Replies to post #27358 on The TradingEdge

[jxyzobrien]

Ouija board time
William O'Neill has 1 chapter on bear markets. They asked him why
no time devoted to it. He said the market just does not work
correctly during these market phases and technical analysis does
not work very well. He also said he does not trade em.

I knew it was wave 2 counter trend and wave 2 ALMOST ALL WAYS DOES AN UP DOWN UP AND GOES TO RESISTANCE. An a 50% fib move is normal. Additionally normally wave 3 down would not have failed to make a new low. MOST OF THE TIME there is one more move up when a new low is not attained.

I know the daily candle and volume sucked but i was caught off guard expecting the norm. Additionally events trump TA during these bear market moves.

Checking out news foreign news. If something works 90% of the time
as shadowtrader says you must adhere to the rules and accept a 10%
failure. I was not long or short. Not chasing an option for 15 cents early in the week.

[jxyzobrien]

Not TA related
The china news which did even affect china market caused selling
on es contracts. If that news does not come out we finish the 3rd
part of up move and then sell