If I am correct there will be no further scale in on the buy
side for this trade. So those of us that put in a stop or sold
because of the warning of a 5 wave correction should at this point
remain in cash and wait for the next signal.
I notice a post by Steve also on the 28th warning about
protecting profits in case of a pullback on this SPY page.
The reason I am subscribing to the system is because I can not
trade period. I think these kind of posts belong
on the market analysis page. I find them confusing because they are
contradicting the system. those of us who sold out are now
missing a really nice trade with no recourse to renter.
I hear you RM686. It's hard enough to keep the emotion out
of it. When I see posts on the SPY page from experienced
traders giving discretionary opinion, it's even harder not to
react. I'm thinking of MarketGuy's post calling for the
"Mother of all Puts". Yikes!
first off, Steve didn't build this system and really doesn't
know how it works or the concepts of it, so you should only treat
his analysis as subjective analysis and non system related.
Now my post last week was showing some subjective analysis of
the SPX being a potential 4th wave and how that may affect the
system if it played out, but it is NOT system related. I
didn't tell anyone to sell and I didn't sell either because I'm
playing the system. I also didn't email that out and for a
reason. If you want to follow the system, then follow the
system, the newsletters and other subjective market analysis have
nothing to do with the system.
It doesn't mean that you can't take some partial profits or use
some leveraged ETF's on the 3rd or 4th scale in, but realize any
deviation will either give better or worse results to the system
statistics.
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If I am correct there
Posted by RM686 on 29th of Jun 2011 at 03:27 pm
If I am correct there will be no further scale in on the buy side for this trade. So those of us that put in a stop or sold because of the warning of a 5 wave correction should at this point remain in cash and wait for the next signal.
I notice a post by Steve also on the 28th warning about protecting profits in case of a pullback on this SPY page.
The reason I am subscribing to the system is because I can not trade period. I think these kind of posts belong on the market analysis page. I find them confusing because they are contradicting the system. those of us who sold out are now missing a really nice trade with no recourse to renter.
The signal is on until it's off...the recourse is to get back in...
Posted by lessarda on 29th of Jun 2011 at 03:46 pm
maybe on a pullback, especially since this is a longer-trending trade.
I hear you RM686. It's
Posted by ascr on 29th of Jun 2011 at 03:45 pm
I hear you RM686. It's hard enough to keep the emotion out of it. When I see posts on the SPY page from experienced traders giving discretionary opinion, it's even harder not to react. I'm thinking of MarketGuy's post calling for the "Mother of all Puts". Yikes!
one thought
Posted by onoffon on 29th of Jun 2011 at 03:39 pm
why look at the blog if you want to follow the system? wait till 3:55 and come here and see if there is a signal. if not, then sign out.
Just a thought.
first off, Steve didn't build
Posted by matt on 29th of Jun 2011 at 03:36 pm
first off, Steve didn't build this system and really doesn't know how it works or the concepts of it, so you should only treat his analysis as subjective analysis and non system related.
Now my post last week was showing some subjective analysis of the SPX being a potential 4th wave and how that may affect the system if it played out, but it is NOT system related. I didn't tell anyone to sell and I didn't sell either because I'm playing the system. I also didn't email that out and for a reason. If you want to follow the system, then follow the system, the newsletters and other subjective market analysis have nothing to do with the system.
It doesn't mean that you can't take some partial profits or use some leveraged ETF's on the 3rd or 4th scale in, but realize any deviation will either give better or worse results to the system statistics.