actio-et-reactio
Balance is but a brief transition between extremes.
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Saturday, January 08, 2005
Support, Resistance, and Chop
There are traders out there who turn things inside out, reminding us there is sense in nonsense. For instance, the idea of trending and catching trends. Sounds great, until one remembers that the market trends only 20-30% of the time. Tepid, a trader posting over at avid, mentioned this other day, turning the idea around to say, pay attention to chop, esp. if you plan to stay a trader, adding that floor traders are, in essense, "bracketeers". This is of course, trading support and resistance, of which the past five days are excellent examples. Taking the day off is also an option.
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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