Skiracer's stock slopes

[billyjoe]

Ski,
I'm a skeptic by nature . What I'm reading into Fibonacci and Elliot Wave Theorists is this : here's how it is done , if you're unsuccessful you've made a mistake because the Waves are always correct . Only a philanthropist on the scale of a Mother Theresa or Spike would give away valuable free information without expecting a return much greater , yet why would anyone who's such an expert need any $$. They would have so much by using their technical knowledge for gain already. I'm sure a taste of the free information leads to advanced learning seminars etc. that cost quite a bit. Give me picks in advance and let me know the success rate and I'll change my tune. Anyone out there post ten picks based on TA and we'll all be able to see the results. Mr. Market does it with over an 80% success rate. Why can't anyone else?
I'm not trying to make enemies just start a discussion. Everybody on this forum is helpful and not trying to profit from his/her fellow poster , but I'm getting mail everyday that will make me rich .It hasn't happened yet.

billyjoe

[skiracer]

Billyjoe,
That's only because you haven't invested in this toll bridge that I have for sale. I'll be sending you an everyone else here on the forum a prospectus on it soon. It's located in West Virginia in a coal mining region at the end of a highway they never completed but are getting ready to start up work again and finish next year once they get the union labor negoiations straightened out and the railway tracks laid. It's a great deal an I'm only letting a few friends an associates in on it.

[billyjoe]

Ski,
Count me in especially if it connects Ohio and West Virginia . That's the kind of old school money making opportunity I'm talking about . How many shares are you allocating for each Mr.Market member ? Ray Long said he'd give me rights to his portion for a case of liquid refreshment.

billyjoe

[skiracer]

Get him a case of that white lightning moonshine they're famous for down there.
I think Lyehopper has got a hidden still making it out back of his machine shop. You know the machine shop is only a front for his bootlegging operation.
Getting back to the original thought I don't think it is at all a bad idea to keep an open mind to anything which may increase your knowledge base an give you an edge to help move the odds in your favor in finding those winning setups. I'm not a fundamental strategist but I've studied MM's formula for picking stocks and have learned from it an a few other FA guys, including yourself, here at this site. Life is a continous learning experience and in specific areas like trading stocks anything that increases your knowledge base will have a positive effect over the long run.
In all the years that I have been doing this I never really got into the Elliot Wave Theory except for whatever tidbits I picked up on different forums here and there an in some readings on TA but I really never used it in my analysis or in finding setups until I came here and started reading the posts of several guys posting here an began to see the advantage of incorporating it into my own discipline. Now I see that it does give an additional insight to interpreting charts. It's not perfect and 100 % reliable but it does work. The same for Fibonacci lines. They are one of the most significant mathematical formulas that mankind has discovered and are found in every aspect of our lives in many forms. They work in technical analysis an are one of the most important aspects of charting. Every market technician uses them on a daily basis moreso than Elliot Waves or anything else. They have been found to be phenomenally accurate and almost exactly right on the money everytime when applied to predicting retracements an advances of stocks or when analyzing, tracking, and predicting the direction of the market indexes.
Regardless of your feelings towards TA as a discipline or strategy it would be taking away from yourself and compromising your edge not to have a decent understanding of both of these tools. If you can get a more comprehensive understanding of them for free it makes it that much more fulfilling. Personally I think that anyone in this would be much better off with at least a basic working understanding of both of these tools whether they use them in their everyday analysis or occassionally to help justify their strategys an analysis whether it be fundamentally or technically orientated. But no one is trying to push anything on anyone and the whole idea is to share ideas an opportunities with each other in the hope that we can increase our positive developement in trading and life in general. Now that I've finished this rant I'm going to sit down an take on some of that liquid refreshment myself.

[Websman]

I have an Uncle who's a bootlegger in Kentucky. If you ever need some good moonshine let me know.

[RL]

WAZZZSUP, Billy you can throw darts at waves I think

[skiracer]

Webs,
I knew that moonshine would get your attention. Not a post all day and the scent of that shine brought you out of the woodwork. I would love a taste of the real stuff. Was stationed in Fort Know for awhile and got my first good taste of the real thing down there. It's dangerous stuff.

[dmk112]

Is moonshine like absinth??

[Lyehopper]

Is moonshine like absinth??

Makes me absinth-minded....

[Runner]

Here is a book on EW that might be worth your time if your into learning EW

http://www.amazon.com/exec/obidos/tg/detail/-/0471988499/qid=1129944130/sr=2-1/ref=pd_bbs_b_2_1/102-3545265-8366514?v=glance&s=books

[skiracer]

Thanks for the lead on the book Runner. Right now I'm concentrating on these free video seminars on EWT and Fibonacci lines on that site I posted.
Here is Morpheus Trading Groups take on last week with a one of the stocks they are stalking for a setup and entry this week. This is a play which they haven't entered yet but are looking at closely. It gives all the info which they provide subscribers on their setups.




This is one of the setups they are looking at for this week: as you can see they have a trigger price, stop, target, and the reasoning behind the play. Personally I always follow the play exactly as they have it laid out if anyone is considering looking or entering this setup.

[Runner]

Hey Ski, nice info from your morpheus site. Makes me feel good that some of the experts feel the same way as I about the market. Still in cash and may stay here until earning season is over or at least some leadership finds direction. This whipsawing is for the birds and can be dangerous for ones account unless one allows much wiggle room. In this market if played I’d be using tighter stops, but oh well.

I like the set up he has posted on MOT. The volume looks great off your chart, but it still is lacking in direction as I see it in the candle. He has given it soon wiggle room to reach the trigger line and this is a pretty good trigger point IMO. Many try to get the bottom of a stock that has not changed direction and end up with a quick lose. I often think it is better to let the stock prove the direction then enter, but just me. Best with MOT

[Runner]

Having looked at MOT on my chart I see the set up triggered last Thursday buy a few pennies. Using EW would you think it just completed the ABC corrective wave and is currently in a B?

[skiracer]

Runner,
I'm not real familiar or good with determining the stages of Elliot Waves but I would have to agree with your chart on the wave count. Deron's trigger point is 21.26 so if I were going to go along with the trade and setup I would place a buy limit order in at that number with the stop as he stated. I haven't been posting any of his setups for whatever reasons, I stated how I felt about doing it in an earlier post, but since Spike asked my to include one or two of his setups I thought I would put up a couple. Again I won't touch this until it hits that trigger point which in that case would be an indication of a move up.

I'm in your camp on the markets an although am now in 3 stocks with long positions I will be very cautious with anything else right now. I'm keeping a close eye on the one's that I am currently holding and am waiting for Monday to see which way the wind blows.

It'll be interesting to see how MOT turns out this coming week.

[Runner]

I hear on that SKI. Best with your current positions. Having plotted my target on MOT I come up with 22.42 as being TGT 1. I’d like to see the b wave retrace a little more or even move sideways for a little. We know how much the market could care what I want... If target gets hit take profits and trail the rest with tight stop.

My target is plotted off 19.45 using fib 1.618 from 21.49
Key concern areas looking off chart 22.07 to target