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Re: 123tom post# 328137

Monday, 08/30/2021 5:00:00 AM

Monday, August 30, 2021 5:00:00 AM

Post# of 519094
123tom:

I started (after military service) as a young guy in commodities (25) and working with one of the biggest commodity traders in Germany with Merrill Lynch Intl (7 years) and learning point and figure charting and tape reading, bar charts (by hand) for him as he barked orders to the various floors and used the Richard D Wyckoff Method,

I returned from Europe in 1971 and worked for PaineWebber (6 years & now part of UBS) working there because my salary in Germany was in US dollars and the dollar was down 50% from the exchange from D-Marks to dollars & I then had a family with 2 girls born in Frankfurt, one in 1969 and the other in 1971.

The rest of my career was with Morgan Stanley and lasted 26 years before I retired in 2004 as SVP at age 60. I was burnt out & my wife said..."Why did you quit? You watch the markets all day long"....lol

Elliott Wave is good, especially for indexes, not always good for stocks and Fibonacci is part of their system. The constant count revisions is the reason many step away. The best analyst for Elliott Wave was Tony Caldaro who died in recent years...he was really good and had his own "Objective Elliott Wave"...naturally I followed Robert Prechter, but Tony was, imo, more accurate.

Yes, I did follow Joe Granville, especially like his On Balance Volume (OBV) for stocks holding up well on declines; it works well.

I use other methods, too. Super Star Robert Farrell (Merrill Lynch), Rick Bensignor (Morgan Stanley...he worked in the C-Suite) Tom DeMark (worked with many hedge fund people...like Michael Steinberg who actually donated a residence building where I took executive training at Wharton....many others along the way have given me a good trading education in TA, but I now like to keep it very simple and use only various technical indicators, patterns, formations, etc along with Volume readings. I like MACD, OBV, RSI and look for divergent signals such as a new high in stock price not confirmed by the RSI.

Wish I understood the science of $AVXL much better, so I do rely on the science people here; it helps a LOT....best
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