all good, I'm not taking it personally; it's just a pattern debate with some spice hehe (nice teeth by the way Tom - is that out of 007?) But I'll be hangin' around here, if only to post my POTW picks! ......and to offer help and uninvited opinions at least until the place gets so infected by trolls (Lord protect us please hehe) that I elect to lurk for a good while.
@ ski, thnx for the clarification; yep saying spin or interpretion maybe hehe I guess I just got the feeling you were accusing me of trying to sell rotten fruit as fresh. But no prob.
But may I ask you whether the so-called "true definition" you've posted the page of considers intraday charts, and whether Bulkowski considers his patterns worthy in intraday charts. I don't know cuz I've not bough his books. Anyone??. Please post the infor for us so we all know whether ski is correct that only a daily can show a wedge. My question is can that definition be modified to fit intraday charts? I hope you're not suggesting an hourly chart should show a wedge formation over 3 weeks before the pattern is valid. That's impossible dude lol But seriously, many patterns that Bulkowski discusses relative to daily charts SURELY work in shorter time frames...even down to a tic chart, so I think it's erroneous to suggest that one must lop the head off anyone creatively trying to apply good pattern rules on a daily to shorter time frames. As long as the modification is done is realistic good faith to keep the intent of the broader pattern pricinple intended by the respected author or theory.
Best to all.
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Originally posted by WebsmanSell ELN and go to $$$CASH$$$. I'll take my profit and make another pick later.
Those who questione my pick are suely hanging their heads in shame. The VTP is superior. JEEEEEEEEJEEEJEJEJEJEJE!!!
That's an amazingly huge r/r of 0.1! lol wonderful r/r numbers there dude! hehe I'm just messin with ya webs!
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