Howdy 123tom, Thank you for your response. If you've read my past posts, you know that I kind of wish that everybody who doesn't totally agree with a post … would respond thoughtfully as you did.
We do agree on some.
You said: "what is shown on a chart is the price action that recently happened." and "it shows a map of track patterns to watch for."
That sounds very similar to my statement of: " Charts are a great way to look at and get a visualization in your mind, in one picture, concerning what HAS HAPPENED already in the past. And yes, if there are no unforeseen outside issues, charts may be able to (to some extent) let you see any trend that is developing."
You mentioned Elliott and Fibonacci … and I know Wall street have computers that are full of algorithms that automatically trade based on those algorithms.
To be honest, I don't understand it all, over my head, I couldn't tell you how an algorithm tells a computer to trade if my life depended on it.
You may know that I hold a decent long term hold position in MRKR, BUT also trade as you do short term. Did three … what I call round trip trades (buy low and then sell higher) in the last couple weeks.
I'm doing … let's say …. the same as you, but I try to get in and out beforehand.
What I mean is this. When your chart says we could retrace and get down to $5.20, I put in a buy order at $5.35, and then when the chart says it could go up to $5.75, I put in a sell order at $5.65. A few thousand shares and that's $1000, over and over.
And here's why, some things are predictable based on odds and probabilities.
I think one thing that is predictable based on odds and probabilities is that MRKR will NOT skyrocket straight up without a major catalyst.
If I assume that, then odds and probabilities tells me, every time we get a decent run up in price, there will be profit takers to bring it back somewhat lower, so I'm just trying to get out ahead of them.
I'm looking for, and as a chart guy you know what I mean … is the stairstep up with higher highs and higher lows.
And in this current pattern, the continued retracements to higher lows ain't going to stop, so why not profit from them.
Good Luck trading and if you don't have any MRKR for long term, take a long term hold flyer, I think we will all be just fine and happy in 2020.
