Cheers GW that's helpful. I've noticed it's really not done me any favours of late and I was wondering if I was missing something - because all too often price tests my entry point a second, or even third time, and then goes into profit.
And sure, sometimes it then turns into a loser, but some back of the fag packet calculations says on balance I'd have been better off leaving all trades, even though my instinct is to protect capital at all costs.
It's nearly end of play today in the UK, so I'm out of here. Cheers all have good weekends.
Hi Barak.....I was talking about this pattern here.....hope this clears up....basically if you dont see a fade off of this level your buy stops are likely to get triggered if its pushed far enough, which seemed to be the case here.
Ignored
thanks for replying , everything is clear now.
I am very interesting about your opinion on Elliot wave theorry , and the link between that and Fibbonacci expansions retracemnts , I use fib tools all the time and recentlly I started to interest in Elliot waves .. and I think there is something here ... If I'm adding the knowledge I got from you , the puzzle starting to look like a complete picture ,
I hate how my demo trades are doing so much better than my live ones. Would these be considered, "bucket" trades? What I see as the bucket bottoms are simply several bars lined on a support turned resistance here.
Partial profits taken: 36pips on the AUDUSD (SL:20), 76 on AUDJPY (SL:30), 48 on the USDJPY (SL:20) with hardly any drawdown too. Liking the "tweezer top" look on the bars so far. Best setup for me here was the AUDJPY with the fib right below the resistance, for the others the fibs were closeby but not as pinpoint.
Got burnt on real cash last nite though, trying to short that EU at pratically all the major levels but the last. Think I'll stick to demo to see if I can get some consistency for a couple of months.
Cheers GW that's helpful. I've noticed it's really not done me any favours of late and I was wondering if I was missing something - because all too often price tests my entry point a second, or even third time, and then goes into profit.
And sure, sometimes it then turns into a loser, but some back of the fag packet calculations says on balance I'd have been better off leaving all trades, even though my instinct is to protect capital at all costs.
It's nearly end of play today in the UK, so I'm out of here. Cheers all have good weekends.
Ignored
The break-even mentality is flawed. To tight stop-losses are flawed. Maybe you should study a little bit of Wyckoff and the movement of price will begin to take on much more meaning than just wiggles on a chart. For example the usd/jpy trade I was in. It followed the wyckoff structure really well. Most of the volume at the 96.30 price point was accumulation and not distribution. Then price made the famous "shake-out". Then consolidated more. Then finally broke. In wyckoff terms the composite operator was accumulating everything to be offered at those price points. Allowed price to spike down to shake out the weak hands and cause more selling that he was willing to accumulate. This is advantageous to him since he can put out a sizable line with out bringing the price up on himself due to the continuous selling. He lets the selling go on for as long as possible while he keeps accumulating. The selling dries up. If he has an acceptable line he then begins the mark-up phase. Now what does this all mean relating to the break-even concept. Don't put a stop in at break-even until the mark-up phase takes place. If you do it before the markup you will constantly get stopped out. And the mark-up phase is hard to quantify in number of pips. Its much more easy to see by the strength of the move that left the base. By the way maybe BRV could do a Wyckoff month on his blog or something. Studying Wyckoff is the best thing that can ever happen to a trader.
GW I noticed that trade but didn't take it, even if I had it would have only been for a few pips. My reasoning being it is against the bigger trend which I see as down and it is roughly in the middle of its recent range.
Is there something (maybe CCI) that gave you some bigger clues.
GW I noticed that trade but didn't take it, even if I had it would have only been for a few pips. My reasoning being it is against the bigger trend which I see as down and it is roughly in the middle of its recent range.
Is there something (maybe CCI) that gave you some bigger clues.
Ignored
verno, how you define trend is a very important thing to consider. If you are defining trend from to large of a interval you will constantly miss quality trades. CCI could of helped. It indicated oversold where I entered and it would been a great exit tool had I followed it. I would have earned an additional 40 pips or so. I exited at major resistance rather than following the cci exit idea. CCI is not great for entries but it can be excellent for exits.
Could be good for an initial fade.....a 3rd fade would be possible in a case like this, if the market allows. One thing I noticed about cable today is that while everything else was dropping, it was completely disconnected.
My advice is to pay attention to EUR/GBP and other related pairs. EUR was sinking like mad and GBP was going up......clear sign of pressure from other pairs. EUR/GBP got a lot of attention this week in general and I suspect it would carry over.
Could be good for an initial fade.....a 3rd fade would be possible in a case like this, if the market allows. One thing I noticed about cable today is that while everything else was dropping, it was completely disconnected.
My advice is to pay attention to EUR/GBP and other related pairs. EUR was sinking like mad and GBP was going up......clear sign of pressure from other pairs. EUR/GBP got a lot of attention this week in general and I suspect it would carry over.
Ignored
I just noticed you had 1.4900 marked up here...I thought it was 4990 initially. yeah I went for that one actually.
I thought I would post a little wyckoff excerpt from an article by Hank Pruden. By all means run a pdf search on Hank Pruden and you will bring up a wealth of free information.
THE “JUMP”ACROSS THE CREEK”ANALOGY
The term “jump” was first used by Robert G. Evans, who piloted the
Wyckoff Associates educational enterprise for numerous years after the
death of Richard D. Wyckoff. One of his more captivating analogies was
the “jump across the creek” (JAC) story he used to explain how a market
would break out of a trading range. In the story, the market is symbolised
by a Boy Scout, and the trading range by a meandering creek, with its
“upper resistance line” defined by the rally peaks within the range. After
probing the edge of the creek and discovering that the flow of supply was
starting to dry up, the Boy Scout would retreat in order to get a running
start to “jump across the creek.” The power of the movement by the Boy
Scout would be measured by price spread and volume.
Defining the Jump
A jump is a relatively wider price-spread move made on comparatively
higher volume that penetrates outer resistance or support. A backup is a
test that immediately follows the jump – a relatively narrow price-spread
reaction or rally on comparatively lighter volume that tests and confirms
the legitimacy of the preceding jump action.
The Wyckoff method instructs you to buy after a backup following an
upward jump (a sign of strength) or to sell short after a backup following
a downward jump (a sign of weakness). Also according to Wyckoff, you
should not buy breakouts because that would leave you vulnerable to
swift moves in the opposite direction if the breakout turned out to be false.
“The Ice Story.”
We imagine the market in the person of a Boy Scout walking over a frozen
river in the midst of winter. If support, the ice, is strong the river covered
with ice has no difficulty in supporting the weight of the Boy Scout. That
support is seen as a wiggly line connecting the lows, the supports, in a
trading range.
A failure by the Boy Scout to reach the upper resistance level of the Trading
Range would be a warning of potential weakness. Weakness of the ice would
be signalled by the Boy Scout breaking support or falling through the ice.
The Boy Scout has two chances to get back above the ice (i.e., creating a
bullish “Spring” situation). On the first upward rally the Boy Scout may fail
to regain a footing above the ice. If so, then he will sink lower into the
river in order to gather strength to try and rally once and crack the ice. If
on this second attempt, the Boy Scout again fails to penetrate above the
ice, he would be most likely to sink downward and drown (i.e., a Bear
Market/ Markdown phase would occur).
Hence, at first glance, the Wyckoff method appears
Wyckoff is a name gaining celebrity status in the world of Technical Analysis and Trading.Richard D. Wyckoff, the man, worked in New York City during a “golden age” for technical analysis that existed during the early decades of the 20th Century. Wyckoff was a contemporary of Edwin Lefevré who wrote The Reminiscences of A Stock Operator. Like Lefevré, Wyckoff was a keen observer and reporter who codified the best practices of the celebrated stock and commodity operators of that era. The results of Richard Wyckoff’s effort became known as the Wyckoff Method of Technical Analysis and Stock Speculation. Wyckoff is a practical, straight forward bar chart and point-and-figure chart pattern recognition method that, since the founding of the Wyckoff and Associates educational enterprise in the early 1930’s, has stood the test of time.
The Wyckoff Method is a school of thought in technical Market analysis that necessitates judgment. Although the Wyckoff Method is not a mechanical system per se, nevertheless high reward/low risk opportunities can be routinely and systematically based on what Wyckoff identified as three fundamental laws (see Table #1):
The Law of Supply and Demand – states that when demand is greater than supply, prices will rise, and when supply is greater than demand, prices will fall. Here the analyst studies the relationship between supply vs. demand using price and volume over time as found on a barchart.
2. The Law of Effort vs. Results – divergencies and disharmonies between volume and price often presage a change in the direction of the price trend.
3. The Law of Cause and Effect – postulates that in order to have an effect on you must first have a cause, and that effect will be in proportion to the cause. This law’s operation can be seen working as the force of accumulation or distribution within a trading range works itself out in the subsequent move out of that trading range. Point and figure chart counts can be used to measure this cause and project the extent of its effect.
The classic set of “Nine Classic Buying Tests” (and “Nine Selling Tests”) was designed to diagnose significant reversal formations: the “Nine Classic Buying Tests” define the emergence of a new bull trend (See Table #2). A new bull trend emerges out of a base that forms after a significant price decline. (The “Nine Selling Tests” help define the onset of a bear trend out of top formation following a significant advance.) These nine classic tests of Wyckoff are logical, timetested, and reliable.
1) Downside price objective accomplished
2) Preliminary support, selling climax, secondary test
3) Activity bullish (volume increases on rallies and
decreases on reactions)
4) Downward stride broken (i.e., supply line penetrated)
5) Higher supports (daily low)
6) Higher tops (daily high prices rising)
7) Stock stronger than the market (i.e., stock more
responsive on rallies and more resistant to reactions than
the market index)
8) Base forming (horizontal price line)
9) Estimated upside profit potential is at least three times
the loss if protective stop is hit
As the reader approaches this case of “Nine Classic Buying Tests,” he/she ought to keep in mind the following admonitions from the Reminiscences of a Stock Operator (See Appendix): “The average ticker hound – or, as they used to call him, tapeworm – goes wrong, I suspect, as much from overspecialization as from anything else. It means a highly expensive inelasticity. After all, the game of speculation isn’t all mathematics or set rules, however rigid the main laws may be. Even in my tape reading something enters that is more than mere arithmetic. There is what I call the behavior of a stock, actions that enable you to judge whether or not it is going to proceed in accordance with the precedents that your observation has noted. If a stock doesn’t act right don’t touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit. “This experience has been the experience of so many traders so many times that I can give this rule: In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be – up or down. The thing to do is to watch the market, read the tape to determine the limits of the get-nowhere prices, and make up your mind that you will not take an interest until the price breaks through the limit in either direction. A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. “Therefore, the thing to determine is the speculative line of least resistance at the moment of trading; and what he should wait for is the moment when that line defines itself, because that is his signal to get busy.”
Since I'm bored and have nothing to do. I thought I would post some of my notes while I read REMINISCENCES OF A STOCK OPERATOR.
Of course there is always a reason for fluctuations, but the tape does not concern itself with the why and wherefore.
My plan of trading was sound enough and won oftener than it lost. If I had stuck to it I'd have been right perhaps as often as seven out of ten times.
What beat me was not having brains enough to stick to my own game.
But there is the Wall Street fool, who thinks he must trade all the time. No man can always have adequate reasons for buying or selling stocks daily or sufficient knowledge to make his. play an intelligent play.
The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall
Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.
It takes a man a long time to learn all the lessons of all his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.
My losses have taught me that I must not begin to advance until I am sure I shall not have to retreat. But if I cannot advance I do not move at all. I do not mean by this that a man should not limit his losses when he is wrong. He should. But that should not breed indecision.
I was still ignoring general principles; and as long as I did that I could not spot the exact trouble with my game.
I can't tell you how it came to take me so many years to learn that instead of placing piking bets on what the next few quotations were going to be, my game was to anticipate what was going to happen in a big way.
Their specialty was trimming suckers who wanted to get rich quick.
I had to make a stake, but I also had to live while I was doing it.
I was twenty when I made my first ten thousand, and I lost that. But I knew how and why, because I traded out of season all the time; because when I couldn't play according to my system, which was based on study and experience, I went in and gambled. I hoped to win, instead of knowing that I ought to win on form.
And when you know what not to do in order not to lose money, you begin to learn what to do in order to win. Did you get that? You begin to learn!
No diagnosis, no prognosis. No prognosis, no profit.
The average chart reader, however, is apt to become obsessed with the notion that the dips and peaks and primary and secondary movements are all there is to stock speculation. If he pushes his confidence to its logical limit he is bound to go broke.
The game of beating the market exclusively interested me from ten to three every day, and after three, the game of living my life.
I couldn't afford anything that kept me from feeling physically and mentally fit.
I was acquiring the confidence that comes to a man from a professionally dispassionate attitude toward his own method of providing bread and butter for himself.
It taught me, little by little, the essential difference between betting on fluctuations and anticipating inevitable advances and declines, between gambling and speculating.
He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker!
It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!
That is why so many men in Wall Street, who are not at all in the sucker class, not even in the third grade, nevertheless lose money. The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.
Disregarding the big swing and trying to jump in and out was fatal to me. Nobody can catch all the fluctuations.
Without faith in his own judgment no man can go very far in this game.
It was that I gained confidence in myself and I was able finally to shake off the old method of trading
I had been gradually approaching the full realization of how much more than tape reading there was to stock speculation. Old man Partridge's insistence on the vital importance of being continuously bullish in a bull market doubtless made my mind dwell on the need above all other things of determining the kind of market a man is trading in.
There was not so much need as I had imagined to study individual plays or the behaviour of this or the other stock.
Obviously the thing to do was to be bullish in a bull market and bearish in a bear market. Sounds silly, doesn't it? But I had to grasp that general principle firmly before I saw that to put it into practice really meant to anticipate probabilities.
I always had or felt that I had to make my daily bread out of the stock market. It interfered with my efforts to increase the stake available for the more profitable but slower and therefore more immediately expensive method of trading on swings.
You see, I had observed certain facts but had not learned to co-ordinate them. My incomplete observation not only did not help but actually hindered.
But if he didn't profit by his mistakes he wouldn't own a blessed thing.
But I can tell you after the market began to go my way I felt for the first time in my life that I had allies -- the strongest and truest in the
world: underlying conditions. They were helping me with all their might. Perhaps they were a trifle slow at times in bringing up the reserves, but they were dependable, provided I did not get too impatient.
The market would not be right for me to trade in for a while.
I lost because I traded in and out of season, every day, whether or not conditions were right. I wasn't making that mistake twice.
However, the real joy was in the consciousness that as a trader I was at last on the right track. I still had much to learn but I knew what to do. No more floundering, no more half-right methods. Tape reading was an important part of the game; so was beginning at the right time; so was sticking to your position. But my greatest discovery was that a man must study general conditions, to size them so as to be able to anticipate probabilities. In short, I had learned that I had to work for my money.
I was no longer betting blindly or concerned with mastering the technic of the game, but with earning my successes by hard study and clear thinking. I also had found out that nobody was immune from the danger of making sucker plays. And for a sucker play a man gets sucker pay; for the paymaster is on the job and never loses the pay envelope that is coming to you.
It marked the successful ending of my first deliberately planned trading campaign. What I had foreseen had come to pass.
But my biggest winnings were not in dollars but in the intangibles: I had been right, I had looked ahead and followed a clear-cut plan. I had learned what a man must do in order to make big money; I was permanently out of the gambler class; I had at last learned to trade intelligently in a big way. It was a day of days for me.
A loss never bothers me after I take it. I forget it overnight. But being wrong -- not taking the loss that is what does the damage to the pocketbook and to the soul.
The message of the tape is the same. That will be perfectly plain to anyone who will take the trouble to think. He will find if he asks himself questions and considers conditions, that the answers will supply themselves directly.
Therefore the thing to determine is the speculative line of least resistance at the moment of trading; and what he should wait for is the moment when that line defines itself, because that is his signal to get busy.
It sounds very easy to say that all you have to do is to watch the tape, establish your resistance points and be ready to trade along the line of least resistance as soon as you have determined it. But in actual practice a man has to guard against, many things, and most of all against himself -- that is, against human nature.
When a man makes his play in a commodity market he must not permit himself set opinions. He must have an open mind and
flexibility. It is not wise to disregard the message of the tape.
A speculator must concern himself with making money out of the market and not with insisting that the tape must agree with him. Never argue with it or ask it for reasons or explanations.
It would not be so difficult to make money if a trader always stuck to his speculative guns -- that is, waited for the line of least resistance to define itself and began buying only when the tape said up or selling only when it said down. He should accumulate his line on the way up. Let him buy
one-fifth of his full line. He is wrong temporarily and there is no profit in being wrong at any time. The same tape that said up did not necessarily lie merely because it is now saying NOT YET.
It is simple arithmetic to prove that it is a wise thing to have the big bet down only when you win, and when you lose to lose only a small exploratory bet, as it were. If a man trades in the way I have described, he will always be in the profitable position of being able to cash in on the big bet.
He did not stick to his own proved system. That's the trouble with most of them,"
The speculator's chief enemies are always boring from within. It is inseparable from human nature to hope and to fear.
The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.
It is absolutely wrong to gamble in stocks the way the average man does.
The professional concerns himself with doing the right thing rather than with making money, knowing that the profit takes care of itself if the other things are attended to.
That is, he looks far ahead instead of considering the particular shot before him. It gets to be an instinct to play for position.
He was no novice in Wall Street, but he was thinking of the market from the point of view of the newspaper man and, incidentally, of the general public. The price certainly ought to go down on the news of inside selling.
The point I would make is his habitual attitude toward trading. He didn't have to reflect.
I am fairly immune from the commoner speculative ailments, such as greed and fear and hope. But being an ordinary man I find I can err with great ease.
I wish to know my own limitations and habits of thought. Another reason is that I do not wish to make the same mistake a second time.
"What are you working for then?" "For the commission and the record," he answered. "What record?" "Mine." "What are you driving at?"
"Do you work for money alone?" he asked me. "Yes," I said. "No." And he shook his head. "No, you don't. You wouldn't get enough fun out of it. You certainly do not work merely to add a few more dollars to your bank account and you are not in Wall Street because you like easy money. You get your fun some other way. Well, same here."
"I know exactly what I am doing. That's all the secret there is.
But he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort.
Of all speculative blunders there are few greater than trying to average a losing game.
To learn that a man can make foolish plays for no reason whatever was a valuable lesson.
If you know much about the average customer of the average commission house you will agree with me that the hope of making the stock market pay your bill is one of the most prolific sources of loss in Wall Street. You will chip out all you have if you adhere to your determination.
In fact, of all hoodoos in Wall Street I think the resolve to induce the stock market to act as a fairy godmother is the busiest and most persistent.
What does a man do when he sets out to make the stock market pay for a sudden need? Why, he merely hopes. He gambles. He therefore runs much greater risks than he would if he were speculating intelligently, in accordance with opinions or beliefs logically arrived at after a dispassionate study of underlying conditions. To begin with, he is after an immediate profit. He cannot afford to wait. The market must be nice to him at once if at all. He flatters himself that he is not asking more than to place an even-money bet. Because he is prepared to run quick -- say, stop his loss at two points when all he hopes to make is two points -- he hugs the fallacy that he is merely taking a fifty-fifty chance.
I was sick, nervous, upset and unable to reason calmly. That is, I was in the frame of mind in which no speculator should be when he is trading.
A man must know himself thoroughly if he is going to make a good job out of trading in the speculative markets. To know what I was capable
of in the line of folly was a long educational step.
In every one of them I lost money. It served me right, because I was trying to force the market into giving me what it didn't have to give to wit, opportunities for making money.
More than once in the past I had run up a shoe string into hundreds of thousands. Sooner or later the market would offer me an opportunity.
I convinced myself that whatever was wrong was wrong with me and not with the market. Now what could be the trouble with me? I asked myself that question in the same spirit in which I always study the various phases of my trading problems.
I thought about it calmly and came to, the conclusion that my main trouble came from worrying over the money I owed. I was never free from the mental discomfort of it.
As I studied the problem I saw that it wasn't a case that called for reading the tape but for reading my own self. I quite cold-bloodedly reached the conclusion that I would never be able to accomplish anything useful so long as I was worried.
To take the cold-blooded, dispassionate attitude toward the game that comes from the ability to afford a few minor losses such as I often incurred in testing the market before putting down the big bet.
Must also know himself and provide against his own weaknesses. There is no need to feel anger over being human. I have come to feel that it is as necessary to know how to read myself as to know how to read the tape. I have studied and reckoned on my own reactions to given impulses or to the inevitable temptations of an active market, quite in the same mood and spirit as I have considered crop conditions or analysed reports of earnings.
But I sat tight and instead of listening to my loud-mouthed hopes or to my clamorous beliefs I heeded only the level voice of my experience and the counsel of common sense.
As a matter of fact I wasn't the same man, for where I had been harassed and wrong I was now at ease and right.
I suppose, was the need to satisfy the public's insatiable demand for reasons for each and every price movement.
Was invented as an easy way of supplying reasons to those speculators who, being nothing but blind gamblers, will believe anything that is told them rather than do a little thinking.
She knew how I felt about stock speculation as practised by outsiders.
There are some who can't resist the craving and always look forward to those jags which they consider indispensable to their happiness.
Men do not take tips because they are bally asses but because they like those hope cocktails I spoke of.
Somebody asked him if making money in the Bourse was not a very difficult matter, and he replied that, on the contrary, he thought it was very easy. "That is because you are so rich," objected the interviewer. "Not at all. I have found an easy way and I stick to it. I simply cannot help making money. I will tell you my secret if you wish. It is this: I never buy at the bottom and I always sell too soon."
Investors are a different breed of cats. Most of them go in strong for inventories and statistics of earnings and all sorts of mathematical data, as though that meant facts and certainties.
He believed in asking his own questions and in doing his seeing with his own eyes. He had no use for another man's spectacles.
That is, it did not behave as it should have behaved to make me feel I was wise in buying it.
The training of a stock trader is like a medical education. The physician has to spend long years learning anatomy, physiology, materia medica and collateral subjects by the dozen. He learns the theory and then proceeds to devote his life to the practice. He observes and classifies all sorts of pathological phenomena. He learns to diagnose. If his diagnosis is correct, and that depends upon the accuracy of his observation -- he
ought to do pretty well in his prognosis, always keeping in mind, of course, that human fallibility and the utterly unforeseen will keep him from scoring 100 per cent of bull's eyes.
And then, as he gains in experience, he. learns not only to do the right thing but to do it instantly, so that many people will think he does it instinctively. It really isn't automatism. It is that he has diagnosed the case according to his observations of such cases during a period of many years; and, naturally, after he has diagnosed it, he can only treat it in the way that experience has taught him is the proper treatment. You can transmit knowledge -- that is, your particular collection of card indexed facts, but not your experience. A man may know what to do and lose money -- if he doesn't do it quickly enough.
Experience has taught me that the way a market behaves is an excellent guide for an operator to follow.
Observation gives you the best tips of all.
When the men who ought to want a stock don't want it, why should I want it?
I am a trader and therefore looked for one sign: Inside buying. There wasn't any.
It was the difference in behaviour.
My years of experience in trading told me that the line of least resistance had changed from up to down.
It was not difficult to be both fearless and patient. A speculator must have faith in himself and in his judgment.
It is the character of the advance or of the decline that determines for me the correctness or the fallacy of my market position.
Knowledge is power and power need not fear lies -- not even when the tape prints them. The retraction follows pretty quickly.
"The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past."
I can generally tell the moment the character of the buying in the stock makes it imprudent for me to be short of it.
In the stock market, as in warfare, it is well to keep in mind the difference between strategy and tactics.
He had in superlative degree the qualities of mind that are associated with successful speculators anywhere. That he did not argue with the tape is plain. He was utterly fearless but never reckless. He could and did turn in a twinkling, if he found he was wrong. (??? Nearly 100 years before Mark Douglas)
Manipulation is the art of advertising through the medium of the tape. The tape should tell the story the manipulator wishes its readers to see. The truer the story the more convincing it is bound to be, and the more convincing it is the better the advertising is. A manipulator today, for instance, has not only to make a stock look strong but also to make it be strong.
I neither have nor adhere to an inflexible system. I modify my terms and conditions according to circumstances.
Well, when the price line of least resistance is established I follow it, not because I am manipulating that particular stock at that particular moment but because I am a stock operator at all times.
I wasn't looking for the good or the bad points, but for the facts, such, as they were.
Realise the wisdom of playing the game dispassionately. Well, you would be surprised at the frequency with which some of our most successful promoters behave like peevish women because the market does not act the way they wish it to act. They seem to take it as a personaln slight, and they proceed to lose money by first losing their temper.
And is not governed in his actions by conditions but by fears,
